Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is
pleased to report financial and operating results as at and for the
three and nine months ended September 30, 2022.
- Surging capital activity – 9 (8.4 net) wells
spud with 5 (2.3 net) wells completed and on production in the
Ferrier and North Ferrier areas with total capital expenditures
(excluding acquisitions) of $49.5 million during the third quarter
of 2022.
- Funds flow(1) remains
strong – Generated funds flow of $13.8 million for the
third quarter of 2022, 75% higher than funds flow of $7.9 million
for the third quarter of 2021. Funds flow for the first nine months
of 2022 was $53.6 million, up 134% from the comparative period in
2021.
- Realized price increase –
Realized price per boe increased by 26% in the third quarter of
2022 compared to the third quarter of 2021; from $37.00/boe to
$46.62/boe. The realized oil, natural gas and NGL prices increased
by 34%, 24% and 38%, respectively.
- Production up 12% – Production was up 12% from
5,937 boe/d(3) in the third quarter of 2021 to 6,639 boe/d in the
third quarter of 2022 due to the new wells drilled in late 2021 and
the strategic acquisition of Cardium assets located in Petrus'
Ferrier area that closed in March 2022. Wells from the 2022 capital
program began coming on stream September 30th.
- Net debt(1) reduction
– Net debt was $48.5 million at September 30, 2022, a 19%
decrease from the third quarter of 2021. The Company continues to
manage its balance sheet with the goal of maintaining a net debt to
funds flow ratio(2) of under 1x.
2022 CAPITAL PROGRAM
Subsequent to the third quarter (as at the date
of this report) Petrus has spud 4 (3.3 net) more wells and put 7
(6.1 net) more wells on production. Cash flow related to these
wells will be realized in the fourth quarter as wells are completed
and brought on stream. Based on the initial results of the wells on
production to date, the Company is on track to achieve the 2022
exit production guidance of 10,500 to 11,000 boe/d.
2023 BUDGET GUIDANCE
Petrus' Board of Directors has approved a
capital budget for 2023 of $130 million to $135 million. Roughly
90% of the budget is directed towards drilling in the Ferrier and
North Ferrier areas, and 10% towards land, facilities and corporate
development.
The 2023 capital budget was developed using a
2023 average price forecast of US$77/bbl WTI for oil, an AECO gas
price of $4.00/GJ and a foreign exchange rate of US$0.73. Under
these pricing assumptions, through the execution of this capital
plan, Petrus is expecting to:
- Achieve an average production rate of 13,000 to 13,500 boe/d(3)
in 2023, which is a projected increase of approximately 75% over
2022.
- Generate $140 million to $150 million in annual funds flow(1)
for 2023 ($1.15 to $1.23 per share(2)), representing an anticipated
65% improvement from 2022.
- Reduce net debt to approximately $35 million to $40 million,
and maintaining it below 0.5x funds flow(2).
Given the inherent volatility of commodity
prices, the Company recognizes it is prudent to remain disciplined
and flexible from an operational and financial perspective. Petrus
will continue to monitor Canadian light oil and natural gas prices
and will evaluate capital investments on an ongoing basis.
(1)Non-GAAP measure. Refer to "Non-GAAP and
Other Financial Measures".(2)Non-GAAP ratio. Refer to "Non-GAAP and
Other Financial Measures".(3)Disclosure of production on a per boe
basis consists of the constituent product types and their
respective quantities. Refer to "BOE Presentation" and "Production
and Product Type Information" for further details.
SELECTED FINANCIAL INFORMATION
OPERATIONS |
Three months endedSept. 30,
2022 |
Three months endedSept. 30,
2021 |
Three months endedJun. 30,
2022 |
Three months endedMar. 31,
2022 |
Three months endedDec. 31,
2021 |
Average Production |
|
|
|
|
|
Natural gas (mcf/d) |
28,107 |
|
23,942 |
|
30,913 |
|
29,530 |
|
23,494 |
|
Oil (bbl/d) |
957 |
|
937 |
|
1,073 |
|
1,250 |
|
1,002 |
|
NGLs (bbl/d) |
997 |
|
1,010 |
|
1,055 |
|
1,207 |
|
962 |
|
Total (boe/d) |
6,639 |
|
5,937 |
|
7,280 |
|
7,379 |
|
5,880 |
|
Total (boe) |
610,722 |
|
546,227 |
|
662,456 |
|
664,010 |
|
540,924 |
|
Light oil weighting |
14 |
% |
21 |
% |
15 |
% |
17 |
% |
20 |
% |
Realized Prices |
|
|
|
|
|
Natural gas ($/mcf) |
5.02 |
|
4.04 |
|
7.74 |
|
5.20 |
|
5.45 |
|
Oil ($/bbl) |
111.04 |
|
82.56 |
|
133.36 |
|
110.12 |
|
89.71 |
|
NGLs ($/bbl) |
62.25 |
|
45.10 |
|
74.63 |
|
60.12 |
|
56.35 |
|
Total realized price ($/boe) |
46.62 |
|
37.00 |
|
63.33 |
|
49.31 |
|
46.29 |
|
Royalty income |
0.37 |
|
0.18 |
|
0.25 |
|
0.29 |
|
0.06 |
|
Royalty expense |
(11.84 |
) |
(3.94 |
) |
(8.64 |
) |
(6.89 |
) |
(6.34 |
) |
Net oil and natural gas revenue ($/boe) |
35.15 |
|
33.24 |
|
54.94 |
|
42.71 |
|
40.01 |
|
Operating expense |
(8.47 |
) |
(5.57 |
) |
(7.92 |
) |
(6.76 |
) |
(5.02 |
) |
Transportation expense |
(1.89 |
) |
(1.81 |
) |
(2.16 |
) |
(2.17 |
) |
(1.87 |
) |
Operating
netback(1)($/boe) |
24.79 |
|
25.86 |
|
44.86 |
|
33.78 |
|
33.12 |
|
Realized gain (loss) on financial derivatives |
1.00 |
|
(6.41 |
) |
— |
|
(6.98 |
) |
(9.52 |
) |
Loss on risk management activities |
(0.81 |
) |
— |
|
(6.76 |
) |
— |
|
— |
|
Other income |
0.05 |
|
0.02 |
|
0.04 |
|
0.07 |
|
0.04 |
|
General & administrative expense |
(1.30 |
) |
(1.47 |
) |
(1.70 |
) |
(0.82 |
) |
(2.24 |
) |
Cash finance expense |
(0.87 |
) |
(3.30 |
) |
(1.46 |
) |
(1.04 |
) |
(1.58 |
) |
Decommissioning expenditures |
(0.29 |
) |
(0.27 |
) |
0.06 |
|
(0.02 |
) |
(0.56 |
) |
Funds flow & corporate
netback(1)($/boe) |
22.57 |
|
14.43 |
|
35.04 |
|
24.99 |
|
19.26 |
|
|
|
|
|
|
|
FINANCIAL (000s except $ per share) |
Three months endedSept. 30,
2022 |
Three months endedSept. 30,
2021 |
Three months endedJun. 30,
2022 |
Three months endedMar. 31,
2022 |
Three months endedDec. 31,
2021 |
Oil and natural gas revenue |
28,701 |
|
20,306 |
|
42,119 |
|
32,940 |
|
25,070 |
|
Net income |
9,822 |
|
7,343 |
|
18,046 |
|
10,903 |
|
114,633 |
|
Net income per share |
|
|
|
|
|
Basic |
0.08 |
|
0.14 |
|
0.16 |
|
0.11 |
|
1.19 |
|
Fully diluted |
0.08 |
|
0.13 |
|
0.15 |
|
0.11 |
|
1.11 |
|
Funds flow(2) |
13,789 |
|
7,874 |
|
23,208 |
|
16,601 |
|
10,418 |
|
Funds flow per share(1) |
|
|
|
|
|
Basic |
0.11 |
|
0.15 |
|
0.21 |
|
0.17 |
|
0.11 |
|
Fully diluted |
0.11 |
|
0.14 |
|
0.20 |
|
0.16 |
|
0.10 |
|
Capital expenditures |
49,513 |
|
6,101 |
|
4,932 |
|
5,064 |
|
12,235 |
|
Acquisitions (dispositions) |
16 |
|
— |
|
364 |
|
15,200 |
|
— |
|
Weighted average shares outstanding |
|
|
|
|
|
Basic |
122,058 |
|
54,167 |
|
111,795 |
|
99,189 |
|
96,660 |
|
Fully diluted |
126,822 |
|
57,638 |
|
117,203 |
|
103,250 |
|
102,868 |
|
As at period end |
|
|
|
|
|
Common shares outstanding |
|
|
|
|
|
Basic |
122,197 |
|
96,603 |
|
122,017 |
|
106,907 |
|
96,708 |
|
Fully diluted |
131,482 |
|
100,074 |
|
131,302 |
|
113,883 |
|
103,889 |
|
Total assets |
356,050 |
|
173,101 |
|
302,472 |
|
308,744 |
|
290,492 |
|
Non-current liabilities |
61,778 |
|
40,200 |
|
50,924 |
|
46,702 |
|
42,172 |
|
Net debt(2) |
48,465 |
|
60,071 |
|
13,895 |
|
50,044 |
|
61,779 |
|
(1)Non-GAAP ratio. Refer to "Non-GAAP and Other Financial
Measures". (2)Non-GAAP measure. Refer to "Non-GAAP and Other
Financial Measures".
OPERATIONS UPDATE
Third quarter average production by area was as
follows:
For the three months ended September 30, 2022 |
Ferrier |
North Ferrier |
Foothills |
Central Alberta |
Kakwa |
Total |
Natural gas (mcf/d) |
15,870 |
4,252 |
2,450 |
5,375 |
160 |
28,107 |
Oil (bbl/d) |
406 |
170 |
77 |
279 |
28 |
960 |
NGLs (bbl/d) |
707 |
108 |
11 |
160 |
9 |
995 |
Total (boe/d) |
3,758 |
987 |
496 |
1,334 |
64 |
6,639 |
Third quarter average production was 6,639 boe/d
in 2022 compared to 5,937 boe/d in 2021. The increase in production
is due to the new wells drilled in late 2021, the strategic
acquisition of Cardium assets located in Petrus' Ferrier area that
closed in March 2022, and certain wells in the Foothills area being
brought back on-stream due to improved pricing.
The activity of Petrus' 2022 capital program is
weighted heavily towards the third and fourth quarters with 9 (8.4
net) wells spud in the Ferrier and North Ferrier areas during the
third quarter. Of these, 5 (2.3 net) wells were completed and on
production by September 30, 2022.
2022 INCREASED BUDGET
GUIDANCE
During the third quarter of 2022, Petrus
announced an increase in its annual budget guidance where the Board
of Directors approved a revised 2022 capital budget of $105 million
to $115 million (up from $50-$55 million); $90 to $100 million
directed toward the 2022 capital program with the balance having
been directed toward a previously announced non-cash strategic
acquisition that closed in March 2022. The capital program is
focused substantially on achieving an exit production rate of
10,500 to 11,000 boe/d(1).
For further information, please
contact:
Ken Gray, P.Eng.President and Chief Executive
OfficerT: (403) 930-0889E: kgray@petrusresources.com
(1)Disclosure of production on a per boe basis
consists of the constituent product types and their respective
quantities. Refer to "BOE Presentation" and "Production and Product
Type Information" for further details.
NON-GAAP AND OTHER FINANCIAL
MEASURESThis press release makes reference to the terms
"operating netback" (on an absolute and $/boe basis), "corporate
netback" (on an absolute and $/boe basis), "funds flow" (on an
absolute, per share (basic and fully diluted) and $/boe basis),
"net debt" and "net debt to funds flow ratio". These non-GAAP and
other financial measures are not recognized measures under GAAP
(IFRS) and do not have a standardized meaning prescribed by GAAP
(IFRS). Accordingly, the Company's use of these terms may not be
comparable to similarly defined measures presented by other
companies. These non-GAAP and other financial measures should not
be considered to be more meaningful than GAAP measures which are
determined in accordance with IFRS as indicators of our
performance. Management uses these non-GAAP and other financial
measures for the reasons set forth below.
Operating Netback Operating
netback is a common non-GAAP financial measure used in the oil and
natural gas industry which is a useful supplemental measure to
evaluate the specific operating performance by product type at the
oil and natural gas lease level. The most directly comparable GAAP
measure to operating netback is oil and natural gas revenue.
Operating netback is calculated as oil and natural gas revenue less
royalty expenses, operating expenses and transportation expenses.
See below and under "Summary of Quarterly Results" for a
reconciliation of operating netback to oil and natural gas
revenue.
Operating netback ($/boe) is a non-GAAP ratio
used in the oil and natural gas industry which is a useful
supplemental measure to evaluate the specific operating performance
by product type at the oil and natural gas lease level . It is
calculated as operating netbacks divided by weighted average daily
production on a per boe basis. See below.
Corporate Netback and Funds
FlowCorporate netback or funds flow is a common non-GAAP
financial measure used in the oil and natural gas industry which
evaluates the Company’s profitability at the corporate level.
Corporate netback and funds flow are used interchangeably. Petrus
analyzes these measures on an absolute value and on a per unit
(boe) and per share (basic and fully diluted) basis as non-GAAP
ratios. Management believes that funds flow and corporate netback
provide information to assist a reader in understanding the
Company's profitability relative to current commodity prices. They
are calculated as the operating netback less general and
administrative expense, finance expense, decommissioning
expenditures, plus other income and the net realized gain (loss) on
financial derivatives and risk management activities. See below and
under "Summary of Quarterly Results" for a reconciliation of funds
flow and corporate netback to oil and natural gas revenue.
Corporate netback ($/boe) or funds flow ($/boe)
is a non-GAAP ratio used in the oil and natural gas industry which
evaluates the Company’s profitability at the corporate level.
Management believes that funds flow ($/boe) or corporate netback
($/boe) provide information to assist a reader in understanding the
Company's profitability relative to current commodity prices. It is
calculated as corporate netbacks or funds flow divided by weighted
average daily production on a per boe basis. See below.
Funds flow per share (basic and fully diluted)
is comprised of funds flow divided by basic or fully diluted
weighted average common shares outstanding.
|
Three months endedSept. 30,
2022 |
Three months endedSept. 30,
2021 |
Nine months endedSeptember 30,
2022 |
Nine months endedSeptember 30,
2021 |
|
$000s |
$/boe |
$000s |
$/boe |
$000s |
$/boe |
$000s |
$/boe |
Oil and natural gas revenue |
28,701 |
|
47.00 |
|
20,306 |
|
37.18 |
|
103,760 |
|
53.55 |
|
56,198 |
|
34.00 |
|
Royalty
expense |
(7,228 |
) |
(11.84 |
) |
(2,150 |
) |
(3.94 |
) |
(17,525 |
) |
(9.05 |
) |
(6,933 |
) |
(4.20 |
) |
Net oil and natural gas revenue |
21,473 |
|
35.16 |
|
18,156 |
|
33.24 |
|
86,235 |
|
44.50 |
|
49,265 |
|
29.80 |
|
Transportation expense |
(1,155 |
) |
(1.89 |
) |
(991 |
) |
(1.81 |
) |
(4,029 |
) |
(2.08 |
) |
(2,911 |
) |
(1.76 |
) |
Operating expense |
(5,171 |
) |
(8.47 |
) |
(3,042 |
) |
(5.57 |
) |
(14,912 |
) |
(7.70 |
) |
(10,199 |
) |
(6.17 |
) |
Operating netback |
15,147 |
|
24.80 |
|
14,123 |
|
25.86 |
|
67,294 |
|
34.72 |
|
36,155 |
|
21.87 |
|
Realized gain (loss) on financial derivatives |
610 |
|
1.00 |
|
(3,504 |
) |
(6.41 |
) |
(4,022 |
) |
(2.08 |
) |
(6,564 |
) |
(3.97 |
) |
Loss on risk management
activities |
(497 |
) |
(0.81 |
) |
— |
|
— |
|
(4,973 |
) |
(2.57 |
) |
— |
|
— |
|
Other income |
30 |
|
0.05 |
|
12 |
|
0.02 |
|
105 |
|
0.05 |
|
1,053 |
|
0.64 |
|
General & administrative
expense |
(793 |
) |
(1.30 |
) |
(804 |
) |
(1.47 |
) |
(2,463 |
) |
(1.27 |
) |
(3,061 |
) |
(1.85 |
) |
Cash finance expense(1) |
(528 |
) |
(0.87 |
) |
(1,803 |
) |
(3.30 |
) |
(2,184 |
) |
(0.39 |
) |
(4,277 |
) |
(2.59 |
) |
Decommissioning expenditures |
(180 |
) |
(0.29 |
) |
(150 |
) |
(0.27 |
) |
(159 |
) |
(0.08 |
) |
(372 |
) |
(0.23 |
) |
Funds flow and corporate netback |
13,789 |
|
22.58 |
|
7,874 |
|
14.43 |
|
53,598 |
|
28.38 |
|
22,934 |
|
13.87 |
|
(1)Excludes non-cash Term Loan interest payment-in-kind
Net DebtNet debt is a non-GAAP
financial measure and is calculated as the sum of long term debt
and working capital (current assets and current liabilities),
excluding the current financial derivative contracts and current
portion of the lease obligation. Petrus uses net debt as a key
indicator of its leverage and strength of its balance sheet. Net
debt is reconciled, in the table below, to long-term debt which is
the most directly comparable GAAP measure.
($000s) |
As at September 30, 2022 |
As at June 30, 2022 |
As at March 31, 2022 |
As at December 31, 2021 |
Long-term debt |
22,000 |
|
12,000 |
|
— |
|
— |
|
Current assets |
(29,905 |
) |
(18,783 |
) |
(17,356 |
) |
(15,611 |
) |
Current liabilities |
51,102 |
|
18,785 |
|
67,625 |
|
80,095 |
|
Current financial
derivatives |
5,503 |
|
2,124 |
|
— |
|
(2,488 |
) |
Current
portion of lease obligation |
(235 |
) |
(231 |
) |
(225 |
) |
(217 |
) |
Net debt |
48,465 |
|
13,895 |
|
50,044 |
|
61,779 |
|
Net debt to funds flow ratio is a non-GAAP ratio used as a key
indicator of our leverage and strength of our balance sheet. It is
calculated as net debt divided by funds flow for the relevant
period.
ADVISORIESBasis of
PresentationFinancial data presented above has largely
been derived from the Company’s financial statements, prepared in
accordance with GAAP which require publicly accountable enterprises
to prepare their financial statements using IFRS. Accounting
policies adopted by the Company are set out in the notes to the
audited consolidated financial statements as at and for the twelve
months ended December 31, 2021. The reporting and the
measurement currency is the Canadian dollar. All financial
information is expressed in Canadian dollars, unless otherwise
stated.
Forward-Looking
StatementsCertain information regarding Petrus set forth
in this press release contains forward-looking statements within
the meaning of applicable securities law, that involve substantial
known and unknown risks and uncertainties. The use of any of the
words “anticipate”, “continue”, “estimate”, “expect”, “may”,
“will”, “project”, “should”, “believe” and similar expressions are
intended to identify forward-looking statements. Such statements
represent Petrus’ internal projections, estimates, beliefs, plans,
objectives, assumptions, intentions or statements about future
events or performance. These statements are only predictions and
actual events or results may differ materially. Although Petrus
believes that the expectations reflected in the forward-looking
statements are reasonable, it cannot guarantee future results,
levels of activity, performance or achievement since such
expectations are inherently subject to significant business,
economic, competitive, political and social uncertainties and
contingencies. Many factors could cause Petrus’ actual results to
differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, Petrus.In
particular, forward-looking statements included in this press
release include, but are not limited to, statements with respect
to: that the Company will continue to manage its balance sheet with
the goal of maintaining a net debt to funds flow ratio of under 1x;
that cash flow related to wells drilled and put on production after
Q3 will be realized in the fourth quarter as wells are completed
and brought on stream; the Company's 2022 exit production guidance,
and that the Company is on track to achieve such guidance; the
Company's 2023 capital budget range, major capital spending items
in the budget, and the portion of the budget that will be spent on
each item; the Company's 2023 forecast for average commodity prices
and foreign exchange rates; the Company's expectations for what the
execution of the 2023 capital plan will achieve, including average
daily production range, total funds flow range, net debt levels and
net debt to funds flow ratios for 2023, that the Company will
remain disciplined and flexible from an operational and financial
perspective; and that Petrus will continue to monitor the price of
Canadian light oil and natural gas and will evaluate capital
investments on an ongoing basis; the Company's revised 2022 capital
budget range, major capital spending items in the budget, and the
portion of the budget that will be spent on each item. In addition,
statements relating to “reserves” are deemed to be forward-looking
statements, as they involve the implied assessment, based on
certain estimates and assumptions, that the reserves described can
be profitably produced in the future.
These forward-looking statements are subject to
numerous risks and uncertainties, most of which are beyond the
Company’s control, including: the impact of general economic
conditions; volatility in market prices for crude oil, NGL and
natural gas; industry conditions; currency fluctuation; imprecision
of reserve estimates; liabilities inherent in crude oil and natural
gas operations; environmental risks; incorrect assessments of the
value of acquisitions and exploration and development programs;
competition; the lack of availability of qualified personnel or
management; changes in income tax laws or changes in tax laws and
incentive programs relating to the oil and gas industry; hazards
such as fire, explosion, blowouts, cratering, and spills, each of
which could result in substantial damage to wells, production
facilities, other property and the environment or in personal
injury; stock market volatility; ability to access sufficient
capital from internal and external sources; and the other risks and
uncertainties described in the AIF. With respect to forward-looking
statements contained in this press release, Petrus has made
assumptions regarding: future commodity prices (including as
disclosed herein) and royalty regimes; availability of skilled
labour; timing and amount of capital expenditures; future exchange
rates; the impact of increasing competition; conditions in general
economic and financial markets; availability of drilling and
related equipment and services; effects of regulation by
governmental agencies; the effects of inflation on our
profitability; future interest rates; and future operating costs.
Management has included the above summary of assumptions and risks
related to forward-looking information provided in this press
release in order to provide investors with a more complete
perspective on Petrus’ future operations and such information may
not be appropriate for other purposes. Petrus’ actual results,
performance or achievement could differ materially from those
expressed in, or implied by, these forward-looking statements and,
accordingly, no assurance can be given that any of the events
anticipated by the forward-looking statements will transpire or
occur, or if any of them do so, what benefits that the Company will
derive therefrom. Readers are cautioned that the foregoing lists of
factors are not exhaustive.
This press release contains future-oriented
financial information and financial outlook information
(collectively, "FOFI") about Petrus' prospective results of
operations including, without limitation, its forecasts for: net
debt to funds flow ratio; 2022 exit production range; 2022 and 2023
capital budget range and the components thereof; 2023 commodity
prices and exchange rates; 2023 average production rate; and 2023
funds flow; which are subject to the same assumptions, risk
factors, limitations, and qualifications as set forth above.
Readers are cautioned that the assumptions used in the preparation
of such information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on FOFI. Petrus' actual results, performance
or achievement could differ materially from those expressed in, or
implied by, these FOFI, or if any of them do so, what benefits
Petrus will derive therefrom. Petrus has included the FOFI in order
to provide readers with a more complete perspective on Petrus'
future operations and such information may not be appropriate for
other purposes.
These forward-looking statements and FOFI are
made as of the date of this press release and the Company disclaims
any intent or obligation to update any forward-looking statements
and FOFI, whether as a result of new information, future events or
results or otherwise, other than as required by applicable
securities laws.
BOE PresentationThe oil and
natural gas industry commonly expresses production volumes and
reserves on a barrel of oil equivalent (“boe”) basis whereby
natural gas volumes are converted at the ratio of six thousand
cubic feet to one barrel of oil. The intention is to sum oil and
natural gas measurement units into one basis for improved
measurement of results and comparisons with other industry
participants. Petrus uses the 6:1 boe measure which is the
approximate energy equivalence of the two commodities at the burner
tip. Boe’s do not represent an economic value equivalence at the
wellhead and therefore may be a misleading measure if used in
isolation.
Production and Product Type
InformationThe Company's forecast 2022 exit production
rate and average daily 2023 production rate disclosed in this press
release consist of the following product types, as defined in
National Instrument 51-101 and using the conversion ratio described
above, where applicable: 10,500 to 11,000 boe/d 2022 exit
production rate – 29% light oil and condensate, 13% natural gas
liquids and 58% conventional natural gas; and 13,000 to 13,500
boe/d 2023 production rate – 24% light oil and condensate, 15%
natural gas liquids and 61% conventional natural gas.
Abbreviations |
|
$000’s |
thousand dollars |
$/bbl |
dollars per barrel |
$/boe |
dollars per barrel of oil equivalent |
$/GJ |
dollars per gigajoule |
$/mcf |
dollars per thousand cubic feet |
bbl |
barrel |
bbl/d |
barrels per day |
boe |
barrel of oil equivalent |
mboe |
thousand barrel of oil equivalent |
mmboe |
million barrel of oil equivalent |
boe/d |
barrel of oil equivalent per day |
GJ |
gigajoule |
GJ/d |
gigajoules per day |
mcf |
thousand cubic feet |
mcf/d |
thousand cubic feet per day |
mmcf/d |
million cubic feet per day |
NGLs |
natural gas liquids |
WTI |
West Texas Intermediate |
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