Production and Operating Cost Success
For the third consecutive quarter, production was above the high end of guidance at over 40,400 BOE a day. Operating costs were under the low end of the guidance range.
Debt Reduction Achievement
Net debt reduced by nearly $120 million over the prior quarter, with net debt to annualized adjusted EBITDA falling to 1.3x.
Successful Share Buyback Initiatives
Saturn returned $3.3 million to shareholders, canceling around 2 million common shares, and had a market cap increase of over $100 million following the SIB announcement.
Strong Well Performance
Saturn's volumes averaged 40,417 BOE per day, reflecting ongoing well outperformance and effective type curves, including innovative drilling techniques.
Record Free Funds Flow
Record free funds flow of $93 million was generated during the quarter, despite a decline in WTI prices and a stronger Canadian dollar.