Pine Cliff Energy Ltd. (TSE:PNE) has released an update.
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Pine Cliff Energy Ltd. has reported a decrease in adjusted funds flow to $10.5 million in the first quarter of 2024, down from $19.8 million in the same period last year, alongside a net loss of $4.9 million compared to last year’s net income of $5.0 million. Despite lower earnings and no new drilling, the company saw an increase in production to 23,865 barrels of oil equivalent per day (Boe/d) and continues to uphold a 2024 production forecast of 24,000 – 25,000 Boe/d. Pine Cliff has hedged a significant portion of its natural gas and crude oil production to counteract weak market prices.
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