TORC Oil & Gas Ltd. Announces Third Quarter 2020 Financial & Operational Results

CALGARY, AB, Nov. 5, 2020 /CNW/ – TORC Oil & Gas Ltd. (“TORC” or the “Company”) (TSX: TOG[1]) is pleased to announce its financial and operating results for the three and nine months ended September 30, 2020.  The associated management’s discussion and analysis (“MD&A”) and unaudited interim financial statements as at and for the three and nine months ended September 30, 2020 can be found at www.sedar.com[2] and www.torcoil.com[3].





Highlights


Three months ended

Nine months ended





(in thousands, except per share data)


September 30

2020

June 30

2020

September 30

2019

September 30

2020

September 30

2019








Financial







    Adjusted funds flow, including







            transaction related costs (1)


$35,707

$5,694

$73,768

$88,547

$230,960

        Per share basic


$0.16

$0.03

$0.34

$0.40

$1.06

        Per share diluted


$0.16

$0.03

$0.33

$0.39

$1.04








    Adjusted funds flow, excluding







            transaction related costs (1), (2)


$35,707

$5,704

$73,768

$88,577

$230,960

        Per share basic


$0.16

$0.03

$0.34

$0.40

$1.06

        Per share diluted


$0.16

$0.03

$0.33

$0.39

$1.04








    Net cash from operating activities


$41,006

$619

$62,559

$99,580

$217,254








    Net income (loss)


($4,434)

($41,023)

$5,664

($925,352)

$23,463

        Per share basic


($0.02)

($0.18)

$0.03

($4.16)

$0.11

        Per share diluted


($0.02)

($0.18)

$0.03

($4.16)

$0.11








    Exploration and development







Expenditures (1)


$6,157

$1,601

$57,006

$72,459

$145,967

    Property acquisitions, net of







Dispositions (1)


$57

$1,083

($565)

$5,031

$270








    Net debt (1)


$359,651

$382,115

$369,571

$359,651

$369,571








    Cash dividends declared (3)


$1,112

$11,434

$13,334

$32,124

    Dividends declared per common share


$0.005

$0.075

$0.060

$0.213








    Common shares







        Shares outstanding, end of period


222,612

222,445

220,338

222,612

220,338

        Weighted average shares (basic)


222,540

222,372

219,622

222,355

218,356

        Weighted average shares (diluted)


225,636

225,054

221,952

225,950

221,115








Operations







    Production







        Crude oil (Bbls per day)


20,616

21,039

23,382

21,772

23,538

        NGL (Bbls per day)


1,466

1,316

1,587

1,455

1,536

        Natural gas (Mcf per day)


17,479

15,301

20,206

17,449

19,422

        Barrels of oil equivalent (Boepd, 6:1)


24,995

24,905

28,337

26,135

28,311








    Average realized price







        Crude oil ($ per Bbl)


$45.54

$23.33

$64.65

$39.25

$66.51

        NGL ($ per Bbl)


$10.32

$4.24

$11.91

$8.26

$14.67

        Natural gas ($ per Mcf)


$1.90

$1.72

$0.75

$1.74

$1.18

        Barrels of oil equivalent







($ per Boe, 6:1)


$39.50

$20.99

$54.55

$34.32

$56.90








    Operating netback per Boe (6:1)







        Operating netback (1)


$18.48

$4.55

$30.90

$14.90

$32.62

        Operating netback (prior to hedging) (1)


$18.53

$3.24

$30.90

$14.23

$32.62








    Adjusted funds flow netback per Boe (6:1)







        Including transaction related costs (1)


$15.53

$2.51

$28.30

$12.37

$29.88

        Excluding transaction related costs (1)


$15.53

$2.52

$28.30

$12.37

$29.88








    Wells drilled:







        Gross


25

33

72

        Net


19.0

28.2

56.7

        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.  On May 5, 2020, TORC announced the temporary suspension of its monthly dividend













PRESIDENT’S MESSAGE

1 2 3 4 5 6 7 8 9 10 11

Share