Q2 2024 Epsilon Energy Ltd Earnings Call Transcript
Key Points
- Permian assets contributed approximately 50% of quarterly revenue and 75% of cash flow.
- Volumes in the Permian are expected to increase sequentially for the sixth consecutive quarter.
- The company remains well positioned to deliver meaningful volume and cash flow growth in 2025.
- Ongoing business development efforts in new areas are supported by a strong liquidity position.
- Recent development in the Permian is expected to contribute to incremental volume growth in the third quarter.
- Natural declines and continued curtailments in Pennsylvania resulted in decreased revenues and volumes for the quarter.
- The 12-month natural gas strip has continued to deteriorate over the summer.
- Gathering revenues will continue to come down until curtailments are lifted.
- Uncertainty on additional development in the Permian until the operator sale process is completed.
- Upstream cash flow from the Marcellus is expected to trough in Q2, Q3 based on the current forward strip.
Good day, and welcome to the Epsilon Energy second quarter 2024 earnings conference call. (Operator Instructions) Please note, this event is being recorded.
I would now like to turn the conference over to our Chief Financial Officer, Mr. Andrew Williamson. Please go ahead, sir.
Thank you, operator. And on behalf of the management team, I would like to welcome all of you to today's conference call to review Epsilon's Second Quarter 2024 Financial and Operational Results.
Before we begin, I'd like to remind you that our comments may include forward-looking statements. It should be noted that a variety of factors could cause Epsilon's actual results to differ materially from the anticipated results or expectations expressed in these forward-looking statements.
Today's call may also contain certain non-GAAP financial measures. Please refer to the earnings release that we issued yesterday for disclosures on forward-looking statements and reconciliations of non-GAAP measures.
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