RY 174.39 2.4016% SHOP 149.115 2.5974% TD-PFM 24.63 -0.0811% TD-PFL 24.7 0.2028% TD 78.325 0.1214% ENB 60.6 1.3039% BN 80.4 1.9787% TRI 226.27 0.7525% CNQ 48.285 2.2771% CP 104.53 1.6038% CNR 151.74 1.5459% BMO 132.69 0.9203% BNS 78.845 0.1715% CSU 4600.2002 2.157% CM 91.15 0.474% MFC 45.79 1.6878% ATD 78.38 1.5285% NGT 60.14 0.0499% TRP 70.15 1.977% SU 57.44 0.5954%
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Headwater (TSX: HWX) Targets 20,000 boe/d Average Annual Production for FY24
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Highlights
Headwater Exploration Inc (TSX: HWX) operating with a market capitalization of CAD 1.73 billion, is engaged in the exploration and development of oil and gas.
In Q1 2024, HWX’s net revenue rose to CAD 112.4 million, marking a 14.6% increment from CAD 98.1 million in the pcp. This rise was predominantly driven by a substantial uptick in average production to 19,517 barrels of oil equivalent per day (boe/d), reflecting a notable 15% surge compared to Q1 2023. Despite facing higher depreciation and production expenses, the company's earnings before income tax reached CAD 49.1 million for the quarter, up from CAD 39.1 million in pcp. As a result, HWX reported higher net earnings of CAD 37.6 million, compared to CAD 29.9 million in the pcp.
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