TGA has great earnings CORPORATE HIGHLIGHTS:
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Posted On: 11/03/2021 6:58:05 AM
TGA has great earnings
CORPORATE HIGHLIGHTS:
Amounts outstanding under the Mercuria prepayment agreement were repaid in full during the quarter. On September 27, 2021 the prepayment agreement was amended to $10 million (undrawn) and extended to December 31, 2021 to coincide with the expiry of the Company's remaining Brent crude oil hedges of 150 Mbbls; and
The Company announced a merged concession agreement with a 15-year primary term and improved Company economics on December 3, 2020. The agreement is currently awaiting ratification by the Egyptian Parliament but will have a February 2020 effective date upon ratification. As such, the results achieved in Q3-2021 and year to-date are exclusive of any effective date adjustments that will be made upon ratification.
FINANCIAL AND OPERATING RESULTS
(US$000s, except per share, price, volume amounts and % change)
Three Months Ended September 30
Nine Months Ended September 30
Financial
2021
2020
% Change
2021
2020
% Change
Petroleum and natural gas sales2
83,234
33,046
152
210,528
137,782
53
Petroleum and natural gas sales, net of royalties2
42,316
16,740
153
110,963
81,366
36
Realized derivative (loss) gain on commodity contracts
(2,188 )
662
(431 )
(7,379 )
6,807
(208 )
Unrealized derivative gain (loss) on commodity contracts
1,327
(267 )
(597 )
(2,891 )
761
(480 )
Production and operating expense
16,741
11,473
46
45,912
45,136
2
Overlift
15,551
-
100
15,551
-
100
Selling costs
2,161
54
3,902
3,866
1,103
250
General and administrative expense
4,230
2,542
66
12,937
8,397
54
Depletion, depreciation and amortization expense
6,592
5,493
20
18,366
23,402
(22 )
Income tax expense
6,096
3,092
97
16,361
10,122
62
Cash flow generated by (used in) operating activities
27,026
(3,349 )
(907 )
46,918
17,529
168
Funds flow from operations1
12,381
323
3,733
29,562
23,241
27
Basic per share
0.17
0.00
0.41
0.32
Diluted per share
0.17
0.00
0.41
0.32
Net earnings (loss)
37,080
(5,957 )
(722 )
33,778
(74,542 )
(145 )
Basic per share
0.51
(0.08 )
0.47
(1.03 )
Diluted per share
0.51
(0.08 )
0.46
(1.03 )
CORPORATE HIGHLIGHTS:
Amounts outstanding under the Mercuria prepayment agreement were repaid in full during the quarter. On September 27, 2021 the prepayment agreement was amended to $10 million (undrawn) and extended to December 31, 2021 to coincide with the expiry of the Company's remaining Brent crude oil hedges of 150 Mbbls; and
The Company announced a merged concession agreement with a 15-year primary term and improved Company economics on December 3, 2020. The agreement is currently awaiting ratification by the Egyptian Parliament but will have a February 2020 effective date upon ratification. As such, the results achieved in Q3-2021 and year to-date are exclusive of any effective date adjustments that will be made upon ratification.
FINANCIAL AND OPERATING RESULTS
(US$000s, except per share, price, volume amounts and % change)
Three Months Ended September 30
Nine Months Ended September 30
Financial
2021
2020
% Change
2021
2020
% Change
Petroleum and natural gas sales2
83,234
33,046
152
210,528
137,782
53
Petroleum and natural gas sales, net of royalties2
42,316
16,740
153
110,963
81,366
36
Realized derivative (loss) gain on commodity contracts
(2,188 )
662
(431 )
(7,379 )
6,807
(208 )
Unrealized derivative gain (loss) on commodity contracts
1,327
(267 )
(597 )
(2,891 )
761
(480 )
Production and operating expense
16,741
11,473
46
45,912
45,136
2
Overlift
15,551
-
100
15,551
-
100
Selling costs
2,161
54
3,902
3,866
1,103
250
General and administrative expense
4,230
2,542
66
12,937
8,397
54
Depletion, depreciation and amortization expense
6,592
5,493
20
18,366
23,402
(22 )
Income tax expense
6,096
3,092
97
16,361
10,122
62
Cash flow generated by (used in) operating activities
27,026
(3,349 )
(907 )
46,918
17,529
168
Funds flow from operations1
12,381
323
3,733
29,562
23,241
27
Basic per share
0.17
0.00
0.41
0.32
Diluted per share
0.17
0.00
0.41
0.32
Net earnings (loss)
37,080
(5,957 )
(722 )
33,778
(74,542 )
(145 )
Basic per share
0.51
(0.08 )
0.47
(1.03 )
Diluted per share
0.51
(0.08 )
0.46
(1.03 )
(0)
(0)