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Crew Energy Inc.'s Q3 results were impacted by weak natural gas prices, with over 78% of its oil-equivalent output consisting of natural gas. The company reported lower revenue and net profit compared to the previous year but maintained a strong cash flow profile. Despite the current challenges, Crew Energy is positioned to benefit from future increases in natural gas prices, with a favorable forward curve.
Crew Energy Inc. is a Canadian gas-oriented producer with a target price range of $6.5-9.25 and a median of $7.63. The company has drilling locations in the Montney shale and plans to focus on liquids-rich sections of its acreage base. The Canadian gas market has tightened, potentially boosting gas prices and benefiting Crew Energy.
Crew Energy is a natural gas producer in Canada. Existing hedges allow for a "soft landing" and the company remains profitable and free cash flow positive. Crew Energy plans to spend almost C$200M in the second semester to push its production higher.
Crew Energy Inc (TSX:CR)'s fourth-quarter production beat expectations, owing to performance from its newer wells at Groundbirch and Septimus, according to broker Stifel GMP. Combined with exploration and development capex for 2022 which was 2% lower than the guidance C$7.50 midpoint, Crew's year-end net debt of $150 million was $15 million below its forecast.
Crew Energy Inc. is a financially strong company with good cash flow thanks to hedging. I think Crew Energy is on track to beat estimates handily.
CALGARY, Alberta, Sept. 26, 2022 (GLOBE NEWSWIRE) -- Crew Energy Inc. (TSX: CR; OTCQB: CWEGF) (“Crew” or the “Company”), a growth-oriented natural gas weighted producer operating in the world-class Montney play in northeast British Columbia (“NE BC”), today announced that the Company will present at the Lytham Partners Fall 2022 Investor Conference, which takes place virtually on September 28 and 29, 2022.
Crew Energy has increased production rapidly over the last couple of years, and growth will now take a pause. Margin improvement will occur from lower costs from process improvements and reduced debt exposure.