Why Invest in Crew
Opportunity to gain exposure to growing Montney development
Significant growth potential, improving netbacks and robust liquidity profile
Committed and experienced team with a history of value creation
Strong ESG commitment to build a sustainable business
Shareholder and bondholder alignment with responsible risk management
Q2 2023 Results Release
August 2nd, 2023 (after market)
The firms and analysts listed below follow Crew Energy Inc. and provide research coverage. Crew does not distribute analyst research reports. Please contact the firm directly if you require further information. Any opinions, estimates or forecasts regarding performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of Crew Energy or its management.
|ATB Capital Markets||Patrick O’Rourke||(403) 539-8615|
|BMO Capital Markets||Mike Murphy||(403) 515-1500|
|Canaccord Genuity||Mike Mueller||(403) 691-7808|
|Cormark Securities Inc.||Garett Ursu||(403) 750-7221|
|Desjardins Capital Markets||Chris MacCulloch||(403) 532-6617|
|National Bank Financial||Dan Payne||(403) 290-5441|
|Peters & Co. Limited||Dan Grager||(403) 261-2243|
|Raymond James||Jeremy McCrea||(403) 509-0518|
|RBC Capital Markets||Michael Harvey||(403) 299-6998|
|Scotia Capital||Cameron Bean||(403) 218-6786|
|Stifel FirstEnergy||Michael Dunn||(403) 262-0643|
|TD Securities||Aaron Bilkoski||(403) 299-3294|
|Velocity Trade||Mark Heim||(403) 561-4674|
Our Hedging Strategy
As part of the Company’s ongoing risk management program, Crew enters into derivative and physical hedging contracts. Crew’s risk management program incorporates the use of puts, costless collars, swaps and fixed price contracts to limit exposure to fluctuations in commodity prices, interest rates and foreign exchange rates while allowing for participation in commodity price increases. The Company’s financial derivative trading activities are conducted pursuant to the Company’s Risk Management Policy approved by the Board of Directors.
There are key benefits to implementing a disciplined and consistent risk management strategy:
- Hedging can reduce volatility of funds flow from operations and underpin the capital expenditure program
- Establishing a floor or fixed price for commodities can impart an enhanced degree of predictability in the funds flow, which contributes to greater accuracy in growth planning
Hedges as at May 8, 2023
- For the remainder of Q2/23, approximately 72,500 GJ per day hedged at C$4.24 per GJ, or C$5.17 per mcf using Crew’s higher heat content factor, and 1,500 bbls per day of condensate hedged at an average price of C$106.08 per bbl.
- For the second half of 2023, approximately 70,000 GJ per day hedged at C$4.26 per GJ, or C$5.20 per mcf using Crew’s heat content factor, and 1,250 bbls per day of condensate hedged at an average price of C$100.25 per bbl.
- Targeting 40% to 50% hedged on projected natural gas production
- Condensate hedge market is illiquid requiring a short term hedging strategy that is executed in 6-month increments
Following is a link to the US IRS Form 8937, Report of Organizational Actions Affecting Basis of Securities, which pertains to issuers that engage in organizational actions affecting the basis of a specified security to provide certain information to the IRS.