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Lucero Energy (LOU) investor relations material
Lucero Energy Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Generated $11.2 million of free funds flow in Q3 2024, reversing negative free funds flow from Q2 2024.
Maintained strong liquidity with $55.6 million working capital at September 30, 2024.
Returned $7.3 million to shareholders year-to-date by repurchasing and cancelling 11.6 million shares.
Q3 production averaged 9,311 Boe/d, with four new wells contributing to output.
Financial highlights
Q3 2024 funds flow was $20.7 million ($0.03/share basic), down from $32.9 million ($0.05/share) in Q3 2023.
Adjusted EBITDA for Q3 2024 was $19.98 million, compared to $32.29 million in Q3 2023.
Net income for Q3 2024 was $4.66 million ($0.01/share basic), down from $13.32 million ($0.02/share) in Q3 2023.
Cash provided by operating activities in Q3 2024 was $22.43 million, compared to $26.40 million in Q3 2023.
Exploration and development expenditures were $9.47 million in Q3 2024, down from $16.07 million in Q3 2023.
Outlook and guidance
2024 annual average production guidance maintained at 9,700 Boe/d, with Q4 exit rate of 10,300 Boe/d.
2024 exploration and development expenditures expected at US$65 million (~C$90 million).
Anticipates robust free funds flow in Q4 2024 due to minimal capital expenditures.
Production mix for 2024 guided at 50% tight oil, 25% NGL, 25% shale gas.
Corporate production decline rate estimated at 33%.
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