Quarterly / Earnings Reports | First Quarter (1Q) Update | Financial Results | Capital Markets | 2020 Guidance | Curtailment/Shut-In
Briko Energy Corp. First Quarter 2020 Results
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Briko Energy Corp. reported its Q1 2020 results.
Financial & Ops Results
- Decreased net operating expenses per boe by 6% to $11.94/boe for the three months ended March 31, 2020 as compared to $12.71/boe for the three months ended March 31, 2019.
- Average daily production of 568 boe per day for the three months ended March 31, 2020 compared to 668 boe per day for the three months ended March 31, 2019.
- Operating netback of $6.74 per boe for the three months ended March 31, 2020 compared to $9.42 per boe for the three months ended March 31, 2019.
- Adjusted funds flow for the three months ended March 31, 2020 of $0.2 million ($0.02/share) compared to $0.4 million (0.03/share) for the three months ended March 31, 2019.
- Net loss for the three months ended March 31, 2020 of $2.6 million, including a $2.7 million impairment expense.
- Maintained a strong Liability Management Rating (“LMR”) in excess of 8.0 at March 31, 2020
Guidance - Shut In Production
Given the current weak crude oil commodity price environment, Briko has proactively responded to this very volatile period. The Corporation currently has approximately 70 bbl/d of crude oil production shut in until prices recover.
Due to these shut in decisions, Briko’s estimated production for the second quarter of 2020 is in the range of 525 – 575 boe/d and 2020 estimated production is in the range of 500 – 600 boe/d. Briko continues to establish a prudent capital expenditure program focussed on maintenance and optimization initiatives that is anticipated to be funded by adjusted funds flow for 2020.
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