- New Stratus Energy (NSE) announced its financial and operating results for the three months ended June 30, 2022
- Record quarterly revenue of $33.2 million
- Record quarterly adjusted EBITDA of $19.7 million ($0.17 per share)
- New Stratus Energy is involved in the acquisition, exploration, and development of properties for the purpose oil and gas
- New Stratus Energy Inc. (NSE) is down 3.75 per cent, trading at C$0.77 per share at 2:11 pm ET
New Stratus Energy (NSE) announced its financial and operating results for the three months ended June 30, 2022.
Quarterly highlights:
- Record quarterly revenue of $33.2 million
- Record quarterly funds flow from operations of $20.8 million ($0.18 per share)
- Record quarterly adjusted EBITDA of $19.7 million ($0.17 per share)
- Ended the quarter with a cash balance of $26.4 million ($0.24 per share) and working capital of $43.2 million ($0.38 per share)
This marks the corporation’s second quarter following the acquisition of 100 per cent of the shares of Repsol Ecuador S.A., which closed on January 14, 2022.
In a robust commodity environment, New Stratus achieved record financial results for the quarter, including revenue, funds flow from operations, adjusted EBITDA, cash and working capital. The company achieved record results despite an 18-day nationwide labour strike, resolved at the end of June.
In its management’s discussion and analysis, the corporation also provided its Environmental, Social and Governance (ESG) performance. It includes information on operations in Ecuador and how New Stratus is helping mitigate potential non-financial risks emanating from the oil fields.
Environmental
The operation of Blocks 16 and 67 (Tivacuno) takes place in an area of great environmental sensitivity. It partially coincides with the Yasuní National Park, located in the Amazon jungle of Ecuador.
NSE continues making improvements in the design and efficiency of the operational processes in Ecuador, with the goal to enhance environmental performance.
Social
Blocks 16 and 67 (Tivacuno) are in the Waorani and Kichwa indigenous communities. To balance the opportunities that the communities have for a better quality of life, prior operators signed a collaboration agreement with N.A.W.E (Nacionalidad Waorani del Ecuador) in the Waorani community. The agreement focuses on the four broad matters: health, education, support to N.A.W.E. management and community leaders and, support to the development of communities.
New Stratus Energy is involved in the acquisition, exploration, and development of properties for the purpose oil and gas. Its assets are located in Colombia, Ecuador, Venezuela and Peru.
New Stratus Energy Inc. (NSE) is down 3.75 per cent, trading at C$0.77 per share at 2:11 pm ET.