By Jaime Llinares Taboada
Canadian Overseas Petroleum Ltd. announced on Tuesday that its sales increased in the first quarter of 2022, although its total net production fell slightly from the fourth quarter. Here’s what the Wyoming-focused oil and gas company had to say:
“COPL’s net crude oil sales before royalties remained constant at an average of 1,114 bbl/d, compared to 1,094 bbl/d in the fourth quarter of 2021.”
“Due to responsibility for Cuda Energy LLC’s operating backlogs, as a common interest partner in the Wyoming assets, the company maintained Cuda’s average production of approximately 477 bbl/d in the first quarter. 2022 and 506 bbl/d in Q421 to offset outstanding arrears, so overall the company’s total net average oil production in Q122 was 1,591 bbl/d versus 1,600 bbl/d in T421.
“Oil sales, net of royalties, increased to $7.1 million from $5.8 million in Q421. Cuda oil sales, net of royalties, were $2.7 million in T122 and $2.3 million in T421 for a total company account of $9.8 million in T122 and an increase from $8.1 million in T421.”
“The company’s realized hedging loss was $0.9 million compared to a realized hedging gain of $0.2 million in Q421.”
“In an effort to manage its capital resources and liquidity, the company reduced capital expenditures to $3.0 million from $10.7 million in Q421.”
Write to Jaime Llinares Taboada at [email protected]; @JaimeLlinaresT