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Toscana Energy announces second quarter 2020 results


CALGARY, Alberta – Toscana Energy Income Corporation (“Toscana” or the “Corporation”) (TSX: TEI) announces financial and operating results for the second quarter ended June 30, 2020.

Financial and operating results:
This news release summarizes information contained in the Condensed Consolidated Interim Financial Statements (unaudited) and Management’s Discussion and Analysis (“MD&A”) for the three and six months ended June 30, 2020. This news release should not be considered a substitute for reading the full disclosure documents, which are available under the Corporation’s profile on SEDAR at www.sedar.com and on the Corporation’s website at www.toscanaenergy.ca.

Three months ended Six months ended
  June 30 June 30
2020 2019 Change 2020 2019 Change
OPERATIONAL            
             
Average daily production (boe/d) 661 1,080 (39%) 771 1,102 (30%)
Gas (Mcf/d) 1,852 2,463 (25%) 1,936 2,563 (24%)
Oil (bbl/d) 332 612 (46%) 413 604 (32%)
NGL (bbl/d) 20 58 (66%) 35 70 (50%)
Average prices received ($/boe) 14.78 45.87 (68%) 24.48 43.51 (44%)
Gas ($/Mcf) 1.54 1.10 40% 1.73 1.69 2%
Oil ($/bbl) 19.79 73.54 (73%) 35.54 68.47 (48%)
NGL ($/bbl) 17.35 32.25 (46%) 24.04 31.60 (24%)
FINANCIAL
     
Petroleum and natural gas revenue, net of royalty expense ($) 736,771 4,035,543 (82%) 3,050,048 7,966,721 (62%)
Total revenues ($) 838,207 5,334,208 (84%) 5,111,264 8,145,192 (37%)
Netback ($) (1) (678,937) 1,817,481 >100% (932,118) 3,030,547 >100%
Netback per boe ($/boe) (1) (11.29) 18.49 >100% (6.64) 15.20 >100%
Adjusted funds flow from (used-in) operations ($) (1) (122,173) 650,896 >100% (1,711,557) 695,030 >100%

Notes:
(1)  Non – IFRS measure.

Outlook
As a result of the world wide COVID-19 pandemic and continued over-supply of oil by OPEC countries and other producing countries, global oil prices continue to remain volatile. The Corporation has shut-in its low netback oil wells and minimized future spending on all of its assets. Lower oil prices and the reduced average daily production volumes, due to shut-in oil wells continues to negatively impact the Corporation’s cash flows from operations. The COVID-19 pandemic is an evolving situation that is expected to continue to have widespread implications on the Corporation’s business, results of operations, financial condition and the environment in which it operates.



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