Newspaper article The Canadian Press

Condensate Growth Boosts Seven Generation's Fourth-Quarter Revenue, Income

Newspaper article The Canadian Press

Condensate Growth Boosts Seven Generation's Fourth-Quarter Revenue, Income

Article excerpt

Condensate output boosts Seven Generation Q4

--

CALGARY - Seven Generations Energy Ltd. beat revenue expectations with fourth-quarter results boosted by higher production and prices for condensate, a premium-priced petroleum liquid produced with natural gas from its northwestern Alberta wells.

The Calgary-based company says it earned $83.6 million or 23 cents per share for the three months ended Dec. 31, compared with a loss of $105 million or 30 cents per share in the same period of 2016.

Revenue jumped to $615 million from $262 million.

CEO Marty Proctor linked the results to Seven Generation's status as Canada's largest producer of condensate, a light oil that is in high demand as a diluting agent that is blended with oilsands bitumen to allow it to flow in a pipeline.

The company reported production of 197,000 barrels of oil equivalent per day in the fourth quarter, up from 132,000 boe/d in the year-earlier period. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.