February 7, 2024 (Globalinvestorideas.com Newswire) Investorideas.com (www.investorideas.com) Energy Stock News Bites – Birchcliff Energy Ltd. (TSX: BIR.TO) is making headlines with investors today as one of the most active traders in energy stocks. The stock is trading at $5.08+ $0.43 (+9.25%) on over 2 million shares.
In mid- January Birchcliff announced its 2024 budget and guidance and its updated five-year outlook for 2024 to 2028 (the “Five-Year Outlook”). Birchcliff is also pleased to announce that its board of directors (the “Board”) has declared a quarterly cash dividend of $0.10 per common share for the quarter ending March 31, 2024.
Chris Carlsen, Birchcliff’s President and Chief Executive Officer, commented: “Birchcliff’s 2024 capital budget and updated Five-Year Outlook reflect our commitment to maintaining a strong balance sheet and capital discipline, while focusing on sustainable shareholder returns and the continued development of our world-class asset base. Our updated Five-Year Outlook targets disciplined production growth of 16%(1) over the period, with annual average production of approximately 87,500 boe/d in 2028, which would fully utilize the Corporation’s available existing processing and transportation capacity. Our Five-Year Outlook provides for potential cumulative free funds flow(2) generation of $870 million over the five-year period, which has the potential to result in substantial shareholder returns through common share dividends of approximately $535 million and cumulative excess free funds flow(2) (after the payment of dividends) of approximately $335 million, based on our current pricing assumptions. .
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