Pure fuel producer Crew Vitality Inc., which focuses on British Columbia’s Montney play, has reported $10.6 million in internet revenue for the primary quarter, versus $41.3 million for the corresponding quarter a yr prior.
In its quarterly launch, Crew mentioned its common manufacturing for the quarter was at 29,510 barrels of oil equal per day (boepd) or 177 million cubic toes of pure fuel equal (MMcfe). The outcomes are according to the earlier quarterly steerage of 29,000 to 31,000 boepd.
“In response to persistently low pure fuel costs, Crew has curtailed roughly 1,700 boe per day of predominantly dry fuel manufacturing delivered into the Station 2 market, which is anticipated to stay curtailed by way of Q2/24 or till costs enhance”, the corporate mentioned.
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Crew mentioned it was additionally on level with internet capital expenditures of $77.2 million for the quarter, according to the $75 million to $85 million steerage.
Crew holds over 340 internet sections of Montney rights within the liquids-rich fuel, condensate, and oil home windows. These rights enable Crew to entry a number of Canadian and United States gross sales hubs, and are positioned close to the Coastal Gaslink Pipeline, in accordance with the corporate.
The corporate is concentrating on rising the manufacturing of high-valued condensate and lightweight crude oil. Crew emphasised that condensate and lightweight oil gross sales accounted for 53 p.c of income, regardless of making up solely 19 p.c of complete manufacturing within the quarter.
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