Advantage Energy reported its Q3 last night, and a few charts from BOE Intel stood out this morning as we were going over the results. The company also revealed its new BC Montney position, which we had previously spotted on BOE Intel a couple months ago.
To view the full results, see the link below:
1. Corporate production reached a record high
- Advantage announced record quarterly production of 64,195 BOE/d, up 24% from Q2 2023 production of 51,842 BOE/d. The previous quarter had some downtime related to wildfires and a turnaround at the company’s Glacier Gas Plant, while Q3 showed the impact of some strong Montney well results.
2. Liquids production grows to new record high
- Liquids production also reached a record high 7,577 bbl/d in Q3. Liquids production growth has been noticeable from a company that used to be almost completely dry gas. Note the 7-fold growth in liquids production from the beginning of 2018 in the chart below. While still predominantly natural gas weighted, the growth in the liquids business has taken liquids weighting from 3% in Q1 2018 to 12% in the most recent quarter.
3. Cost structure remains low
- Operating costs and transportation costs on a per BOE basis showed significant improvement in Q3 on the back of the record volumes. The chart below shows that the combined cost inputs below (operating + transportation + royalties + G&A) have returned back to levels not seen since Q3 2021.
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