Epsilon Energy Ltd
For the period ended Jun 30, 2024. Filed Aug 13, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 13, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Net Operating Revenues
For the six months ended June 30, 2024 revenues decreased $0.6 million, or 4%, to $15.3 million from $15.9 million during the same period of 2023.
Revenue and volume statistics for the three and six months ended June 30, 2024 and 2023 were as follows:
| | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · · Three months ended · · Six months ended | ||||||||||||
| · · June 30, · · June 30, | ||||||||||||
| | 2024 | 2023 | 2024 | 2023 | ||||||||
| Revenues | | | | | | | | | | | | |
| Pennsylvania | | | | | | | | | | | | |
| Natural gas revenue | | $1,843,548 | | $2,756,312 | | $4,601,656 | | $8,609,037 | ||||
| Volume (MMcf) | | 1,285 | | 2,004 | | 2,841 | | 4,290 | ||||
| Avg. Price ($/Mcf) | | $1.44 | | $1.38 | | $1.62 | | $2.01 | ||||
| Gathering system revenue (net of elimination) | | $1,444,448 | | $2,202,064 | | $3,380,146 | | $4,588,759 | ||||
| Total PA Revenues | | $3,287,996 | | $4,958,376 | | $7,981,802 | | $13,197,796 | ||||
| Permian Basin | | | | | | | | | | | | |
| Natural gas revenue | | $(2,757) | | $34,444 | | $38,821 | | $34,444 | ||||
| Volume (MMcf) | | 58 | | 19 | | 101 | | 19 | ||||
| Avg. Price ($/Mcf) | | $(0.05) | | $1.78 | | $0.38 | | $1.78 | ||||
| Natural gas liquids revenue | | $281,770 | | $69,199 | | $541,684 | | $69,199 | ||||
| Volume (MBOE) | | 14.5 | | 3.9 | | 26.0 | | 3.9 | ||||
| Avg. Price ($/Bbl) | | $19.38 | | $17.82 | | $20.85 | | $17.82 | ||||
| Oil and condensate revenue | | $3,266,693 | | $603,415 | | $5,753,206 | | $603,415 | ||||
| Volume (MBbl) | | 41.7 | | 7.8 | | 75.4 | | 7.8 | ||||
| Avg. Price ($/Bbl) | | $78.35 | | $77.48 | | $76.35 | | $77.48 | ||||
| Total Permian Basin Revenues | | $3,545,706 | | $707,058 | | $6,333,711 | | $707,058 | ||||
| Oklahoma | | | | | | | | | | | | |
| Natural gas revenue | | $120,439 | | $215,939 | | $283,732 | | $619,392 | ||||
| Volume (MMcf) | | 65 | | 94 | | 131 | | 190 | ||||
| Avg. Price ($/Mcf) | | $1.86 | | $2.29 | | $2.17 | | $3.25 | ||||
| Natural gas liquids revenue | | $106,653 | | $175,789 | | $219,723 | | $372,084 | ||||
| Volume (MBOE) | | 4.7 | | 7.5 | | 9.3 | | 13.6 | ||||
| Avg. Price ($/Bbl) | | $22.78 | | $23.49 | | $23.52 | | $27.44 | ||||
| Oil and condensate revenue | | $247,024 | | $442,974 | | $475,593 | | $960,082 | ||||
| Volume (MBbl) | | 3.1 | | 6.1 | | 6.1 | | 12.9 | ||||
| Avg. Price ($/Bbl) | | $79.66 | | $72.57 | | $78.38 | | $74.45 | ||||
| Total OK Revenues | | $474,116 | | $834,702 | | $979,048 | | $1,951,558 | ||||
| Total Revenues | | $7,307,818 | | $6,500,136 | | $15,294,561 | | $15,856,412 | ||||
Upstream natural gas revenue for the six months ended June 30, 2024 decreased by $4.3 million, or 47%, over the same period in 2023. A decrease of $1.4 million was due to lower natural gas prices and a decrease of $2.9 million was due to lower sales volumes as a result of natural decline in the wells and operator elected well shut-ins due to poor natural gas pricing in Pennsylvania. Upstream natural gas revenue for the three months ended June 30, 2024 decreased by $1.0 million, or 35%, over the same period in 2023. The decrease was primarily due to lower sales volumes as a result of natural decline in the wells and operator elected well shut-ins due to poor natural gas pricing in Pennsylvania.
Upstream natural gas liquids revenue for the six months ended June 30, 2024 increased by $0.3 million, or 73% over the same period in 2023. An increase of $0.4 million was due to additional sales volumes from the Permian Basin and a decrease of $0.1 million was due to lower sales prices. Upstream natural gas liquids revenue for the three months ended June 30, 2024 increased by $0.1 million, or 59% over the same period in 2023. The increase was primarily due to additional sales volumes from the Permian Basin.
Upstream oil and condensate revenue for the six months ended June 30, 2024 increased by $4.7 million, or 298% over the same period in 2023. An increase of $4.6 million was due to additional sales volumes from the Permian Basin and an increase of $0.1 million was due to slightly higher prices. Upstream oil and condensate revenue for the three months ended June 30, 2024 increased by $2.5 million, or 236% over the same period in 2023. An increase of $2.3 million was due to additional sales volumes from the Permian Basin offset and an increase of $0.2 million was due to slightly higher prices.
Gathering system revenue decreased $1.2 million, or 26%, for the six months ended June 30, 2024 over the same period in 2023. This was primarily the result of lower anchor shipper volumes due to well decline and operator elected well shut-ins offset partially by a 17% increase in the Auburn gathering rate. Gathering system revenue decreased $0.8 million, or 34%, for the three months ended June 30, 2024 over the same period in 2023. This was primarily the result of lower anchor shipper volumes due to well decline and operator elected will shut-ins offset partially by a 17% increase in the Auburn gathering rate. Revenues derived from transporting and compressing our production, which have been eliminated from gathering system revenues amounted to $0.3 million and $0.6 million, respectively, for the three and six months ended June 30, 2024, and $0.4 million and $0.7 million, respectively, for the three and six months ended June 30, 2023.
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