Natural gas producer Crew Energy Inc., which focuses on British Columbia’s Montney play, has reported $10.6 million in net profit for the first quarter, versus $41.3 million for the corresponding quarter a year prior.
In its quarterly release, Crew said its average production for the quarter was at 29,510 barrels of oil equivalent per day (boepd) or 177 million cubic feet of natural gas equivalent (MMcfe). The results are in line with the previous quarterly guidance of 29,000 to 31,000 boepd.
“In response to persistently low natural gas prices, Crew has curtailed approximately 1,700 boe per day of predominantly dry gas production delivered into the Station 2 market, which is expected to remain curtailed through Q2/24 or until prices improve”, the company said.
Crew said it was also on point with net capital expenditures of $77.2 million for the quarter, in line with the $75 million to $85 million guidance.
Crew holds over 340 net sections of Montney rights in the liquids-rich gas, condensate, and oil windows. These rights allow Crew to access multiple Canadian and United States sales hubs, and are located near the Coastal Gaslink Pipeline, according to the company.
The company is concentrating on increasing the production of high-valued condensate and light crude oil. Crew emphasized that condensate and light oil sales accounted for 53 percent of revenue, despite making up only 19 percent of total production in the quarter.
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