Q1 2022 Highlights
• Generated production of 80,867 boe/d (82% oil and NGL) in Q1/2022, a 3% increase over Q1/2021.
• Delivered adjusted funds flow(1) of $280 million ($0.49 per basic share) in Q1/2022, a 78% increase compared to $157 million ($0.28 per basic share) in Q1/2021.
• Generated free cash flow(2) of $121 million ($0.21 per basic share) in Q1/2022, a 72% increase compared to $70 million ($0.13 per basic share) in Q1/2021.
• Cash flows from operating activities was $199 million ($0.35 per basic share) in Q1/2022, a 64% increase compared to $121 million ($0.22 per basic share) in Q1/2021.
• Reduced net debt(1) by 10% to $1.28 billion, from $1.41 billion at year-end 2021.
• Drilled 10 Clearwater wells at Peavine in Q1/2022 with our first three wells generating an average 30-day initial production rate of 1,100 bbl/d per well, boosting field production to 8,000 bbl/d today.
• Increasing exploration and development expenditures and production guidance given strong Peavine results and inflationary pressure.
• We intend to repurchase and cancel the remaining US$200 million principal amount of 5.625% long-term notes at par on June 1, 2022.
