Record Production and Exceeding Expectations
Saturn's production averaged just over 41,000 barrels a day in Q4, exceeding the high end of their guidance range and beating analyst expectations by 4%. December volumes averaged approximately 42,000 BOE a day.
Strong Financial Performance
Saturn reported a record Q4 adjusted funds flow totaling $124 million or $0.64 a share, beating the Street consensus estimates by 12%. For the full year 2024, AFF was $2.10 or $380 million.
Operational Cost Reductions
Net operating expense was reduced to $19 for the year and just over $18 in the quarter, under the $20 target. Operating netback was just over $43 a BOE in both periods.
Successful Strategic Acquisitions
Significant acquisitions in South Saskatchewan enhanced Saturn's asset portfolio, expanding future development potential and providing waterflood development to reduce declines.
Innovative Drilling Achievements
Saturn drilled the first ever Torquay mono-bore horizontal well and broke records with Canada's longest Cardium well at 7,570 meters measured depth.