Ranger Acquisition Overview and Canada Light Oil Update
SUMMARY OF OPERATING AND FINANCIAL METRICS
Q1 2021
Q2 2021 Q3 2021
Q4 2021
2021
Q1 2022
Q2 2022
Q3 2022 Q4 2022
2022
Q1 2023
Q2 2023
Benchmark Prices
WTI crude oil (US$/bbl)
$57.84
NYMEX natural gas (US$/mmbtu)
$2.69
$66.07
$2.83
$70.56
$4.01
$77.19
$5.83
$67.92
$3.84
$94.29
$4.95
$108.41
$7.17
$91.56
$8.20
$82.64
$6.26
$94.23
$6.64
$76.13
$73.78
$3.42
$2.10
Production
Crude oil (bbl/d)
57,419
58,403
57,610
58,468
57,977
59,301
61,593
62,491
64,924
62,094
65,869
68,143
Natural gas liquids (bbl/d)
6,238
7,563
7,174
7,984
7,244
7,636
7,468
7,536
7,661
7,575
7,213
8,620
Natural gas (mcf/d)
90,739
91,172
90,528
86,029
89,606
83,574
84,169
79,003
85,679
83,101
82,066
77,989
Oil equivalent (boe/d) (1)
78,780
81,162
79,872
80,789
80,156
80,867
83,090
83,194
86,864
83,519
86,760
89,761
% Liquids
81%
81%
82%
82%
82%
82%
83%
84%
84%
83%
84%
86%
Netback ($/boe)
Total sales, net of blending and other
expenses (2)
$51.84
$57.19
$63.85
$70.42
$60.93
$86.89
$105.44
$87.68
$74.93
$88.56
$63.48
$66.82
Royalties (3)
(9.44)
(11.04)
(12.32)
(13.47)
(11.59)
(16.86)
(22.69)
(19.21)
(15.23)
(18.47)
(11.94)
(13.21)
Operating expense (3)
(11.36)
(11.22)
(11.46)
(12.83)
(11.72)
(13.85)
(14.21)
(14.39)
(13.06)
(13.86)
(14.40)
(14.62)
Transportation expense (3)
(1.24)
(1.01)
(1.06)
(1.10)
(1.10)
(1.27)
(1.56)
(1.67)
(1.85)
(1.59)
(2.18)
(1.78)
Operating Netback (2)
$29.80
$33.92
$39.01
$43.02
$36.52
$54.91
$66.98
$52.41
$44.79
$54.64
$34.96
$37.21
General and administrative (3)
(1.23)
(1.44)
(1.36)
(1.54)
(1.39)
(1.61)
(1.54)
(1.57)
(1.87)
(1.65)
(1.50)
(1.87)
Cash financing and interest (3)
(3.44)
(3.19)
(3.10)
(2.87)
(3.15)
(2.81)
(2.71)
(2.58)
(2.47)
(2.64)
(2.35)
(3.46)
Realized financial derivative gain (loss) (3)
(2.93)
(5.28)
(7.34)
(9.49)
(6.30)
(11.59)
(16.41)
(9.98)
(6.21)
(10.97)
(0.69)
2.00
Other (4)
(0.12)
(0.20)
(0.21)
(0.23)
(0.19)
(0.48)
(0.60)
(1.14)
(2.26)
(1.16)
(1.45)
(0.39)
Adjusted funds flow (5)
$22.08
$23.81
$27.00
$28.89
$25.49
$38.42
$45.72
$37.14
$31.98
$38.22
$30.35
$33.49
(1)
(2)
(3)
(4)
(5)
Barrel of oil equivalent ("boe") amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil. The use of boe amounts may be misleading, particularly if used in isolation. A boe
conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
Specified financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable with the calculation of similar measures presented by other entities. Refer to "Specified Financial Measures"
in the Q2/2023 MD&A available on www.sedar.com for information regarding these measures, which have been incorporated by reference into this presentation.
Information related to this supplementary financial measure is available in the Q2/2023 MD&A under the heading "Specified Financial Measures" and is incorporated by reference into this presentation.
Other is comprised of realized foreign exchange gain or loss, other income or expense, current income tax expense or recovery and share based compensation. Refer to the Q2/2023 MD&A for further information on these amounts.
Information related to this capital management measure is available in the Q2/2023 MD&A under the heading "Specified Financial Measures" and is incorporated by reference into this presentation.
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