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

During the third quarter of 2020, TORC maintained a disciplined approach to the economic uncertainty created by the ongoing COVID-19 global pandemic and related volatility of crude oil prices.  The Company’s top priority remains the health and safety of the Company’s employees, contractors, partners, service providers and the communities in which we operate.

TORC’s proactive responses to volatility experienced in 2020 continue to demonstrate the Company’s focus on the long-term objectives of delivering disciplined growth while displaying the strength and flexibility of the Company’s business strategy and asset base. 

TORC remains well positioned both operationally and financially to continue to execute the Company’s long-term business plan and take advantage of opportunities as they arise.

The Company’s key achievements in the third quarter of 2020 included the following:

  • Achieved quarterly production of 24,995 boepd, relative to 24,905 boepd in the second quarter of 2020 and 28,337 boepd in the third quarter of 2019;
  • Generated cash flow of $35.7 million relative to $5.7 million in the second quarter of 2020 and $73.8 million in the third quarter of 2019;
  • Generated cash flow per share of $0.16 compared to $0.03 in the second quarter of 2020 and $0.34 in the third quarter of 2019;
  • During the third quarter of 2020, the Company incurred $6.2 million of capital expenditures on cash flow of $35.7 million, for a payout ratio of 17%;
  • Exited the quarter with net debt of $359.7 million, down from $382.1 as at June 30, 2020, with $335.7 million drawn on the Company’s credit facility; and
  • Subsequent to the end of the quarter, completed the Company’s inaugural Sustainability Report, highlighting TORC’s efforts and commitment to responsibly develop the Company’s natural resources. The full 2020 Sustainability Report can be found on the Company’s website at www.torcoil.com[4]. Highlights from the Sustainability Report include:
    • Reductions in greenhouse gas, methane and fugitive emissions
    • Reductions in the amount of fresh water used
    • Continued prevention and reduction of oil and saltwater spills
    • Continued safety focus and reduction of workplace incidents
    • Ongoing community engagement and support
    • Continued efforts to establish best-in-class governance practices including linking executive and employee compensation to environmental, social and governance matters

OPERATIONAL UPDATE

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