Kolibri Global Energy Inc (KGEI) 2024 Q1 法說會逐字稿

Good day, and welcome to the Kolibri Global Energy first-quarter-2024 earnings conference call.

美好的一天，歡迎參加 Kolibri Global Energy 2024 年第一季財報電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員說明）請注意此事件正在被記錄。

Also, this call may contain forward-looking information regarding Kolibri's strategic plans, anticipated production, capital expenditures, exit rates and cash flows, reserves and other estimates and forecasts.

此外，本次電話會議可能包含有關 Kolibri 的策略計劃、預期產量、資本支出、退出率和現金流量、儲備以及其他估計和預測的前瞻性資訊。

Forward-looking information is subject to risks and uncertainties, and actual results will vary from the forward-looking statements.

前瞻性資訊存在風險和不確定性，實際結果可能與前瞻性陳述有所不同。

This call may include future-oriented financial information and financial outlook information, which Kolibri discloses in order to provide readers with a more complete perspective on Kolibri's potential, future operations, and such information may not be appropriate for other purposes.

本次電話會議可能包括面向未來的財務資訊和財務展望信息，Kolibri 披露這些資訊是為了讓讀者更全面地了解 Kolibri 的潛力、未來運營，此類資訊可能不適合用於其他目的。

For a description of the assumptions on which such forward-looking information is based on, and the applicable risks and uncertainties, and Kolibri's policy for updating such statements, we direct you to Kolibri's most recent annual information form and management discussion and analysis for the period under discussion as well as Kolibri's most recent corporate presentation, all of which are available on Kolibri's website.

如需了解此類前瞻性資訊所依據的假設、適用的風險和不確定性以及 Kolibri 更新此類聲明的政策，我們將引導您查看 Kolibri 的最新年度資訊表以及該期間的管理層討論和分析。正在討論的問題以及Kolibri 最近的企業演示，所有這些都可以在Kolibri 的網站上找到。

I would now like to turn the conference over to Mr. Wolf Regener.

現在我想把會議交給沃爾夫·雷格納先生。

Please go ahead, sir.

請繼續，先生。

Thank you.

謝謝。

And thank you, everyone, for joining us today.

感謝大家今天加入我們。

With me on today's call is also Gary Johnson, our Chief Financial Officer.

與我一起參加今天電話會議的還有我們的財務長加里·約翰遜 (Gary Johnson)。

We released our 2023 (sic - 2024) first-quarter report last night, and I assume you've all had a chance to look over the report.

昨晚我們發布了 2023 年（原文如此 - 2024 年）第一季報告，我想你們都有機會查看該報告。

And hopefully, you also saw our announcement this morning regarding a line of credit increase from Bank of Oklahoma.

希望您今天早上也看到了我們關於俄克拉荷馬銀行增加信用額度的公告。

So we're very pleased with the accomplishments we achieved this quarter and last year.

因此，我們對本季和去年的成就感到非常滿意。

We've had strong financial results, continue to make progress on our development program, nice production increases for the field, which you can actually see on slide 11 of our presentation, gives you my vision on it.

我們取得了強勁的財務業績，我們的開發計劃繼續取得進展，該領域的產量大幅增加，您可以在我們演示文稿的幻燈片 11 中看到這一點，向您展示我對此的願景。

And I want to take the opportunity to thank everyone in the company who has worked hard to grow the company quarter after quarter.

我想藉此機會感謝公司中每一個季度為公司發展而努力工作的每個人。

And with that, I would like to turn the call over to Gary to discuss our financial results.

因此，我想將電話轉給加里，討論我們的財務表現。

So Gary, take it away.

所以加里，把它拿走。

All right.

好的。

Thanks, Wolf, and thanks, everyone, for joining the call.

謝謝沃爾夫，也謝謝大家加入這次電話會議。

I'm going to go over a few highlights of the first-quarter results, and then, we can take questions at the end of the call.

我將回顧第一季業績的一些亮點，然後我們可以在電話會議結束時回答問題。

All amounts are in US dollars unless otherwise stated.

除非另有說明，所有金額均以美元為單位。

As you can see from the earnings release yesterday, we had another good quarter with strong production and adjusted EBITDA.

正如您從昨天發布的財報中看到的那樣，我們又度過了一個良好的季度，生產強勁，調整後的 EBITDA 也強勁。

Average production was up 3% to 3,305 BOE per day compared to 3,194 BOE per day in the prior year quarter.

平均產量成長 3%，達到每天 3,305 桶油當量，去年同期為每天 3,194 桶油當量。

The increase was due to the wells added in 2023 partially offset by lower production from wells that were impacted by the offset of fracture stimulations last year.

這一增長是由於 2023 年新增的油井被去年壓裂增產措施影響的油井產量下降所部分抵消。

Production is tracking above our third-party reservoir engineering firms year-end forecast, and we look forward to adding new production from the Nickel Hill's wells by the end of this month.

產量正高於我們第三方油藏工程公司的年終預測，我們期待在本月底前增加 Nickel Hill 油井的新產量。

The production mix for the first quarter was 70% oil due to some true ups and adjustments in the quarter, but we expect the oil mix to trend in the mid to high 70s for the rest of the year.

由於本季的一些實際上漲和調整，第一季的生產結構為 70% 石油，但我們預計今年剩餘時間石油結構將保持在 70 % 的中高點。

Adjusted EBITDA was $10.4 million compared to $11.4 million in the prior year quarter, which was a decrease of 9% due to lower prices and higher OpEx, partially offset by higher production.

調整後 EBITDA 為 1,040 萬美元，而去年同期為 1,140 萬美元，由於價格下降和營運支出增加，下降了 9%，但產量增加部分抵消了這一影響。

Net revenue was flat at $14.2 million as the higher production and lower prices offset each other.

由於產量增加和價格下降相互抵消，淨收入持平於 1,420 萬美元。

Operating expense was $8.36 per BOE for the quarter, compared to $6.04 per BOE in the prior year first quarter.

本季每桶油當量營運費用為 8.36 美元，而去年第一季每桶油當量營運費用為 6.04 美元。

The operating expense included prior period cost adjustments of about $600,000, although the net impact of those adjustments was only about $200,000 due to offsetting prior period revenue adjustments.

營運費用包括約 60 萬美元的前期成本調整，但由於抵消了前期收入調整，這些調整的淨影響僅為約 20 萬美元。

If we subtract out the prior period cost adjustments, our operating expense would have been $6.43 per BOE.

如果我們減去前期成本調整，我們的營運費用將為每桶油當量 6.43 美元。

Net income was $3.3 million and basic earnings per share was $0.09 a share, compared to $7.9 million or $0.22 per basic share in the prior first quarter.

淨利潤為 330 萬美元，每股基本收益為 0.09 美元，而上一季為 790 萬美元，即每股基本收益 0.22 美元。

The decrease was due to a $2.3 million swing in the noncash unrealized mark-to-market adjustments on our hedges between first quarter of this year and last year.

減少的原因是今年第一季與去年同期我們對沖的非現金未實現按市價調整髮生了 230 萬美元的波動。

We had a $900,000 unrealized loss on hedges in this quarter versus a $1.4 million unrealized gain on hedges in the prior year first quarter.

本季我們的對沖未實現損失為 90 萬美元，而去年第一季的對沖未實現收益為 140 萬美元。

In addition, we had $1.2 million of deferred income tax expense in the first quarter of 2024 as the difference between the tax basis and book basis of our PPE has increased over the last two years.

此外，由於我們的 PPE 的稅基和帳面基礎之間的差異在過去兩年中有所增加，因此我們在 2024 年第一季有 120 萬美元的遞延所得稅費用。

Since our US subsidiary still has existing NOLs, no cash taxes are expected to be paid this year, but we do expect to continue recognizing deferred income tax expense for the rest of the year.

由於我們的美國子公司仍有現有的NOL，預計今年不會繳納現金稅，但我們預計將在今年剩餘時間內繼續確認遞延所得稅費用。

Our netback from operations decreased to $38.94 per BOE compared to $43.67 per BOE in the prior year quarter.

我們的營運淨收益下降至每桶油當量 38.94 美元，而去年同期為每桶油當量 43.67 美元。

This was due to lower average prices of 4% and higher OpEx.

這是由於平均價格下降了 4% 以及營運支出增加。

Netbacks, including the impact of hedges, were $37.81 per BOE compared to $42.23, which was a 10% decrease.

包括對沖影響在內，每桶當量的淨回報為 37.81 美元，較 42.23 美元下降了 10%。

And then, I just wanted to point out, as Wolf mentioned as well, our credit facility was just redetermined, which increased our borrowing base from $40 million to $50 million, which was a 25% increase.

然後，我只想指出，正如沃爾夫也提到的那樣，我們的信貸安排剛剛重新確定，這將我們的借款基礎從 4000 萬美元增加到 5000 萬美元，增加了 25%。

This will give us more flexibility in managing our working capital and also demonstrates the value of the field.

這將使我們在管理營運資金方面更加靈活，也展現了該領域的價值。

And with that, I'll hand it back to Wolf.

有了這個，我會把它交還給沃爾夫。

Thanks, Gary.

謝謝，加里。

As you can tell, we've had some excellent growth over the last few years.

如您所知，我們在過去幾年中取得了出色的成長。

Revenue and cash flow growing, keeping our leverage low and we've been executing well in the field.

收入和現金流不斷增長，使我們的槓桿率保持在較低水平，並且我們在該領域一直表現良好。

I can't emphasize enough about our great team, where last year, we went in expecting our well cost to be about $7.2 million.

對於我們偉大的團隊，我怎麼強調都不為過，去年我們預計油井成本約為 720 萬美元。

And now, we're budgeting our wells to cost around $5.6 million, so a huge decrease.

現在，我們的油井預算成本約為 560 萬美元，大幅下降。

And we're actually hoping we can beat that to keep dropping that a little bit further this year, but we'll see how the year goes.

我們實際上希望今年能夠超越這一點，繼續下降一點，但我們會看看今年會如何。

We always strive for constant improvement, and this is a shining example of that.

我們始終致力於不斷改進，這就是一個光輝的例子。

We have and are taking steps to have more people recognize the value of the company.

我們已經並且正在採取措施讓更多人認識到公司的價值。

That includes last year of our uplisting to the NASDAQ, where we now qualify for the Russell Index this year, and we'll have marketing plans in place to be able to tell more people about our -- what we feel is our undervalued story.

這包括去年我們在納斯達克上市，現在我們今年有資格進入羅素指數，我們將製定行銷計劃，以便能夠向更多的人講述我們的故事——我們認為我們被低估的故事。

Since we had our 2023 financials out, and we didn't have a call, I just thought I'd point out a few things.

由於我們已經公佈了 2023 年的財務狀況，而且我們沒有接到電話，所以我只是想指出一些事情。

Our production last year from difference between 2022 and 2023 increased by 70%, and that also increased our adjusted EBITDA by 56%.

與 2022 年和 2023 年相比，我們去年的產量增加了 70%，調整後的 EBITDA 也增加了 56%。

So we're building and we're growing.

所以我們正在建設，我們正在成長。

We're growing company value, and we look forward to continuing to do so.

我們正在不斷提升公司價值，並且期待繼續這樣做。

With that, that concludes the formal part of our presentation, and we'd be happy to answer any questions that anyone may have.

至此，我們演示的正式部分就結束了，我們很樂意回答任何人可能提出的任何問題。

(Operator Instructions) John White, ROTH Capital.

（操作員指令）約翰·懷特（John White），羅斯資本（ROTH Capital）。

Good morning, and congratulations on a nice quarter.

早上好，恭喜您度過了美好的季度。

Thanks, John.

謝謝，約翰。

Appreciate it.

欣賞它。

Yeah.

是的。

Gary, did you say in the subsequent quarters, the oil cut is going to go back to 79%?

蓋瑞，你是說在接下來的幾個季度，石油減產將回到 79%？

Yeah.

是的。

Maybe not that high, but we're expecting it to go 76%, 77%, what it's been trending at.

也許沒有那麼高，但我們預計它會達到 76%、77%，這是它的趨勢。

It dipped down this quarter, but we expect it to go like I said, mid to high 70s.

本季度有所下降，但我們預計它會像我說的那樣，達到 70 年代中上水平。

Okay.

好的。

Thank you.

謝謝。

I was a bit distracted when you were talking about that.

當你談論這個的時候我有點心煩意亂。

No worries.

不用擔心。

And LOE came in at $2.2 million, and I had estimated $2.7 million.

LOE 的收入為 220 萬美元，而我估計為 270 萬美元。

What do you think I -- why do you think I overestimated?

你覺得我怎麼樣──為什麼你認為我高估了？

I'm not sure.

我不知道。

Yeah.

是的。

I mean we did make comments earlier that we do have more flowbacks and things like that.

我的意思是我們之前確實發表過評論，我們確實有更多的回流之類的事情。

That's -- we'll increase our OpEx a little bit.

也就是說——我們將增加一點營運支出。

But I think we've been able to handle that where (multiple speakers) I think that has came down.

但我認為我們已經能夠處理這個問題（多個發言者），我認為這個問題已經下降了。

Yeah, I think some of the water -- and the water hall was up for a while, but that's came down as well, yeah.

是的，我認為有些水——水廳已經漲了一段時間，但也已經下降了，是的。

So that's true.

所以這是真的。

Okay.

好的。

So it was a very nice reduction compared to my estimate, so congratulations.

因此，與我的估計相比，這是一個非常好的減少，所以恭喜。

I saw in your updated May presentation, you've got the same 2024 guidance that you had in January?

我在您更新的 5 月份簡報中看到，您的 2024 年指導與 1 月份的指導相同嗎？

Correct.

正確的。

Yeah.

是的。

We haven't changed anything.

我們沒有改變任何東西。

We'll see how these wells come on, and hopefully, they come on as expected.

我們將看看這些井的運作情況如何，希望它們能夠如預期運作。

And we can bring the rest of the wells that we have planned on in the year on time, and they perform as expected, and hopefully, we'll end in our guidance band.

我們可以按時完成今年計劃的其餘油井，它們的表現符合預期，希望我們最終能達到我們的指導範圍。

So if something changes, then we'll definitely announce that though.

因此，如果有什麼變化，我們肯定會宣布。

Of course.

當然。

Okay.

好的。

Thanks for your responses, and I'll turn it back to the operator.

感謝您的回复，我會將其轉回給運營商。

Okay, John.

好的，約翰。

Take care.

小心。

Thank you.

謝謝。

(Operator Instructions) Jeff Robertson, Water Tower Research.

（操作員說明）Jeff Robertson，水塔研究中心。

Thank you.

謝謝。

Good morning.

早安.

Wolf, I was looking at slide 13 which addresses drilling efficiencies, and you touched on this I think in your remarks.

Wolf，我正在觀看幻燈片 13，其中討論了鑽井效率，我認為您在演講中提到了這一點。

Can you provide some color around what is contributing to the fewer days, and as a result, the lower costs for drilling your wells?

您能否提供一些解釋導致天數減少以及鑽井成本降低的原因？

Yeah, sure.

好，當然。

We've -- not to get too technical, but we basically -- we used a different downhole assembly.

我們——不想太技術性，但基本上——我們使用了不同的井下組件。

We're using more rotary steerables now, and we found one that seems to be working well from one company.

我們現在使用更多的旋轉轉向器，並且我們發現一家公司的一個似乎運作良好。

And we've also, just over the years, improved how we deal with certain things out here.

這些年來，我們也改進了處理某些事情的方式。

What we have to do, what we have to stay away from in order to avoid having issues.

為了避免問題，我們必須做什麼，必須遠離什麼。

You never know when you're going to have a tool failure, and that's really the only difference right now in -- when a well is coming in around the 10-day mark versus the 11- or 12-day mark, if you have less trips.

你永遠不知道工具什麼時候會發生故障，這確實是現在唯一的區別——當油井在 10 天標記附近與 11 天或 12 天標記附近出現時，如果你有的話減少出行。

But we've been fortunate enough to have some wells that we can drill from almost top to bottom without coming out of the hall for 1-mile lateral.

但我們很幸運，擁有一些井，我們可以從幾乎從上到下鑽探，而無需走出大廳橫向 1 英里。

So it's 15,500 to 16,000 feet, that we're drilling in one trip, which really saves a lot of time and money.

因此，我們一次鑽探的深度為 15,500 至 16,000 英尺，這確實節省了大量時間和金錢。

So it's a long way from when we first started drilling these wells.

所以距離我們第一次開始鑽探這些井已經很久了。

Experience teaches you a lot of things, I suppose.

我想，經驗會教你很多。

It really does.

確實如此。

Every field is different, right?

每個領域都不一樣吧？

So you have to -- and you can only change one thing at a time, because if you change more than once than one thing in the well, then you don't know what worked and what didn't work.

所以你必須──而且你一次只能改變一件事，因為如果你在井裡改變不只一次，那麼你就不知道什麼有效，什麼無效。

Have you experimented -- or maybe experiment is not the right word, but have you looked at different lateral lengths as a way?

你有沒有嘗試過——或者也許「實驗」這個詞並不合適，但你有沒有研究過不同的橫向長度？

And would that add anything to your capital efficiency in this area?

這會提高您在該領域的資本效率嗎？

Yeah, we are looking at that.

是的，我們正在考慮這一點。

We're considering -- we just had a meeting with our team last week in a couple of areas of the field, we think it may make sense to do two-mile laterals.

我們正在考慮——上週我們剛剛在幾個領域與我們的團隊舉行了一次會議，我們認為進行兩英里的橫向跑可能是有意義的。

We do have fairly steep dips out here.

我們這裡確實有相當陡峭的下降。

And so, when you start getting longer than that, you start having more challenges just from the elevation if you're drilling up dip, you're making the turn, and then having a almost 1,000 feet arise, maybe 1,500 feet rise as you're drilling that and drilling down dip is a same thing.

因此，當你開始變得比這更長時，如果你向上傾斜鑽探，你正在轉彎，然後上升近 1,000 英尺，也許上升 1,500 英尺，你就會開始面臨更多的挑戰。是同一件事。

So we need an area where it can work well and we can stay on interval.

所以我們需要一個可以很好地運作並且我們可以保持間隔的區域。

We do find a difference as long as we stay in our interval, we make better and better wells.

只要我們保持在我們的區間內，我們確實會發現差異，我們會打出越來越好的井。

And even we drill, we drift a little bit out of our interval, the wells don't perform quite as well.

即使我們鑽探，我們也會稍微偏離我們的區間，油井的表現也不太好。

So the longer the lateral, the more challenging that becomes too as far as this operation.

因此，側邊越長，該操作就越具有挑戰性。

But we are looking into it in a couple of areas, and you may see us proposing a few longer laterals here as time goes on.

但我們正在幾個領域進行研究，隨著時間的推移，您可能會看到我們在這裡提出一些更長的支線。

I presume in the downhole assembly, you referenced is also meant to help you stay in zone?

我想在井下組件中，您提到的也是為了幫助您留在區域？

Absolutely.

絕對地。

Yeah, it's where all the tools are, to tell you where they are, that as close to the bit as possible, and getting readings as often as possible.

是的，這是所有工具所在的地方，告訴您它們在哪裡，盡可能接近位，並儘可能頻繁地獲取讀數。

So because out there, in any oil field, there are complexities that as much as you know.

因為在任何油田中，都存在著眾所周知的複雜性。

So the second well in inception is always a lot easier than the first.

所以一開始的第二口井總是比第一口容易得多。

And the closer you're in to the previous well, the better chance you have of staying all the way in.

而且你離前一口井越近，你留在裡面的機會就越大。

But our guys have been really good and doing a really good job in the steering.

但我們的球員非常出色，並且在駕駛方面做得非常好。

So that's been good, and balancing that off with how fast you drill.

所以這很好，並在與鑽探速度之間取得平衡。

And like I said, we're getting better and better at it.

正如我所說，我們在這方面做得越來越好。

Thank you.

謝謝。

Thank you for taking my questions.

感謝您回答我的問題。

Absolutely.

絕對地。

Thanks for the questions and the time.

感謝您的提問和時間。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Mr. Wolf Regener for any closing remarks.

我想將會議轉交沃爾夫·雷格納先生發表閉幕詞。

Please go ahead, sir.

請繼續，先生。

All right.

好的。

Thank you.

謝謝。

I just want to say thank you, everyone, for participating and joining us today.

我只想對大家說謝謝你們今天的參與和加入。

It's appreciated. (technical difficulty) input and to answer questions from anyone.

值得讚賞。 （技術難度）輸入並回答任何人的問題。

So thank you all, and hope you all have great rest of your day.

謝謝大家，希望大家有個愉快的一天。

Take care.

小心。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。