Birchcliff Energy (OTCPK:BIREF) said it expects to report Q3 production of 78K boe/day, increasing to 81K-83K boe/day in Q4, and an additional $80M to its FY 2022 F&D capital budget, which will raise full-year capex to $355M-$365M.
The company said most of the increase is attributable to additional DCCET activity, which will deliver incremental Montney/Doig production in early 2023 and allow for the continuation of the two-drilling rig program throughout 2022 and into 2023.
Birchcliff (OTCPK:BIREF) also declared a special cash dividend of $0.20/share and said it expects to show a cash surplus at the end of Q1 2023 after paying the dividend.
For FY 2023, the company targets F&D capital spending of $240M-$270M, which is expected to deliver annual production of 81K-83K boe/day and generate free funds flow of $585M-$615M.
Birchcliff Energy (OTCPK:BIREF) “will increase its dividend from C$0.02 per quarter to ‘at least’ C$0.20 per quarter,” The Investment Doctor predicted in an earlier analysis posted on Seeking Alpha.
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