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Bonavista Energy Corporation Announces 2018 Second Quarter Results

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Bonavista Energy Corporation Announces 2018 Second Quarter Results

Canada NewsWire

(TSX:BNP)

CALGARY, July 31, 2018 /CNW/ - Bonavista Energy Corporation ("Bonavista") is pleased to report to shareholders its financial and operating results for the three and six months ended June 30, 2018. In the second quarter of 2018 we generated adjusted funds flow of $65.7 million, allocating $29.0 million to a reduction in total net debt. The unaudited financial statements and notes, as well as management's discussion and analysis, are available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at http://www.sedar.com and on Bonavista's website at www.bonavistaenergy.com.









Highlights









Three months ended June 30,


Six months ended June 30,


2018

2017

% Change


2018

2017

% Change

Financial








($ thousands, except per share)








Production revenues

121,102

140,731

(14)%


259,490

283,913

(9)%

Adjusted funds flow(1)

65,704

76,570

(14)%


134,832

147,421

(9)%


Per share(1)(2)

0.25

0.30

(17)%


0.52

0.58

(10)%

Dividends declared

2,536

2,503

1%


5,059

5,006

1 %


Per share

0.01

0.01

— %


0.02

0.02

— %

Net income (loss)

(49,564)

44,490

(211)%


(51,601)

132,918

(139)%


Per share(3)

(0.19)

0.17

(212)%


(0.20)

0.52

(138)%

Adjusted net income(4)

2,524

2,729

(8)%


3,680

12,663

(71)%


Per share(3)

0.01

0.01

— %


0.01

0.05

(80)%

Total assets





2,889,457

3,210,082

(10)%

Long-term debt, net of working capital





857,099

844,808

1%

Long-term debt, net of adjusted working capital(5)





826,552

861,784

(4)%

Shareholders' equity





1,490,460

1,699,898

(12)%

Capital expenditures:









Exploration and development

33,148

59,820

(45)%


77,003

152,094

(49)%

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