TORC Oil & Gas Ltd. Announces First Quarter 2020 Financial & Operating Results and Corporate Update

CALGARY, May 5, 2020 /CNW/ – TORC Oil & Gas Ltd. (“TORC” or the “Company”) (TSX: TOG[1]) is pleased to announce financial and operating results for the three months ended March 31, 2020.  The associated Management’s Discussion and Analysis (“MD&A”) and unaudited interim financial statements as at and for the quarter ended March 31, 2020 can be found at www.sedar.com[2] and www.torcoil.com[3].






Highlights




Three months ended

(in thousands, except per share data)


March 31

2020

December 31

2019

March 31

2019






Financial





Adjusted funds flow, including transaction costs (1)


$47,146

$74,037

$76,067

Per share basic


$0.21

$0.33

$0.35

Per share diluted


$0.21

$0.33

$0.34






Adjusted funds flow, excluding transaction costs (1), (2)


$47,166

$74,037

$76,067

Per share basic


$0.21

$0.33

$0.35

Per share diluted


$0.21

$0.33

$0.34






Net cash from operating activities


$57,955

$67,933

$53,930






Net income (loss)


($879,895)

($60,593)

$6,335

Per share basic


($3.96)

($0.27)

$0.03

Per share diluted


($3.96)

($0.27)

$0.03






Exploration and development expenditures (1)


$64,700

$34,026

$54,109

Property acquisitions, net of dispositions (1)     


$3,891

$6,416

$146






Net debt (1)


$382,696

$349,689

$396,038






Cash dividends declared (3)


$12,222

$11,460

$9,761

Dividends declared per common share


$0.055

$0.075

$0.066






Common shares





Shares outstanding, end of period


222,315

221,812

217,676

Weighted average shares (basic)


222,146

221,080

217,140

Weighted average shares (diluted)


227,093

224,088

220,530






Operations





Production





Crude oil (Bbls per day)


23,672

23,415

23,700

NGL (Bbls per day)


1,582

1,616

1,459

Natural gas (Mcf per day)


19,568

20,079

18,646

Barrels of oil equivalent (Boepd, 6:1)


28,515

28,378

28,267






Average realized price





Crude oil ($ per Bbl)


$47.87

$63.05

$64.85

NGL ($ per Bbl)


$9.66

$12.71

$20.32

Natural gas ($ per Mcf)


$1.60

$2.07

$2.18

Barrels of oil equivalent ($ per Boe, 6:1)


$41.37

$54.22

$56.86






Operating netback per Boe (6:1)





Operating netback (1)


$20.75

$30.86

$32.64

Operating netback (prior to hedging) (1)


$20.00

$30.86

$32.64






Adjusted funds flow netback per Boe (6:1)





Including transaction related costs (1)


$18.17

$28.36

$29.90

Excluding transaction related costs (1)


$18.18

$28.36

$29.90






Wells drilled:





Gross


33

14

34

Net


28.2

11.7

27.9

Success (%)


100

100

100



(1)

Management uses these non-GAAP financial measures to analyze operating performance, leverage and investing activity.  These measures do not have a standardized meaning under GAAP and therefore may not be comparable with the calculation of similar measures for other companies.  See Non-GAAP Measurements within this document for additional information. 



(2)

For ease of readability, in this press release, adjusted funds flow, excluding transaction related costs will be referred to as “cash flow”.



(3)

Cash dividends declared are net of the share dividend program participation. The share dividend program was indefinitely suspended, effective for the January 2020 dividend, paid in February 2020.

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