Headwater Exploration Inc. ( (CDDRF) ) has released its Q4 earnings. Here is a breakdown of the information Headwater Exploration Inc. presented to its investors.
Headwater Exploration Inc. is a Calgary-based company operating in the oil and gas sector, primarily focused on the exploration and production of heavy crude oil, natural gas, and natural gas liquids across Western Canada.
Headwater Exploration Inc. has reported its financial and operational results for the year ending December 31, 2024, highlighting significant growth in production and financial performance. The company also declared a quarterly dividend, reflecting its commitment to shareholder returns.
For the year 2024, Headwater achieved an average production of 20,310 barrels of oil equivalent per day (boe/d), marking a 13% increase from the previous year. The company reported a net income of $188 million, a 20% rise compared to 2023. Capital expenditures amounted to $222.9 million, with significant investments in drilling and secondary recovery projects. The company’s reserves also saw substantial growth, with total proved reserves increasing by 33% to 43.1 million barrels of oil equivalent (mmboe).
In the fourth quarter of 2024, Headwater achieved record production levels and generated $87.9 million in adjusted funds flow from operations. The company successfully executed a capital expenditure program, drilling multiple wells with a high success rate and expanding its secondary recovery initiatives. Additionally, Headwater returned $0.10 per share to shareholders during the quarter.
Looking ahead, Headwater Exploration Inc. remains focused on enhancing shareholder value through a combination of organic growth and capital returns. The company plans to continue its exploration and development activities, leveraging its strong financial position and strategic land holdings to drive future growth.