LNG Energy Group Announces Strong Q2 2024 Results
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LNG Energy Group Reports Strong Q2 2024 Results
Key Highlights:
- Second Quarter operating netbacks of $5.08/Mcf for natural gas and $51.58/bbl for condensate.
- Conditionally awarded two Productive Participation Contracts to develop hydrocarbons in Venezuela.
- Established a new Oilfield Services Division to leverage unique vertical integration.
- Repayment of $11.8 million in senior secured bank indebtedness to date.
LNG Energy Group Corp. (TSXV: LNGE) (TSXV: LNGE.WT) (OTCQB: LNGNF) (FWB: E26) has reported its financial and operational results for the quarter ended June 30, 2024. All dollar amounts are presented in United States dollars unless otherwise indicated.
“In the second quarter of 2024, we continued to enhance the production capabilities of our Colombian portfolio through targeted workovers and field optimizations,” stated Pablo Navarro, Chief Executive Officer and Chairman of the Corporation. “Moreover, our two new CPPs in Venezuela present LNG Energy Group with significant opportunities in this prolific hydrocarbon region.”
Financial and Operating Results for Q2 2024
During the second quarter, the Corporation reported an Adjusted EBITDAX of $5.7 million, representing a 5% decrease compared to Q1 2024. For the first half of 2024, EBITDAX amounted to $11.4 million. Gross daily gas production reached approximately 34 MMcf/d, reflecting a 6% decline in production volume compared to Q1 2024 due to client maintenance and workover activities.
- In Q2 2024, LNG Energy Group generated revenues of $9.1 million, with natural gas sales contributing $8.6 million. Total sales for the first half of 2024 were $19 million.
- The natural gas operating netback for Q2 2024 was reported at $5.08/Mcf, while the condensate netback was $51.58/bbl, leading to a total production netback of $29.74/boe. In the first half of the year, the figures were $5.18/Mcf, $54.50/bbl, and $30.40/boe respectively.
- LNG Energy Group completed its compressor project in the Bullerengue field on schedule, enhancing regulatory compliance capabilities and operational efficiency.
- The Corporation plans to continue its workover campaign initiated in Q2 2024 to maintain current production levels.
- Additionally, the Corporation anticipates drilling at least two more development wells in the second half of 2024 to focus on production enhancement.
Strategic Developments and Future Outlook
On April 17, 2024, LNG Energy Group’s subsidiary, LNG Venezuela, conditionally entered a binding agreement with PDVSA Petroleo S.A. for operational responsibility over two Productive Participation Contracts in Venezuela. This strategic move aims to expand operations in one of the world's leading hydrocarbon provinces.
Furthermore, on August 22, 2024, the Corporation launched an Oilfield Services Division to optimize its existing operations and unlock new revenue streams. The Corporation remains committed to adhering to environmental, social, and governance standards while maintaining financial health and liquidity.
2024 Outlook
Looking ahead, LNG Energy Group is committed to several objectives for the remainder of 2024:
Colombia Focus
In Colombia, the Corporation's goals include executing a targeted workover and optimization program, drilling two new development wells in the producing Bullerengue field, enhancing commitment to ESG initiatives, and continuing to manage its debt and liquidity effectively.
Venezuela Operations
In Venezuela, following the recent developments, LNG Energy Group intends to ensure compliance with local and international regulation while progressing with production operations. The developed Blocks are currently yielding significant oil production and will be crucial to the Corporation's growth strategy.
About LNG Energy Group Corp.
LNG Energy Group Corp. is actively involved in the acquisition and development of oil and gas exploration and production assets across Latin America.
Frequently Asked Questions
1. What financial performance did LNG Energy Group achieve in Q2 2024?
The Corporation reported an Adjusted EBITDAX of $5.7 million for Q2 2024, with total revenues of $9.1 million.
2. How is LNG Energy Group expanding its operations in Venezuela?
The Corporation has conditionally secured two Productive Participation Contracts to enhance hydrocarbon production in Venezuela.
3. What are the future plans for LNG Energy Group in Colombia?
LNG Energy Group aims to conduct workovers, drill new wells, and strengthen its environmental and governance initiatives in Colombia.
4. What strategic move did LNG Energy Group make recently?
The Corporation established a new Oilfield Services Division to capitalize on its vertical integration and explore new revenue sources.
5. How does LNG Energy Group measure its operational performance?
The Corporation uses various metrics, including Adjusted EBITDAX and Operating Netback, to assess its financial health and operational efficiency.
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