The Company does not undertake any obligation to publicly update or revise any forward-looking information except as required by applicable securities laws. Global inventories have begun to moderate with economies reopening and leading to a partial recovery and stabilization in oil prices.In Alberta, physical markets and regional benchmark prices (e.g. Adjusted Funds Flow is calculated by adding certain non-cash changes to working capital and settlement of provisions to cash flow from operating activities. Athabasca has successfully transitioned its office staff back to the office and the field sites continue to take site specific pre-cautionary measures related to COVID-19. Through the summer planned turnaround activities were completed. The 2022 Notes were translated into Canadian dollars at the June 30, 2020 exchange rate of US$1.00 = C$1.3628.Operations Update Thermal Oil In Q2 2020, production averaged 17,600 bbl/d. With the improved commodity price outlook, the Company is planning to restart field operations in September. Discover new investment ideas by accessing unbiased, in-depth investment research, Toronto - Toronto Real Time Price. * Financial Results: Q2 Operating Income of $6.2 million with financial results impacted by realized price declines related to the onset of the COVID-19 pandemic. (2) Includes realized commodity risk management gains of $24.4 million and $45.9 million for the three and six months ended June 30, 2020, respectively (three and six months ended June 30, 2019 - $15.0 million loss and $32.8 million loss). For more information, visit www.atha.com.For more information, please contact: Matthew Taylor Chief Financial Officer 1-403-817-9104 firstname.lastname@example.org Reader Advisory:This News Release contains forward-looking information that involves various risks, uncertainties and other factors. * Contingent Bitumen Royalty: $70 million for an upsized Royalty at a very attractive cost of capital. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Activity in the field was minimal during the quarter with $4.7 million of capital expenditures. * Placid Montney: 10 new well start-ups were deferred until early July and are now all on stream. You can change your choices at any time by visiting Your Privacy Controls. Athabasca is well positioned to navigate the current challenging environment with $170 million in liquidity, of which $167 million is unrestricted cash.About Athabasca Oil CorporationAthabasca Oil Corporation is a Canadian energy company with a focused strategy on the development of thermal and light oil assets. The project is estimated to reduce non-energy operating costs by approximately $10 million on an annual basis. Stock Quote for % Market Voice allows investors to share their opinions on stocks. This balanced portfolio provides shareholders with differentiated exposure to liquids weighted production and significant long reserve life assets. Initial production rates disclosed herein may not necessarily be indicative of long-term performance or of ultimate recovery.Non-GAAP Financial Measures The "Adjusted Funds Flow”, "Light Oil Operating Income", “Light Oil Operating Netback”, “Light Oil Capital Expenditures Net of Capital‐Carry”, "Thermal Oil Operating Income (Loss)", "Thermal Oil Operating Netback", “Consolidated Operating Income”, “Consolidated Operating Netback”, and “Consolidated Capital Expenditures Net of Capital‐Carry” financial measures contained in this News Release do not have standardized meanings which are prescribed by IFRS and they are considered to be non‐GAAP measures. Volumes were temporarily curtailed in response to unprecedented pricing. Get the latest stock price for Athabasca Oil Corporation (ATH), plus the latest news, recent trades, charting, insider activity, and analyst ratings. The decrease in oil demand has been unprecedented with an estimated peak demand impact of 20 MMbbl/d in April 2020 (Goldman Sachs Global Investment Research). Placid is positioned for flexible future development with an inventory of approximately 200 locations and no near-term land retention requirements.In the Greater Kaybob Duvernay 16 wells have been brought on-stream year-to-date. A planned facility turnaround has now been completed. The Adjusted Funds Flow measure allows management and others to evaluate the Company’s ability to fund its capital programs and meet its ongoing financial obligations using cash flow internally generated from ongoing operating related activities. The use of any of the words “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “believe”, “view”, ”contemplate”, “target”, “potential” and similar expressions are intended to identify forward-looking information. The Company’s RBL credit facility was renewed at $41 million which reflects the current outstanding letters of credit for long term transportation commitments and is secured by the Company’s cash balances. Find the latest ATHABASCA OIL CORP (ATH.TO) stock quote, history, news and other vital information to help you with your stock trading and investing. Athabasca expects WCS differentials to widen from current spot levels (US$7.79/bbl August WCS index differentials) through the fall as more industry volumes are placed back on production.The global heavy oil market continues to see structural supply declines in Venezuela and Mexico, extended OPEC production cuts and growing petrochemical demand. Tip: Try a valid symbol or a specific company name for relevant results The Company has halted all major capital projects for the H2 2020 with budgeted activity only including routine pump-changes on wells.At Leismer, volumes were curtailed down to 15,000 bbl/d in late April. Corporate hedges have been implemented to protect downside volatility. Yahoo is part of Verizon Media. Finally, the Company bolstered its liquidity by $70 million through an upsized Contingent Bitumen Royalty.The Company is well positioned to navigate the current challenging environment with $170 million in liquidity, of which $167 million is unrestricted cash. Athabasca is disappointed in the lack of urgency by the Federal Government to administer the program in an effective manner. The Company has not experienced any COVID-19 cases in the Calgary office or at its field sites.The Company has taken swift action in response to the pandemic and economic crisis. To enable Verizon Media and our partners to process your personal data select 'I agree', or select 'Manage settings' for more information and to manage your choices. Situated in Alberta’s Western Canadian Sedimentary Basin, the Company has amassed a significant land base of extensive, high quality resources. Athabasca Oil Corporation is a differentiated Canadian energy company focused on sustainable resource development of thermal and light oil assets. The Company has utilized a collar hedge structure with a minimum WCS floor price of ~US$25/bbl with upside potential to ~US$31/bbl WCS (Q4 2020 – Q1 2021).Light Oil In Q2 2020, production averaged 9,466 boe/d (62% liquids). The Light Oil Operating Income and the Light Oil Operating Netback measures allow management and others to evaluate the production results from the Company’s Light Oil assets. The Company entered 2020 with a strong liquidity position allowing it to withstand the economic impact on its low decline, long reserve life assets.Resiliency Measures Taken in Response to COVID-19 * Reduction to Capital: 2020 budget of $85 million reflecting a $40 million reduction. Market open. Capital expenditures were $1.1 million during the quarter as the Company completed its winter Montney and Duvernay program. In the volatile oil window, production results have been consistently strong. A BOE conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 Mcf: 1 bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Global commodity prices declined significantly as countries around the world enacted emergency measures to combat the spread of the virus. In addition, Leismer’s steam oil ratio (“SOR”) is currently 3.4x supported by the ramp-up of sustaining Pad L7 and NCG co-injection on the mature pads. Break‐even does not have any standardized meaning and therefore should not be used to make comparisons to similar measures presented by other issuers. Maximize workforce productivity with Dell Latitude - Adapts the way you work, wherever you work. An all-star lineup of business leaders tell us what to expect amid generational change. Company profile for Athabasca Oil Corporation (ATH), including transactions by key insiders, a description of the company, and more. The forward-looking information included in this News Release is expressly qualified by this cautionary statement and is made as of the date of this News Release. The Company's other asset areas include Dover West, Birch and Grosmont. Athabasca’s common shares trade on the TSX under the symbol “ATH”. * Capital: $5.8 million during Q2; minimal activity for the balance of 2020 (~$25 million in H2 2020). Subscribe to Premium to view Fair Value for ATH.TO. Athabasca Oil Corporation is a Canada-based energy company, which is focused on the exploration for, and development and production of, light oil and liquids-rich natural gas from regions in northwestern Alberta, Canada, and bitumen from oil sands in the Athabasca region of northeastern Alberta, Canada. * Production Curtailments: Temporary curtailments; assets returning to productive capacity in Q3. The Thermal Oil Operating Netback measure is calculated by dividing the respective projects Operating Income (Loss) by its respective bitumen sales volumes and is presented on a per barrel basis. Athabasca is well positioned for this changing dynamic with its Thermal Oil assets.Corporate Update and Response to COVID-19Safety is a key priority for Athabasca. Break‐even is used to assess the impact of changes in WCS oil prices on operating income of an asset and could impact future investment decisions. The Consolidated Capital Expenditures Net of Capital-Carry and Light Oil Capital Expenditures Net of Capital-Carry measures in this News Release are outlined in the Company’s Q2 2020 MD&A. © 2020 Verizon Media. * RBL renewal: The credit facility was renewed at $41 million which reflects the outstanding letters of credit for long term transportation contracts and is secured by the Company’s cash balances.Business Environment and the Impact of COVID-19 In March 2020, the COVID-19 outbreak was declared a pandemic by the World Health Organization.
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