Pine Cliff Energy Ltd. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2022
August 03, 2022 at 05:58 pm EDT
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Pine Cliff Energy Ltd. reported earnings results for the second quarter and six months ended June 30, 2022. For the second quarter, the company reported revenue was CAD 82.76 million compared to CAD 31.39 million a year ago. Net income was CAD 50.19 million compared to net loss of CAD 0.744 million a year ago. Basic earnings per share from continuing operations was CAD 0.15. Diluted earnings per share from continuing operations was CAD 0.14.
For the six months, revenue was CAD 142.2 million compared to CAD 64.56 million a year ago. Net income was CAD 65.63 million compared to net loss of CAD 1.42 million a year ago. Basic earnings per share from continuing operations was CAD 0.19. Diluted earnings per share from continuing operations was CAD 0.18.
Pine Cliff Energy Ltd. is a Canada-based company that is engaged in the acquisition, exploration, development and production of natural gas and oil in the Western Canadian Sedimentary Basin and also conducts various activities jointly with others. The Company's operating areas include Central Assets, Edson Assets and Southern Assets. Its Central Assets include Ghost Pine and Viking Kinsella areas of Central Alberta. Its Southern Assets includes Monogram unit, Many Islands / Hatton properties, Pendor, Cadillac and Wymark, Black Butte and Eagle Butte areas. Its Edson Assets include Mcleod River and Pine Creek, and Carrot Creek. The Company operates and sells its natural gas to the common Alberta natural gas price hub, Alberta Energy Company (AECO), and the Company also sells to four other gas markets: Aden, TEP, DAWN and Empress.