With Q2 earnings season under way, many investors and industry peers will be closely watching quarterly reports to see how producers managed through a challenging quarter. Downtime, turnarounds or wildfire impacts will likely be mentioned in almost all of the quarterly reports that are upcoming.
Using public data tool BOE Intel, we have a headstart on these numbers before the companies report thanks to the excellent amount of public data that is available. BOE Intel has gross licensed production for all Alberta and Saskatchewan producers through the end of June (BC reports production data next week). This production figure only accounts for all wells licensed to a company although does not account for working interest sharing agreements. Gross licensed production won’t match up perfectly with corporate production, but it will often be close, and will certainly show trends month to month. Also keep in mind that condensate and NGLs are not usually reported at the well level, but will get stripped out of the gas volumes and reported by the companies later on.
With that said, here are some gross licensed production figures for a few different companies. BOE Intel subscribers will have access to all of our companies, public and private. Reach out here for a demo.
- Advantage had a challenging month in May which we highlighted here, but production rebounded sharply in June to the highest monthly level in over a year. Gross licensed production for Q2 was down 12.6% compared to the same figures for Q1, but production levels look strong heading into Q3 based on the June figures.
- Athabasca did not appear to be affected much by wildfires during the month of May, and June volumes have perked up to the highest levels since December 2022, driven by oil production. More digging is required, but we could be beginning to see the effects of the company’s pad L8 expansion at Leismer driving volumes higher here. The company has a 5 well pad that commenced production in Q2 that it expects to ramp up to ~6,000 boe/d by YE. (Source: Athabasca company presentation). We believe this is the pad referenced by Athabasca, with aggregate production results from the pad embedded in the chart from Petro Ninja below.
- Gross licensed production for Q2 was down ~2% compared to the same figures for Q1, although with oil volumes ramping in June the company appears to be off to a good start for Q3. Athabasca is expected to report its Q2 after the close today.
- Pipestone did have some production curtailed as a result of the wildfires, but June production has bounced back sharply to a fresh monthly high. Gross licensed production for Q2 was down ~6.6% compared to the same figures for Q1, although just like the prior examples, June production appears to be setting the stage for a Q3 bounceback.
- Prairie Sky had good oil numbers in its Q2 report, likely driven in part by the success of Spur Petroleum. Here we can see the consistent growth displayed by Spur over the years. Gross licensed production for Q2 was up ~1.7% compared to the same figures for Q1.