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FOURTH QUARTER & FULL-YEAR 2020 HIGHLIGHTS Quarterly sales volumes averaged 190.1 Mboe/d (43% natural gas, 35% condensate, 22% other NGLs), delivering full-year volumes of 183.9 Mboe/d (43% natural gas, 35% condensate, 22% other NGLs) in-line with the company’s revised full-year 2020 budget. Fourth quarter funds flow of $275 million and capital investments of $126 million resulted in free cash flow of $149 million, which was allocated toward net debt reduction. Full-year capital expenditures of $626 million were 3.7% below the $650 million revised budget established in May 2020. Despite the challenging commodity environment throughout 2020, the company generated total free cash flow of $229 million for the year. The company’s net debt position at year-end was $1.94 billion, with the net debt reduction driven by 7G’s free cash flow profile and a strengthening Canadian dollar. Since the third quarter of 2020, the company has reduced its net debt by 11%. Operating expenses were $3.52/boe for the fourth quarter, a record-low, and full-year operating expenses of $4.36/boe were below full-year guidance of $4.50-$4.75/boe. At $475 per metre, fourth quarter 2020 drilling costs represent an incremental 2.5% improvement relative to the third quarter and a 10% reduction to the per-metre drill […]
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