Kolibri Global Energy (KGEI) 2023 Results - May 7

Post Reply
dan_s
Posts: 34778
Joined: Fri Apr 23, 2010 8:22 am

Kolibri Global Energy (KGEI) 2023 Results - May 7

Post by dan_s »

Sorry that I missed this one. I was in the hospital getting a "procedure" down on Friday when this came out. Good results.

Bottomline: Kolibri's 2023 results were good, but below expectations, due to delays and operational issues in Q4.

2023 HIGHLIGHTS

Adjusted EBITDA was $39.1 million in 2023 compared to $25.1 million in 2022, an increase of 56%. This increase was due to the increase in production of 70% and lower realized losses from commodity contracts partially offset by a decrease in average prices of 22%

Net revenues for 2023 were $50.6 million, an increase of 35% compared to 2022. This increase was primarily due to a 70% increase in production partially offset by a 22% decrease in average prices in 2023 compared to 2022

Net income in 2023 was $19.3 million ($0.54 per basic share) compared to $16.6 million ($0.47 per basic share) in 2022. Net income increased by $2.6 million or 16% over 2022 due to higher production, lower realized losses and higher unrealized gains on commodity contracts partially offset by lower prices, and higher depreciation and income tax expense compared to 2022 < Net Income below my forecast of $19.9 million.

Average production for 2023 was 2,796 BOEPD, an increase of 70% compared to 2022 production of 1,640 BOEPD. The increase is due to production from the wells that were drilled and completed in 2023 < Below my forecast of 2,900 Boepd, but still a very nice YOY increase.

The Company’s NPV10 of Total Proved Reserves was $482.6 million for 2023, which was a 6% decrease from 2022 according to the Company’s December 31, 2023, independent reserves evaluation, due primarily to lower estimated future pricing and the 2023 production

Netback from operations decreased to $42.97 per BOE compared to $54.56 per BOE in 2022, a decrease of 21%. Netback including commodity contracts for 2023 was $41.61 per BOE compared to $47.79 per BOE in 2022, a decrease of 13% from the prior year. These decreases compared to the prior year were due to lower average prices of 22%

Production and operating expense per barrel averaged $6.61 per BOE in 2023 compared to $8.19 per BOE in 2022, a decrease of 19%. The decrease was due to increased production which reduced the per barrel fixed costs as well as lower production taxes

The net debt of the Company at December 31, 2023 was $29.4 million. As of December 31, 2023, the Company has $10 million of available borrowing capacity on the credit facility < The balance sheet is in good shape, and they have no near-term debt problems.

The ratio of debt to Adjusted EBITDA was 0.68 at December 31, 2023

I will update my forecast tomorrow.
Dan Steffens
Energy Prospectus Group
Post Reply