- Pipestone Energy Corp. (PIPE) has reported its first-quarter financial and operational results and provided an update on its operations
- The company generated all-time record revenue of $153.5 million
- Production volumes were negatively impacted by 22 days of unscheduled outages
- Last month’s production averaged approximately 36,000 barrels of oil equivalent per day
- Pipestone also achieved record adjusted funds flow from operations of $86.3 million
- Pipestone Energy Corp. (PIPE) is down 1.76 per cent trading at $4.46 per share as of 2:02 p.m. ET.
Pipestone Energy (PIPE) has reported its first-quarter financial and operational results and provided an update on its operations.
The company generated all-time record revenue of $153.5 million which more than doubled compared to the same time last year and represents a 12 per cent increase from the last quarter.
During the most recent quarter, Pipestone saw an average quarterly production total of 27,581 barrels of oil equivalent per day, a 28 per cent increase year-over-year.
Production volumes were negatively impacted by 22 days of unscheduled outages at the Keyera Wapiti Gas Plant. The estimated impact of the outage on the quarter’s production is approximately 2,700 barrels of oil equivalent per day.
Last month’s production averaged approximately 36,000 barrels of oil equivalent per day which is a new monthly record for Pipestone.
Pipestone also achieved record adjusted funds flow from operations of $86.3 million, more than tripling its number during the same period in 2021. Total capital expenditures were $78 million during the quarter.
Pipestone produced $8.4 million of free cash flow after deducting its capital expenditures for the quarter. The company anticipates it will continue to produce material-free cash flow throughout the rest of the year which it will direct to deleveraging its balance sheet and buying back common shares.
Strong returns on invested capital were gained with annualized ROCE and CROIC of 35.4 per cent and 34.7 per cent, up by 24.5 per cent and 18.2 per cent as compared to the same quarter in 2021.
Pipestone Energy Corp. (PIPE) is down 1.76 per cent trading at $4.46 per share as of 2:02 p.m. ET.