Canadian Pure Ltd has reported adjusted earnings of CAD 1.16 ($0.83) for the primary quarter, increased than CAD 0.68 from the previous-year quarter.
The earnings determine, which is adjusted for non-recurring gadgets, surpassed the Zacks Consensus Estimate of $0.73 per share.
The corporate mentioned in an earnings launch it posted a report quarterly common manufacturing within the first quarter of round 1.6 million barrels of oil equal per day (boepd), consisting of complete liquids manufacturing of roughly 1.2 million barrels per day (bpd) and pure fuel manufacturing of two.45 billion cubic toes per day.
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Canadian Pure’s Oil Sands Mining and Upgrading belongings delivered quarterly manufacturing of 595,116 bpd of artificial crude oil for the quarter, a rise of 34 p.c yr over yr, in line with the discharge.
Gross manufacturing of roughly 630,000 bpd, with upgrader utilization of 106 p.c, was the best quarterly Oil Sands Mining and Upgrading division gross manufacturing within the firm’s historical past, the corporate mentioned.
Canadian Pure President Scott Stauth, mentioned, “We have now a protracted observe report of being an industry-leading efficient and environment friendly producer whereas constantly delivering top-tier operational and monetary efficiency. All our workers are shareholders, with a robust deal with steady enchancment, constantly driving sturdy outcomes”.
In December 2024, the corporate accomplished a transaction to accumulate Chevron Corp.’s stakes in producing and undeveloped oil sand, liquid and pure fuel properties in Alberta province for CAD 6.5 billion in money. The transaction consisted primarily of Chevron’s 20 p.c curiosity within the Athabasca Oil Sands Challenge (AOSP) and 70 p.c stake within the Duvernay play.
Relating to the acquisition, Stauth mentioned that the corporate is “attaining sturdy manufacturing outcomes and value reductions,” including that the corporate is assured that it’s going to add extra worth than initially anticipated.
The corporate mentioned it’s concentrating on to drill 43 gross wells within the Duvernay as a part of the 2025 capital growth program.
“Canadian Pure’s fixed deal with steady enchancment has resulted in capturing value efficiencies all through our operations yr so far. Because of these efficiencies, we’re ready to scale back our 2025 capital funds by CAD 100 million, leading to an up to date complete capital forecast of CAD 6.05 billion, excluding abandonment expenditures. This discount in our 2025 capital could have no affect on our deliberate working actions or focused manufacturing ranges for 2025,” Stauth continued.
Canadian Pure CFO Victor Darel mentioned, “In [the first quarter], we achieved sturdy monetary outcomes, together with adjusted web earnings of CAD 2.4 billion or CAD 1.16 per share and adjusted funds movement of CAD 4.5 billion, or CAD 2.16 per share. We returned roughly CAD 1.7 billion to our shareholders in Q1/25, together with CAD 1.2 billion in dividends and CAD 0.5 billion in share repurchases. On the similar time we strengthened our stability sheet by lowering web debt within the quarter by roughly CAD 1.4 billion from December 31, 2024 ranges.
Canadian Pure declared a quarterly money dividend on its widespread shares of CAD 0.5875 per widespread share. The quarterly dividend will likely be payable on July 3 to shareholders of report on June 13.
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