- Kelt Exploration (KEL) has released its third quarter and year-to-date consolidated interim financial statements
- The company ended the third quarter with $872.2 million total assets
- Kelt’s realized average oil price during the third quarter of 2021 was $82.35 per barrel, up 71 per cent from Q3 2020
- At the end of the quarter, Kelt had net debt of $28.2 million
- Based on these results, the Kelt board of directors has approved an increase to the Company’s capital expenditure program for 2021
- Kelt Exploration is an oil and gas company that focuses on the exploration, development, and production of crude oil and natural gas in Canada
- Shares in Kelt Exploration Ltd. (KEL) are down 3.67 per cent, trading at $4.99 per share
Kelt Exploration (KEL) has released its third-quarter and year-to-date consolidated interim financial statements.
The company ended the third quarter with $872.2 million total assets, compared to $824.75 million for Q3 2020, representing a change of 6 per cent.
Despite facing challenges throughout the COVID-19 pandemic, Kelt continued to grow its operations this year, bringing production up slightly compared to the previous quarter.
Kelt’s realized average oil price during the third quarter of 2021 was $82.35 per barrel, up 71 per cent from $48.13 per barrel in the third quarter of 2020.
In the third quarter, petroleum and natural gas sales were $75.8 million and adjusted funds from operations were $36.3 million, compared to $48.8 million and $9.0 million, respectively, in the third quarter of 2020.
At the end of the quarter, Kelt had net debt of $28.2 million, compared to a surplus of $132.26 million in 2020.
Based on these results, the Kelt board of directors has approved an increase to the Company’s capital expenditure program for 2021. The company expects to spend between $190.0 and $200.0 million in 2021, up from its previous forecast of $175.0 million.
Kelt continues to maintain its strong financial position. By the end of the 2021 fiscal year, the company expects to have net debt of between $7.6 and $17.6 million, or only 0.1 times adjusted funds from operations.
The company will continue to develop its oil and gas assets throughout the 2021 fiscal year, and looks forward to updating shareholders with its year-end results in March 2022.
Kelt Exploration is an oil and gas company that focuses on the exploration, development, and production of crude oil and natural gas in Canada.
The company owns pipeline infrastructure in some of its core regions to help move its products to domestic markets.
Shares in Kelt Exploration Ltd. (KEL) are down 3.67 per cent, trading at $4.99 per share as of 1:22 pm ET.
