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Q1 2023 was a dynamic, unpredictable quarter in the Canadian oil patch. With price volatility and unexpected constraints on production, most producers faced more challenges compared to Q4 2022. This story was by no means universal, however; many companies saw impressive expansions in production across commodities, and various cost categories appear to be normalizing after a year characterized by persistent inflationary pressures. Companies also deployed significant capital in this quarter, with 2023 capital programs coming into full swing and numerous high profile acquisitions generating headlines. As we did for Q4 2022 , we’ve prepared a summary analysis for Q1 2023 using our dataset of over 40 Canadian producers. This quarter’s two-part Earnings Season Report Card will incorporate additional metrics that will soon be available on the BOE Intel platform including data on realized pricing, finance costs and more. These additions are just a sampling of the additional functionality we are aiming to add in the coming year as we work towards our goal of becoming the go-to source for information on everything in Canadian oil and gas. Natural Gas Natural gas production increased slightly in Q1 2023, outpacing Q4 2022 daily average levels by 1.2%. Saturn Oil ’s natural […]
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