- Saturn Oil & Gas (SOIL) has announced that the company’s board of directors has approved an increased 2022 capital expenditures budget
- John Jeffrey, CEO of Saturn sat down with Shoran Devi to discuss the program
- The program is expected to deliver significant growth and accelerated debt repayment
- Saturn Oil & Gas Inc., a Canadian energy company, opened trading at C$2.98 per share
Saturn Oil & Gas (SOIL) has approved an increased 2022 capital expenditures budget for 2022.
John Jeffrey, CEO of Saturn sat down with Shoran Devi to discuss the program.
“As a result of the strategic acquisition and recently closed, upsized and oversubscribed equity issues, Saturn has increased its 2022 capital expenditure program. Equally important, because of the debt consolidation, the company is now permitted to give guidance to the expected financial impact of our upcoming growth-oriented capital budget which remains underpinned by substantial free funds flow that will also materially reduce outstanding indebtedness.”
Highlights of the 2022 Capital Expenditure Program include forecasts of:
- average annual production in the range of 7,800 to 8,200 boe/d, generating hedged EBITDA in the range of $73 to $77 million;
- Q4 2022 average production in the range of 8,100 to 8,500 boe/d, representing year-over-year production growth between 12 – 17 per cent;
- Saturn’s implied debt adjusted free funds flow yield for 2022 is 24 – 27 per cent, based on the company’s enterprise value of $126.5 million; and
- At the mid-point of guidance, year-end 2022 net debt is expected to be reduced to $39.4 million (down 45 per cent from an estimated $71.0 million at year-end 2021).
Saturn Oil & Gas Inc. is a Canadian energy company focused on generating positive shareholder returns through the continued responsible development of high-quality, light oil-weighted assets, supported by an acquisition strategy that targets highly accretive, complementary opportunities.
Saturn Oil & Gas Inc. (SOIL) opened trading at C$2.98 per share.