Operational Highlights:
- Total field production for the quarter was 324,938 boe/d, an increase of 6% compared to the same period in 2013.
- Gross production for the quarter was 178,188 boe/d, an increase of 16% compared to the same period in 2013.
- Net production for the quarter reached a record 148,827 boe/d, an increase of approximately 16% compared to the same period in 2013.
- Sales volumes for the quarter were a record 151,847 boe/d, an increase of 6% compared to the prior period and the same period a year ago.
- Strong increase in total combined operating netback to $63.80/boe in the quarter compared to $59.43/boe in the prior period and $60.88/boe in the same period a year ago, with margins exceeding 68%.
Financial Highlights:
- Revenues for the quarter were a record $1.3 billion, an increase of 2% compared to the same period in 2013.
- Adjusted EBITDA for the quarter was a record $708 million, an increase of 2% compared to the same period in 2013, representing a 55% margin on total revenues for the period.
- Cash flow (funds flow from operations) for the quarter was $474 million, compared to $477 million in the fourth quarter and$506 million in the first quarter of 2013.
- During the quarter, the Company repurchased from the open market approximately 9.1 million common shares, at an average price of C$16.38 per share, under the Company's normal course issuer bid.
