Chinook Energy Inc. Reports Consolidated Earnings and Operating Results for the Third Quarter and Nine Months Ended of September 30, 2017; Revises Earnings Guidance for the Full Year of 2017
For the nine months, the company reported Petroleum & natural gas revenues, net of royalties of $16,772,000 compared to $26,312,000 a year ago. Adjusted funds from operations were $3,878,000 or $0.02 per basic and diluted share compared to adjusted funds from operations was negative at $2,717,000 or $0.01 per basic and diluted share a year ago. Net income was $4,246,000 or $0.02 per basic and diluted share compared to net loss of $61,200,000 or $0.28 per basic and diluted share a year ago. Capital expenditures were $31,791,000 compared to $5,034,000 a year ago.
For the quarter, the company reported production of crude oil of 19 bbl/d against 1,036 bbl/d a year ago. Production of Natural gas liquids was 405 boe/d against 599 boe/d a year ago. Natural gas production was 14,109 mcf/d against of 28,972 mcf/d a year ago. Average daily production was 2,776 boe/d against 6,464 a year ago.
For the nine months, the company reported production of crude oil of 22 bbl/d against of 874 bbl/d a year ago. Production of Natural gas liquids was 442 boe/d against of 645 boe/d a year ago. Natural gas production was 17,051 mcf/d against of 25,666 mcf/d a year ago. Average daily production was 3,306 boe/d against of 5,798 a year ago.
The company revised earnings guidance for the full year of 2017. For the period, the company expects average production of 3,600 (boe/d) to 3,700 (boe/d) compared to previous guidance of 4,200 (boe/d) to 4,300(boe/d). Exit production expected to be in the range of 6,300(boe/d) to 6,500 (boe/d) compared to previous guidance of 6,300 (boe/d) to 6,500(boe/d). Capital expenditures expected to be of $40 million.