Canada’s largest condensate producer has achieved a new production milestone.
Seven Generations Energy’s annual average exceeded 200,000 boe/d for the first time in 2018.
The company, which was formed in 2008 and went public in 2015, focuses its operations on the liquids-rich Montney play.
Seven Generations produced an average of 202,600 boe/d in 2018, up from 175,000 boe/d in 2017. Production was 215,100 boe/d in Q4/2018, comprised 60 percent of natural gas liquids.
“Our hard-working team delivered excellent technical, operating and financial performance in 2018, achieving a significant milestone,” CEO Marty Proctor said in a statement announcing the company’s 2018 results.
In Q4, Seven Generations also completed its third owned and operated Montney gas plant, successfully testing the facility at full capacity in December.
“This 250 mmcf/d interconnected plant provides heightened operating flexibility to mitigate both planned and unplanned downtime and is built to accommodate a cost-effective expansion to 500 mmcf/d,” the company said.
“The plant’s connectivity to the NGTL and Alliance pipeline systems also provides opportunities to optimize the pricing of 7G’s natural gas and NGL revenue stream between the Alberta market and Aux Sable facilities in the US Midwest. The Gold Creek plant was designed, engineered and constructed to achieve the company’s lowest emissions intensity with a carbon dioxide emission intensity about 10 percent lower than 7G’s other plants.”
Seven Generations reported net income of $439.9 million for 2018, down from $562.5 million in 2017.