Tamarack Valley Energy, a leading oil and gas company based in Calgary, Alberta, announced a decrease in profit for the third quarter. However, the company experienced substantial revenue growth due to its record-high production.
Lower Net Income
The net income of Tamarack Valley Energy dropped to 2 Canadian cents per share (1 cent), down from C$0.28 per share in the same period last year.
Revenue Growth
Despite the decline in profit, the company saw a significant increase in total revenue from oil and natural gas. The revenue rose to C$506.4 million from C$327.9 million in the previous year.
Record Production
Tamarack Valley Energy achieved a record corporate production of 68,597 barrels of oil equivalent per day during the quarter. This stands as the highest quarterly production in the company's history.
Improved Production Expenses
Net production expenses showed improvement, decreasing by 17% compared to the previous year. The company attributes this improvement to the positive impact of its Wembley gas plant in the Charlie Lake region, infrastructure development in the Clearwater area, and increased production.
Adjusted Funds Flow
Tamarack Valley Energy also experienced a significant increase of 44% in adjusted funds flow, reaching C$255.2 million.
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