The following is a summary of the Advantage Energy Ltd. (AAVVF) Q4 2023 Earnings Call Transcript:
Financial Performance:
Advantage Energy reported an exceptional performance with record production and significant share buybacks in 2023.
Advantage's Funds From Operations (AFF) for the year stood at $320 million, and free cash flow was $54 million.
Net capital expenditures were $266 million, and the company increased its debt by about $79 million to support share buybacks.
The company repurchased 8% of its outstanding shares, totaling 13.1 million shares, and plans to return any excess cash to shareholders via further share buybacks.
Business Progress:
The company reported a record annual production of over 60,000 BOEs per day and a 13% increase in liquids production compared to 2022.
Advantage owns 27 million shares in Entropy, a core business separately funded by Brookfield and CGF.
Proved Developed Producing (PDP) reserves increased by 8% in 2023, and 2P reserves increased by 4%, demonstrating strong resource progression.
Looking forward, the company plans to continue its focus on per-share cash-flow growth and maintaining its debt target between $200m-$250m.
The company indicates disciplined capital management by reducing its 2024 capital program by $40 million, with further reductions planned.
More details: Advantage Oil & Gas Ltd. IR
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