CALGARY, AB – Kiwetinohk Energy Corp. (TSX: KEC ) today announced its 2023 budget and three-year outlook. The Company began preparing to launch a normal course issuer bid. Kiwetinohk’s 2023 budget is focused on delivering multiple strategic initiatives: High rate of return oil and gas production with strong production per share growth. Increasing owned gas plant processing capacity to support higher production by the second half of 2023. Filling majority of 120 MMcf/d of Chicago market Alliance Pipeline capacity with Company natural gas production. Significant growth in adjusted funds flow (AFF1) and future free funds flow (FFF1). Financing its first power projects and reaching final investment decisions (FID) on 501 MW of generation capacity. 2023 budget highlights Oil and gas sales of 24.5-28.5 thousand boe/d, which is growth of ~50% year/year. Sales estimates include a provision for a 7-10-day shutdown in the third quarter of both Simonette plants for tie-in of expansion capacity. AFF 1 is forecasted between $355–$450 million (~$8–$10/share), ~50% increase year/year, at US$70–US$80 WTI and US$4.50–US$5.00 HH flat prices2. Total planned capital expenditures for Upstream and Green Energy are between $378–$402 million. This plan can be funded at US$50 WTI and US$2.75 HH flat prices while […]
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