#calgary 8.0

[calpicowater]

Week 48/52: November 27th - December 3rd 2023 | Going Back 🚗

Driving back to Vancouver with bf. Had to deal with storage stuff first... took a solid 2-3 hours LMAO. Got some KOI for us before the drive started. Green grape for bf and peach for me. Drive was fine for the most part. Had some poutine for dinner at Salmon Arm hehehe.

#365 #calgary 8.0 #52 #sun emoji #poutine #bubble tea

[kg-beer-passport]

⬛️ The Second Wedge Brewing Co. Black is Beautiful Imperial Stout ABV:8.0% • IBU:50 • Roasted coffee malts in the beginning with a strong play on dark fruit flavourings in the mid-sip. These flavours last throughout, until you are met with a slightly burnt and bitter aftertaste @thesecondwedge #thesecondwedge • • • ✊🏿✊🏾✊🏽✊🏼✊🏻 #blackhistorymonth #violetking • Violet King was the first black woman lawyer in Canada, the first black person to graduate law in Alberta and the first black person to be admitted to the Alberta Bar. She was also the first woman named to a senior management position with the American national YMCA. Violet spent several years in Calgary as a lawyer and often addressed issues of racism and inequality. She moved to Ottawa to work for the federal Citizenship and Immigration department, and then eventually moved to the United States where she worked for the YMCA. She shattered glass ceilings and broke down colour barriers to pave the way for future generations. Her hard work and drive to excel in all facets of her career are an inspiration for those who also aspire to do great things in their field. In 1998, Violet King was inducted to the National YMCA Hall of Fame • “People told me it wasn’t a good idea for a girl to be a lawyer, particularly a coloured girl — so I went ahead” ⬛️ Black is Beautiful #blackisbeautifulbeer • “A collaborative effort to raise awareness for the injustices people of colour face daily and raise funds for police brutality reform and legal defences for those who have been wronged” • 100% of proceeds from this release were donated to @blacklegalactioncentre ✊🏿✊🏾✊🏽✊🏼✊🏻 • • • • • • #beer #beerme #ilovebeer #beertime #beerporn #craftbeerporn #beergeek #beernerd #beersnob #beerstagram #instabeer #beertography #beerlover #drinking #craftbeer #cheers #prost #salud #beeroclock #beerreview #drinkcraft #craftnotcrap #canadiancraftbeer #ontariocraftbeer #uxbridge https://www.instagram.com/p/CLy9RonFNOW/?igshid=19zavxoy3grdl

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[agilenano]

Agilenano - News: Excellent Garage Insulation Kit

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Agilenano - News from Agilenano from shopsnetwork (4 sites) https://agilenano.com/blogs/news/excellent-garage-insulation-kit

[flauntpage]

Flyers Should Still Sell At Deadline Despite Their Recent Hot Play

So, you’re on board with the Flyers getting back in this playoff race, eh?

I understand why. The team is 11-2-1 in their last 14 games. They shrugged off a pivotal home loss to Pittsburgh and a terrible first period the next night in Minnesota to come back and beat the Wild.

They are once again just six points behind Pittsburgh for the final playoff spot in the Eastern Conference with just 25 games to go. Pretty remarkable since a month ago they were the worst team in hockey.

But the odds of making the playoffs remain long.

Don’t believe me? See for yourself:

Odds of the Flyers making the playoffs as of 2/13/19 

HockeyReference.com – 3.4%

SportsClubStats.com – 1.5%

The Athletic – 9.0%

PlayoffStatus.com – 8.0%

MoneyPuck.com – 5.1%

So, unless your name is Lloyd Christmas, your focus should be on the 2019-2020 season already.

The reason being, it’s really hard to expect the Flyers to maintain the level of the Tampa Bay Lightning (they’d have to finish the season roughly 14-7-4 in those last 25 games, making it 25-9-5 over the final 39 games of the season) AND have three of four teams falter to the tune of .500 records or worse the rest of the way (Columbus, Pittsburgh, Carolina and/or Buffalo).

It’s really asking a lot. That’s why their odds are so long no matter where you look.

So, with the trade deadline now less than two weeks away, General Manager Chuck Fletcher needs to concentrate on next season.

This Flyers team is close. You are seeing what kind of a difference a consistent goaltender can make. You are seeing what kind of a difference good team defense can make. Fletcher doesn’t need to tear it down, he just needs to fine-tune it.

Which is why he wasn’t lying when he said the Flyers will be both buyers and sellers at the trade deadline.

Fletcher could move players on expiring contracts. He could move players that may have term left but could bring valuable return. And he could put the Flyers in a great position heading into the draft and free agency with extra picks, a stocked cupboard of prospects and plenty of cap room.

So, who could go? I’ve been sniffing around as best I can and I’m hearing some things that are interesting some things that are not a surprise and am being left to speculate in other areas. So let’s tackle this after the jump:

1. Wayne Simmonds

Everyone in the NHL is talking about Wayne Simmonds, and his case is certainly an interesting one. There’s no doubt Chuck Fletcher has put him out there for trade discussion, but will he find a deal that makes sense? My inkling is he will, but the Flyers are making it tough on him right now.

That’s because to a man, everyone in the Flyers locker room loves Simmonds and what he brings to the team. Yes, his point production is down and yes, there have been times this year where he’s looked like a shell of himself. But the guy plays the game with his balls to the wall. He’s got one of the great motors in the sport in the past decade and he definitely can be a difference maker on a Cup-contending team.

I’ve been told that each of the following teams has expressed interest: Tampa Bay, Calgary, Nashville, Vegas, Boston, Winnipeg and Toronto.

Considering the Predators had to trade a second round pick for depth forward Brian Boyle last week, the Flyers are poised to do much better than that with Wayne. He’s going to net them at least a first rounder. I say “at least” because if Fletcher is able to get desperate teams into a bidding war, he might be able to procure another prospect or even NHL player in return as well.

I think this price tag will be too rich for Toronto, Calgary and Nashville, who are already limited by what they can trade, but I’m thinking Simmonds can be the missing piece for Tampa as they try to net their second Cup.

And the other bit of tea leaf reading on Simmonds is this – because he means so much to the organization, and the players in the Flyers locker room, he could certainly be a candidate to be moved at the deadline, make a run somewhere else, and then come back to the Flyers as a free agent in the offseason if he’s willing to sign a shorter-term deal.

That could well be the best play for Fletcher and I wouldn���t be surprised if that conversation has come up with Simmonds and his agent.

2. Michael Raffl

Another unrestricted free agent, the Flyers could look to get something for Raffl who could be a valuable depth piece for a playoff team who needs to add to their penalty kill.

Raffl is mostly a fourth liner these days for the Flyers, but has shown the versatility to play any forward position and anywhere in the lineup. Not to mention he’s hard to knock off the puck, making him desirable to teams who need a little size and possession skill.

Pure speculation here, but St. Louis would be a nice fit for Raffl now that they have worked their way back into a playoff spot.

3. Brian Elliott

He hasn’t played in three months, but the Flyers might want to get Elliott a game or two of action before the deadline as he is the kind of veteran goalie with playoff experience that can come in handy for a team down the stretch and as insurance in the postseason.

Because he’s also an unrestricted free agent, Elliott could be of interest to a team like Dallas, who is dealing with an injury to Ben Bishop, or Vegas, who might want a reliable backup for Marc-Andre Fleury.

But, it’s important to prove he’s healthy first. So, don’t be shocked if he gets a couple starts instead of Carter Hart. Hart is the future for the Flyers. Elliott can bring a return to add to that future.

4. Radko Gudas

He has been the Flyers’ most consistent defenseman all season – and I’m sure that’s noticeable around the league.

What’s also notable around the league is, he’s a stay-at-home defenseman, he’s a right-hand shot, he plays heavy, he blocks shots and he kills penalties – all desirable traits at the trade deadline.

He’s signed for one-more season at a $3.35 million cap hit, which is certainly manageable for the team acquiring him, and it increases his value.

Think Tampa would like him back as a third pair defenseman, especially with Anton Stralman, Braydon Coburn and Dan Girardi all set to hit the free agent market at season’s end?

Or how about Winnipeg as an upgrade to Ben Chiarot or Joe Morrow? The Jets are willing to trade their first round pick, could they put together a nice package for both Simmonds and Gudas?

The Flyers have depth on defense going into next season, so this is a place where they can trade from to improve elsewhere – namely scoring depth. Which brings us to the biggest debate:

5. Shayne Gostisbehere

There is certainly a polarizing argument going on about Ghost on Flyers Twitter. Should the Flyers trade him, or not?

Those saying hell no will point out that he was runner up for the Calder Trophy four seasons ago and that he garnered some Norris Trophy votes last season.

They argue that you don’t just bail out on a young, highly-skilled defenseman because of one bad season.

It’s a salient argument.

But so is this:

Gostisbehere is almost 26. It’s not like he’s 21 or 22 like Ivan Provorov and Travis Sanheim, both of whom are ahead of Gostisbehere on the Flyers depth chart.

And it’s not like he’s a rookie or in his second season and still feeling his way. He’s approaching 250 games played in the NHL. He shouldn’t be having an “off year” at this point in his career.

Yes, guys go through rough stretches at any age, but good players find a way through them. Gostisbehere was not a fan of Gord Murphy, who was the Flyers assistant coach in charge of defense during Ron Hextall’s regime as GM.

So, the Flyers made a change there, brought in defenseman whisperer Rick Wilson and have watched Provorov re-find his game and Sanheim flourish. Yet, Gostisbehere is still floundering.

He had a solid game Monday against Pittsburgh and after a brutal turnover against the Wild on Tuesday he was able to get two shots through to the net on the power play that resulted in a pair of Flyers goals, including the game-winner.

It’s those things that he hasn’t been able to do with any consistency this season but has flashed in the last two games.

Still, not being a top pair guy, the Flyers having a guy in Sanheim who could replace him on the power play, and with some depth coming behind him (Phil Myers for sure, and maybe a couple others), Gostisbehere is more expendable than one would think.

Another fallacy is the Flyers would be selling low, but that’s not true. He has a team-friendly contract for any team in the NHL and because of that, not just contenders would be interested – a rebuilding team would likely give up some value for him to see if he can re-find his game in the less-pressurized atmosphere of a rebuild.

Finally, I have been told from a few places in the organization that there is a concern about Ghost’s game internally and that the concern stretches beyond just one bad year. Also, if he didn’t like the old coaching staff and it affected his game, why can’t he get going with a new coaching staff?

I’m just not sure he’s giving Fletcher a good impression.

Yet, as I said on the Press Row Show, I think Gostisbehere can be moved in the offseason – when all 31 teams have a more optimistic view.

The Flyers just need to decide if he should be part of their future – which should start hitting it’s stride as soon as next season – or if they can still get there without him and if he can be an asset that can help fill gaps in other places.

It’s a bit of a conundrum, but I’m thinking it’s ultimately going to be the latter – even if it doesn’t happen until the summer.

The post Flyers Should Still Sell At Deadline Despite Their Recent Hot Play appeared first on Crossing Broad.

Flyers Should Still Sell At Deadline Despite Their Recent Hot Play published first on https://footballhighlightseurope.tumblr.com/

[jodyedgarus]

The Toronto Maple Leafs Needed An American To Become Stanley Cup Contenders Again

When the NHL expanded in 1967, the Toronto Maple Leafs were, at least in terms of Stanley Cup championships won, the league’s second-most-successful franchise. They had won the Stanley Cup 13 times, just one fewer than the Montreal Canadiens, their Quebecois rivals. But while the modern era of the NHL1 has been mostly good to the Canadiens — they’ve won the Stanley Cup 10 more times — it has been downright cruel to the Leafs: Their Stanley Cup tally remains stuck at 13, making the Leafs the only Original Six team that hasn’t lifted the Stanley Cup at least once in the NHL’s post-expansion age.

Torontonians hope all that will change this season. The Leafs have jumped out to a quick start, winning six of their first nine games while scoring the fourth-most goals per game. The player doing a lot of that scoring — and a principal reason for Toronto’s early success — is a kid from the American desert named Auston Matthews.

Of course, the California-born and Arizona-raised Matthews, who turned 21 last month, is a known entity at this point: In terms of point shares amassed in the first two seasons of a player’s career, he has been the best American since at least 1967-68, averaging 9.35 point shares per season. (Better than Mike Modano, better than Patrick Kane, better than Jeremy Roenick. You get the point.) If he can stay healthy and play into his late 30s, and keeping in mind that he hasn’t entered his prime yet, Matthews could finish with close to 200 point shares. This wouldn’t just qualify him as the greatest American player in NHL history; it would make him one of the best players in NHL history, period.

Matthews, who averaged nearly a point per game as a 19- and 20-year-old, is averaging 1.78 points through nine games this season. The goals (he has 10 already) are coming easily, and if he keeps this up, he may break Alex Ovechkin’s post-1994-95 lockout record for goals in October.

It’s unusual for an American to excel for a Canadian team. Many of the U.S. greats — Roenick, Modano and Kane, not to mention Brian Leetch, Chris Chelios and Pat LaFontaine — played the majority or the entirety of their careers stateside2. In fact, it’s unusual for Americans to play in the Great White North at all. Some of that has to do with the drafting habits of Canadian teams: Just 51 of the 1,240 first-round draft picks since expansion have been Americans selected by Canadian teams, only four of whom were Toronto draftees. Americans have accounted for just 11.9 percent of skater games played for Canadian teams since expansion and have just 10.6 percent of the goals scored by Canadian teams. By contrast, Americans have accounted for 17.1 percent of player games played for American teams, and they have 15.0 percent of the goals scored by American teams.

Never trust an American to do a Canadian’s job, eh?

Share of team stats produced by skaters born in the United States vs. Canada by franchise location, 1967-68 to 2017-18

Share by Americans Games Goals Assists Points Canada 11.9% 10.6% 10.9% 10.7% United States 17.1 15.0 15.5 15.3

Only includes statistics by skaters (i.e., excludes goalies).

Source: Hockey-Reference.com

And in terms of Canadian teams that employ Americans, the Leafs rank low by percentage.

Which Canadian teams are outsourcing their hockey work?

Share of total team player games played and offensive production (by skaters) for American players on Canadian franchises, 1967-68 to 2017-18

Share of Tm. Total by Americans Team Games Goals Assists Points Flames 13.5% 13.1% 14.6% 14.1% Oilers 11.9 9.4 10.8 10.3 Canadiens 12.1 8.8 9.3 9.1 Senators 13.6 13.1 11.5 12.1 Nordiques 4.4 3.9 3.6 3.7 Maple Leafs 10.2 9.7 10.0 9.9 Canucks 8.8 8.0 6.5 7.1 Jets* 21.5 21.4 22.8 22.3

* Includes both the pre-1997 Jets (who later became the Arizona Coyotes) and 2012-present Jets (who were formerly the Atlanta Thrashers).

Source: Hockey-Reference.com

Since expansion, Americans have accounted for just 10.2 percent of their skater games played. Only the Vancouver Canucks (8.8 percent) and Quebec Nordiques (4.4 percent)3have employed Americans at a lower rate. It’s strange, then, that they’ve hitched their wagon to a kid for whom pond hockey was a thing that only happened in Disney movies.

The move has paid off so far: If Matthews isn’t the best player in the world, he’s not far off. And if he delivers the Stanley Cup to long-suffering Leafs fans, nobody in Toronto will think twice about where their savior grew up.

from News About Sports https://fivethirtyeight.com/features/the-toronto-maple-leafs-needed-an-american-to-become-stanley-cup-contenders-again/

[mikemortgage]

Rocky Mountain Dealerships Inc. Reports Second Quarter 2018 Results and Continued Strong New Equipment Sales

CALGARY, Alberta — Rocky Mountain Dealerships Inc. (TSX:RME, and hereinafter “RME“), Canada’s largest agriculture equipment dealer, today reported its financial results for the three and six months ended June 30, 2018. RME also announced its definitive agreement to acquire the New Holland dealership in Olds, Alberta. All financial figures are expressed in Canadian dollars.

“We set a new record for second quarter new equipment sales and achieved year-over-year sales growth across all of our categories. Our used equipment sales also outpaced trade-ins, which reduced our used equipment inventory on a sequential basis,” said Garrett Ganden, President & Chief Executive Officer. “We continued to see margin pressure, which we explore more thoroughly below. That said, we have made good early progress on our growth plan by achieving $76 million in organic revenue growth since the beginning of 2018. Subsequent to the quarter, we also closed our acquisition of John Bob Farm Equipment, a Saskatchewan-based dealer of New Holland agriculture equipment with locations in Outlook and Tisdale, and agreed to acquire the business assets of the New Holland dealer based in Olds, Alberta.

“As we look towards the second half of 2018, we are beginning to see the impacts of tariffs and a weaker Canadian dollar being reflected in new equipment pricing. While likely to moderate new equipment sales growth to an extent, increased pricing may encourage our customers to consider used equipment as a more cost-effective alternative. With a diverse and current profile of used equipment inventory, we are confident in our ability to capitalize on this opportunity should it materialize.”

SELECTED FINANCIAL INFORMATION

Three months ended June 30, Six months ended June 30, $ thousands 2018 2017 Change % Change 2018 2017 Change % Change Sales 302,639 236,890 65,749 27.8 522,293 446,830 75,463 16.9 Cost of sales 264,539 201,372 63,167 31.4 457,230 384,534 72,696 18.9 Gross profit 38,100 35,518 2,582 7.3 65,063 62,296 2,767 4.4 Gross profit as a % of sales 12.6% 15.0% (2.4%) 12.5% 13.9% (1.4%) Selling, general and administrative 25,631 24,566 1,065 4.3 49,100 47,669 1,431 3.0 Loss (gain) on derivative financial instruments 829 282 547 194.0 2,255 (139) 2,394 (1,722.3) Impairment loss on vacant land – 641 (641) (100.0) – 641 (641) (100.0) Earnings before finance costs and income taxes 11,640 10,029 1,611 16.1 13,708 14,125 (417) (3.0) Finance costs 3,133 3,026 107 3.5 5,875 6,017 (142) (2.4) Earnings before income taxes 8,507 7,003 1,504 21.5 7,833 8,108 (275) (3.4) Income taxes 2,385 2,092 293 14.0 2,131 2,316 (185) (8.0) Net earnings 6,122 4,911 1,211 24.7 5,702 5,792 (90) (1.6) Net earnings as a % of sales 2.0% 2.1% (0.1%) 1.1% 1.3% (0.2%) Earnings per share Basic 0.31 0.25 0.06 24.0 0.29 0.30 (0.01) (3.3) Diluted 0.31 0.25 0.06 24.0 0.29 0.30 (0.01) (3.3) Dividends per share 0.115 0.115 – – 0.23 0.23 – – Book value / diluted share – June 30 10.14 9.25 0.89 9.6 Adjusted Diluted Earnings per Share(1) 0.32 0.29 0.03 10.3 0.33 0.33 – – Adjusted EBITDA(1) 11,006 10,118 888 8.8 13,337 13,467 (130) (1.0) Operating SG&A(1) 24,348 22,822 1,526 6.7 46,656 43,755 2,901 6.6 Operating SG&A(1) as a % of sales 8.0% 9.6% (1.6%) 8.9% 9.8% (0.9%) Operating Cash Flow before Changes in Floor Plan(1) (13,260) 33,800 (47,060) (139.2) (62,116) 9,476 (71,592) (755.5)

(1) – See further discussion in “Non-IFRS Measures” and “Reconciliation of Non-IFRS Measures to IFRS” sections below.

GROWTH PLAN UPDATE

On May 30, 2018, RME launched its growth plan that aims to grow revenues to at least $1.5 billion in 2023. RME intends to do this through a combination of revenue sources including:

$200 million in organic growth through RME’s present geographic foot print;

$200 million in acquired top-line revenue in Canada and/or the United States; and

$100 million in revenue synergies on assets that are acquired through this plan.

As part of this plan, during fiscal 2023 RME is targeting Adjusted Earnings1 of $33.8 million, an increase of $11.3 million relative to 2017. In addition, RME is also targeting Adjusted EBITDA of $60.0 million for 2023, a $19.8 million increase relative to 2017.

Please note that the adoption of IFRS 16, ‘Leases’ on January 1, 2019 is expected to impact Adjusted EBITDA. RME will recalibrate its Adjusted EBITDA target to reflect the new accounting standards once adopted and preserve the targeted $19.8 million improvement in this metric.

Our progress to-date with respect to the revenue growth initiative is summarized in the table below. While encouraging, our growth in revenues has yet to translate into progress against our Adjusted Earnings and Adjusted EBITDA targets.

Category Revenue Objective ($ millions) Progress-To-Date ($ millions) Organic Growth $200 $76 Acquisitions $200 – Synergies $100 – Total $500 $76

Acquisitions Subsequent to the Quarter

On August 7, 2018, RME entered into a definitive agreement to acquire the business assets of the New Holland dealer based in Olds, Alberta, which reported $14.4 million (unaudited) in revenue for its most recent fiscal year. The acquisition, which is expected to close on or about August 17, 2018, is subject to a number of conditions to closing, including approval by New Holland. As part of the transaction, RME will assume certain inventory, related debt, and the lease associated with the existing facility in Olds.

On July 3, 2018, RME announced the acquisition of John Bob Farm Equipment (“JBFE”), a Saskatchewan-based dealer of New Holland agriculture equipment (a brand of CNH Industrial) with locations in Outlook and Tisdale. For the most recent fiscal year ending November 30, 2017, JBFE’s consolidated top-line revenue was approximately $38 million (unaudited).

SUMMARY OF THE QUARTER ENDED JUNE 30, 2018

The second quarter saw continued strong demand for new and used equipment, with new equipment sales supported by pre-sale efforts throughout the winter months. Parts and service activity and revenues also increased year-over-year, with a significant portion of activity allocated to readying trade-ins for sale as part of Case-IH’s certified pre-owned program. The reconditioning of trade-ins is a necessary precursor to used sales activity and we made some meaningful headway on this front during the quarter. Used equipment sales levels outpaced trade-ins, allowing RME to draw down used equipment inventory on a sequential basis despite the trade-in volume associated with record second quarter new equipment sales. Gross profit benefited from the strong sales activity, however, margins deteriorated for the reasons outlined below.

Sales and Margins

Total sales increased 27.8% or $65.7 million to $302.6 million compared with $236.9 million for the same period in 2017 due to record second quarter new equipment sales, which increased 46.1% year-over-year. Used equipment and parts contributed increases of 18.1% and 4.4%, respectively.

Gross profit increased by 7.3% or $2.6 million to $38.1 million compared with $35.5 million for the same period in 2017. This was the result of increased sales and OEM incentives offset by sales mix, pricing pressure and valuation adjustments. As a percentage of sales, gross margin amounted to 12.6%, down from 15.0% during the same period last year. Several factors contributed to this decline including:

new and used equipment sales growth, which further concentrated our overall sales mix within these comparatively lower-margin categories;

increased representation of high-value, core-products within our new equipment sales profile, which tend to generate below-average margins in percentage terms;

stronger price competition within certain key equipment categories; and

impairment charges associated with, among other products, aged seeding units and our phasing-down of an equipment category to limit our exposure to declining customer demand in this area.

Cost Structure and Earnings

As a percentage of sales, Operating SG&A(1) for the second quarter of 2018 decreased by 1.6% to 8.0% compared with 9.6% for the same period in 2017 due to an increase in sales, offset by a $1.5 million year-over-year increase in Operating SG&A.

Finance costs for the quarter ended June 30, 2018 increased 3.5% or $0.1 million to $3.1 million compared with the same period in 2017, due to an increase in the average level of interest-bearing debt.

Adjusted EBITDA(1) increased by 8.8% or $0.9 million to $11.0 million for the second quarter of 2018 compared with $10.1 million for the same period in 2017; and

Adjusted Diluted Earnings per Share(1) increased by 10.3% or $0.03 to $0.32 for the second quarter of 2018, compared with $0.29 for the same period of 2017.

(1) – See further discussion in “Non-IFRS Measures” and “Reconciliation of Non-IFRS Measures to IFRS” sections below.

Balance Sheet and Inventory

For the trailing twelve months ended June 30, 2018, inventory turns were 1.85 times, up from 1.81 times for fiscal 2017, and from 1.77 times for the same period a year ago.

Despite the trade-ins associated with new equipment sales in the quarter, our targeted sales, disciplined procurement and pre-sale orders allowed us to increase turns and reduce used equipment inventory on a sequential basis.

Used equipment inventory was $348.3 million, representing increases of 22.8% or $64.6 million compared with the same period in 2017, and 10.6% or $33.3 million since the fourth quarter of 2017; and

New equipment inventory was $125.9 million, representing increases of 12.6% or $14.1 million compared with the same period in 2017, and 8.6% or $9.9 million since the fourth quarter of 2017.

Since the end of 2017, equipment inventory levels increased $43.2 million, with the majority of this increase concentrated in the used category. The increase in inventory during the first half of 2018 was fully funded by draws on our various floor plan facilities. Much of the equipment taken on trade during the quarter was eligible for interest-free terms.

Crop Outlook

Despite a late start to seeding, favourable conditions throughout the spring and early summer have thus far supported crop development. While still early, customer sentiment across our trade area remains optimistic for the 2018 growing season.

Agriculture and Agri-Food Canada’s (“AAFC”) most recent forecast estimates total production of principal field crops in the upcoming 2018-2019 crop year to approximate last year’s robust levels2.

The combination of solid production and healthy commodity prices for key Western Canadian crops continues to reinforce the already strong balance sheets of our customer base.

Financial Statements and Management’s Discussion and Analysis (“MD&A”)

The unaudited condensed consolidated interim financial statements and MD&A three and six month periods ended June 30, 2018 and 2017, are available online at www.rockymtn.com and www.sedar.com.

2018 Dividend Declaration Schedule

Commencing this quarter, dividend and earnings announcements will be done as separate, stand-alone press releases. To align RME with best practices, future dividend announcements will occur at the beginning of the month in which the dividend is to be paid. The record date will be scheduled for the middle of the month, and the payment date will be scheduled for the end of the month in accordance with RME’s established payment schedule.

NON-IFRS MEASURES

We use terms which do not have standardized meanings under IFRS. As these non-IFRS financial measures do not have standardized meanings prescribed by IFRS, they are unlikely to be comparable to similar measures presented by other issuers. Our definition for each term is as follows:

“Adjusted Diluted Earnings per Share” is calculated by eliminating from net earnings, the after-tax impact of the losses (gains) arising from RME’s derivative financial instruments and DSUs, as well as the expense (recovery) associated with its SARs. These items arise primarily from changes in RME’s share price as well as fluctuations in interest rates and are not reflective of RME’s core operations.

RME also adjusts for any non-recurring charges (recoveries) recognized in net earnings. Management deems non-recurring charges (recoveries) to be unusual or infrequent items that RME incurs outside of its common day-to-day operations. Adjusting for these items allows management to isolate and analyze diluted earnings per share from core business operations. For the periods presented, expenses pertaining to the acquisition and integration of JBFE and losses recognized on the disposition of vacant land have been identified as non-recurring.

“Adjusted EBITDA” is derived by eliminating the following items from net earnings: finance costs associated with long-term debt; income taxes; depreciation and amortization; the impact of the losses (gains) arising from derivative financial instruments and DSUs; and the expense (recovery) associated with SARs. Adjusting net earnings for these items allows management to consistently compare periods by removing the impact of fluctuations in tax rates, long-term assets, financing costs related to RME’s capital structure and RME’s share price.

RME also adjusts for any non-recurring charges (recoveries) recognized in Adjusted EBITDA. Management deems non-recurring charges (recoveries) to be unusual or infrequent items that RME incurs outside of its common day-to-day operations. Adjusting for these items allows management to isolate and analyze EBITDA from core business operations. For the periods presented, expenses pertaining to the acquisition and integration of JBFE and losses recognized on the disposition of vacant land have been identified as non-recurring.

“Operating SG&A” is calculated by eliminating from SG&A, depreciation and amortization expense as well as the impact of the losses (gains) arising from RME’s DSUs and the expense (recovery) associated with its SARs. These items arise primarily from changes in RME’s share price and are not reflective of RME’s core operations.

RME also adjusts for any non-recurring charges (recoveries) recognized in SG&A. Management deems non-recurring charges (recoveries) to be unusual or infrequent items that RME incurs outside of its common day-to-day operations. For the periods presented, expenses pertaining to the acquisition and integration of JBFE have been identified as non-recurring. The assessment of Operating SG&A facilitates the evaluation of discretionary expenses from ongoing operations. We target a sub-10% Operating SG&A as a percentage of total sales on an annual basis.

“Operating Cash Flow before Changes in Floor Plan” is calculated by eliminating the impact of the change in floor plan payable (excluding floor plan assumed pursuant to business combinations) from cash flows from operating activities. Adjusting cash flows from operating activities for changes in the balance of floor plan payable allows management to isolate and analyze operating cash flows during a period, prior to any sources or uses of cash associated with equipment financing decisions.

RECONCILIATION OF NON-IFRS MEASURES TO IFRS

Adjusted Diluted Earnings per Share

Three months ended June 30,

Six months ended June 30,

$ thousands 2018 2017 2018 2017 Earnings used in the calculation of diluted earnings per share 6,122 4,911 5,702 5,792 Loss (gain) on derivative financial instruments 829 282 2,255 (139) (Gain) loss on DSUs (76) 8 (166) 34 SAR (recovery) expense (729) (156) (1,259) 121 Acquisition and integration costs 299 – 299 – Non-deductible loss on sale of vacant land – 641 – 641 Tax effect of adjustments (27%) (87) (36) (305) (4) Earnings used in the calculation of Adjusted Diluted Earnings per Share 6,358 5,650 6,526 6,445 Weighted average diluted shares used in the calculation of diluted earnings per share (in thousands) 19,882 19,384 19,890 19,384 Adjusted Diluted Earnings per Share 0.32 0.29 0.33 0.33

Adjusted EBITDA

Three months ended June 30,

Six months ended June 30,

$ thousands 2018 2017 2018 2017 Net earnings 6,122 4,911 5,702 5,792 Finance costs associated with long-term debt 387 448 805 943 Depreciation and amortization expense 1,789 1,892 3,570 3,759 Income taxes 2,385 2,092 2,131 2,316 EBITDA 10,683 9,343 12,208 12,810 Loss (gain) on derivative financial instruments 829 282 2,255 (139) (Gain) loss on DSUs (76) 8 (166) 34 SAR (recovery) expense (729) (156) (1,259) 121 Acquisition and integration costs 299 – 299 – Loss on sale of vacant land – 641 – 641 Adjusted EBITDA 11,006 10,118 13,337 13,467

Operating SG&A

Three months ended June 30,

Six months ended June 30,

$ thousands 2018 2017 2018 2017 SG&A 25,631 24,566 49,100 47,669 Depreciation and amortization expense (1,789) (1,892) (3,570) (3,759) Gain (loss) on DSUs 76 (8) 166 (34) SAR recovery (expense) 729 156 1,259 (121) Acquisition and integration costs (299) – (299) – Operating SG&A 24,348 22,822 46,656 43,755 Operating SG&A as a % of sales 8.0% 9.6% 8.9% 9.8%

Operating Cash Flow before Changes in Floor Plan

Three months ended June 30,

Six months ended June 30,

$ thousands 2018 2017 2018 2017 Cash flow from operating activities (5,060) (35) (633) (5,744) Net (increase) decrease in floor plan payable(1) (8,200) 33,835 (61,483) 15,220 Floor plan assumed pursuant to business combinations – – – – Operating Cash Flow before Changes in Floor Plan (13,260) 33,800 (62,116) 9,476

Conference Call

RME will host a conference call and webcast to discuss the quarter at 9:00 a.m. MT (11:00 a.m. ET) today. Please note that the format of the webcast incorporates a visual presentation for investors and analysts. To listen to the live webcast and watch the presentation please use the following link:

https://event.webcasts.com/starthere.jsp?ei=1200633&tp_key=995cecffeb

Within 24 hours of the event, the webcast will be available for replay at the link above until August 7, 2019.

Those interested in participating in the conference call may do so by calling 1-866-521-4909 (toll free) or [phone].

An archived recording of the conference call will be available until August 22, 2018 by dialing 1-800-585-8367 (toll free) or 1-416-621-4642, Conference ID: 8592878. This archived recording will also be available at www.rockymtn.com.

Caution regarding forward-looking statements

Certain information set forth in this news release, including, without limitation, statements that imply any future earnings, profitability, economic benefit or other financial results; statements regarding the seasonal nature of RME’s business; statements discussing or implying any economic or financial results for 2018; statements implying future economic or financial benefits as a result of recent trends in Western Canada’s agriculture equipment profile; statements regarding RME’s expectation for another strong year in 2018 as the annual agriculture cycle plays out; statements discussing or implying any future dividend payments or changes; and statements regarding our scheduled quarterly conference call, are forward-looking information within the meaning of applicable Canadian securities laws. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond RME’s control. While this forward-looking information is based on information and assumptions that RME’s management believes to be reasonable, there is significant risk that the forward-looking statements will prove not to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future performance and events to differ materially from that expressed in the forward-looking statements. Accordingly, this news release is subject to the disclaimer and qualified by risks and other factors discussed by RME in its MD&A for the quarter ended June 30, 2018, and as discussed in RME’s Annual Information Form dated March 13, 2018 under the heading “Risk Factors.” Except as required by law, RME disclaims any intention or obligation to update or revise forward-looking statements, and further reserves the right to change, at any time, at its sole discretion, its current practice of updating its guidance and outlooks.

About Rocky Mountain Dealerships Inc. (TSX:RME)

RME is Canada’s largest agriculture equipment dealer with branches located throughout Alberta, Saskatchewan, and Manitoba. Through its dealer network, RME sells, rents, and leases new and used agriculture equipment and offers product support and finance to its customers.

Additional information on RME is available at www.rockymtn.com and on SEDAR at www.sedar.com.

1 Represented by the line item “Earnings used in the calculation of Adjusted Diluted Earnings per Share” within the calculation of Adjusted Diluted Earnings per Share, a Non-IFRS measure. 2 Canada: Outlook for Principal Field Crops – July 19, 2018

View source version on businesswire.com: https://www.businesswire.com/news/home/20180808005198/en/

Contacts

For investor and media inquiries: Rocky Mountain Dealerships Inc. Tom McMillan, 403-466-7220 [email protected]

from Financial Post https://ift.tt/2MuvhIz via IFTTT Blogger Mortgage Tumblr Mortgage Evernote Mortgage Wordpress Mortgage href="https://www.diigo.com/user/gelsi11">Diigo Mortgage

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[startupcanada]

NuVista Energy Ltd. Announces Second Quarter 2018 Financial and Operating Results

CALGARY, Alberta, Aug. 07, 2018 (GLOBE NEWSWIRE) — NuVista Energy Ltd. (“NuVista” or the “Company”) (TSX:NVA) is pleased to announce results for the three and six months ended June 30, 2018 and provide an update on its future business plans.  NuVista experienced another robust quarter with continued development drilling success.  Production remained strong despite planned NGTL outages.  Adjusted funds flow and netbacks improved significantly over the prior quarter as condensate proportion and pricing increased.

NuVista is continuing to deliver as planned on our 2018 drilling program.  We have kept our Bilbo and Elmworth facilities essentially full during the second quarter, and we continue to push them further while making impactful progress in Gold Creek development.  We possess a material position in the condensate-rich Wapiti Montney play which is delivering strong financial returns to shareholders now and is expected to do so over the long term.  As our production has continued to increase at a measured pace, every area of our business is demonstrating improving efficiencies as planned.  With our prudent focus on balance sheet strength, we maintain flexibility to adjust capital spending and pace of growth commensurate with the business environment while adhering to our long term value creation and profitability objectives.

Significant Operating Highlights

Achieved second quarter 2018 production of 36,035 Boe/d, above the top of our second quarter guidance range of 34,500 – 36,000 Boe/d.  This is similar to first quarter 2018 production and represents an increase of 42% as compared to the second quarter of 2017.  This result is due to strong recent well performance and also the deferral of a planned midstream outage at Keyera Simonette gas plant.  This had the effect of moving approximately 1,350 Boe/d of planned production downtime from the second to the third quarter.  TransCanada Pipeline outages and a scheduled outage at the Elmworth Compressor occurred as planned, causing approximately 1,000 Boe/d of production restriction during the second quarter;

Achieved adjusted funds flow of $69.5 million ($0.40/share, basic) for the second quarter, as compared to $58.7 million ($0.34/share, basic) for the prior quarter due to increased condensate ratio, favorable pricing, and the first quarter being impacted by the one-time fees associated with the placement of our $220 million senior unsecured notes.  This second quarter adjusted funds flow result represents a 77% increase compared to the second quarter of 2017;

Delivered adjusted funds flow netback of $21.19/Boe compared to $18.09/Boe and $16.98/Boe for the prior quarter and the second quarter of 2017, respectively;

Successfully executed a very active second quarter capital program of $82.3 million, utilizing three to four drilling rigs for much of the quarter to rig-release 8.0 (7.9 net) wells in our Wapiti Montney condensate rich resource play.  This was possible due to favorable weather which accelerated phasing with no change to full year 2018 capital spending plans;

Achieved a number of new well production milestones with improving results, as detailed below;

Achieved second quarter operating costs of $10.35/Boe, in line with expectations and first quarter operating costs, and down 3% from the second quarter of 2017;

Delivered G&A costs in line with expectations at $1.38/Boe, a reduction of 21% from the second quarter of 2017 due to increased efficiency associated with higher production levels; and

Exited the second quarter of 2018 with net debt of $268 million, including credit facility borrowings of $13 million versus our facility limit of $310 million.  NuVista concluded the second quarter with a ratio of net debt to annualized current quarter funds from operations of 1.0x.

Gold Creek

Activity is ramping up at Gold Creek in advance of the start-up of the Wapiti SemCAMS Gold Creek gas plant in early to mid 2019 and well performance continues to exceed our expectations.  The two recent extended reach (ERH), high fracture intensity wells have reached IP60 at an average of 2,440 Boe/d including 950 Bbls/d of condensate which is over double the historic average of the previous 8 wells in Gold Creek.  These wells featured 4,500 and 5,000 metre open hole horizontal lateral lengths.  Two additional step-out wells have been brought online at average IP30 rates of 1,920 Boe/d including 563 Bbls/d of condensate.  The condensate rates are in-line with historic averages but the total Boe/d is 40% above.  One additional step-out well has been drilled in the southern end of Gold Creek and a 4-well pad has commenced drilling in advance of the Wapiti gas plant start-up.

Elmworth

Elmworth production volumes have increased as well performance continues to exceed our expectations.  Two wells in the Northeast corner of the block have now reached IP90 at an average of 1,930 Boe/d which is 50% better than the historic average.  Importantly, the condensate rates averaged 795 Boe/d which is 2.5 times the historic average.  We will be active in this area throughout 2019.  

Subsequent to the second quarter, a four well pad was successfully completed in the middle of the Elmworth block.  The wells averaged 2,070 metres in length and 46 stages of fracture each.  The fracture intensity of the wells was 1.8 T/m (high fracture intensity, or “HiFi”) and 2.8T/m respectively (our first very high fracture intensity well).  These wells will be brought on production in August as space becomes available at the Elmworth compressor station.  Also, a 6-day unplanned outage occurred in July at the SemCAMS K3 gas plant for equipment repair.  This will impact third quarter production in the amount of approximately 1,000 Boe/d.  The plant has been successfully re-started and we are back to full capacity.

Bilbo

At Bilbo we have been very active drilling throughout the second quarter.  A three well pad has successfully been drilled and completed. The average length of these wells is 2,370 metres and they were completed with an average of 40 stages.  These wells will be brought on production in August.  An additional five well pad is currently being drilled.  The Lower Montney well at Bilbo continues to perform very well, reaching an IP180 at 826 Boe/d including 431 Bbls/d condensate.  This condensate rate is 10% higher than the historic average of all Bilbo wells which is extremely encouraging.  Four recent Middle-Montney wells have reached IP90 at Bilbo at an average of 1,540 Boe/d including 630 Bbls/d of condensate.  These volumes are approximately 15% higher than the historic average for Bilbo.

We continue to focus on first year capital efficiency, condensate proportion, recycle ratio, and striving for half-cycle payouts below one year as primary measures of economic well performance. 

Commodity Price Risk Management Continues to Benefit NuVista

NuVista continues to benefit from the discipline of our strong hedging program during this period of volatile commodity prices.  This has been a challenging summer for AECO, with spot natural gas prices under pressure due to temporary restrictions in pipeline and compressor station capacity on the Alberta NGTL system.  We are pleased to report that there was virtually no impact to NuVista pricing as a result of these restrictions and price reductions.  We currently possess hedges which in aggregate cover 68% of remaining 2018 projected liquids production at a floor WTI price of C$70.47/Bbl, and 72% of remaining 2018 projected gas production at a price of C$2.67/Mcf.  Both of these percentage figures relate to production net of royalty volumes.  Due to our fixed price hedges, basis hedges, and our export pipeline volumes, NuVista has less than 1% of our natural gas volumes exposed to spot AECO prices in 2018.

2018 Outlook:  Annual Guidance Reaffirmed

As previously stated, production for the third quarter of 2018 is expected to be impacted by 2,350 Boe/d due to the deferral of the planned Keyera Simonette gas plant outage into the third quarter, and also the unplanned SemCAMS K3 gas plant outage which occurred in July. Based on this downtime, our updated annual production guidance for 2018 can be tightened from the range of 35,000 – 40,000 Boe/d to 36,000 – 38,000 Boe/d.  Underlying production outside of outage periods is proceeding at planned levels with run rates over 37,500 Boe/d.  Previous adjusted funds flow guidance for 2018 of $210 – $240 million is increased to $240 – $260 million as a result of higher condensate proportions and favorable strip pricing1. Our 2018 capital plan remains unchanged, expecting to reach the upper portion of our guidance range of $270 – $310 million.

Given top quality assets and a management team focused upon relentless improvement, NuVista will continue to optimize well results, improve margins, and grow our production profitably toward our goal of 60,000 Boe/d.  We would like to thank our staff, contractors, and suppliers for their continued dedication and delivery, and we thank our board of directors and our shareholders for their guidance and support as we build an ever more valuable future for NuVista. 

Please note that our corporate presentation is being updated and will be available at www.nuvistaenergy.com on or before August 8, 2018.  NuVista’s second quarter 2018 condensed interim financial statements and notes to the financial statements and management’s discussion and analysis will be filed on SEDAR (www.sedar.com) under NuVista Energy Ltd. on or before August 8, 2018 and can also be accessed on NuVista’s website. 1  Strip pricing assumptions for 2H 2018:  WTI $US 69.00/Bbl, NYMEX Gas $US 2.85/MMBTU, CAD:USD 1.31 FX

Corporate Highlights           Three months ended June 30   Six months ended June 30   ($ thousands, except per share and $/Boe) 2018   2017   % Change   2018   2017   % Change   FINANCIAL             Petroleum and natural gas revenues 137,131   79,401   73   261,887   163,637   60   Adjusted funds flow (1) 69,472   39,318   77   128,203   82,572   55   Per share – basic 0.40   0.23   74   0.74   0.48   54   Per share – diluted 0.40   0.23   74   0.73   0.48   52   Net earnings 6,322   25,767   (75 ) 28,693   64,084   (55 ) Per share – basic 0.04   0.15   (73 ) 0.16   0.37   (57 ) Per share – diluted 0.04   0.15   (73 ) 0.16   0.37   (57 ) Total assets       1,328,717   1,107,004   20   Capital expenditures 82,322   69,250   19   197,542   176,662   12   CAPITAL STRUCTURE             Adjusted working capital deficit (1)       39,927   21,873   83   Long-term debt (credit facility)       13,103   93,082   (86 ) Senior unsecured notes       215,414   67,399   220   Total net debt (1)       268,444   182,354   47   Long-term debt (credit facility) capacity       310,000   235,000   32   End of period common shares o/s – basic       174,881   173,242   1   OPERATING             Daily Production             Natural gas (MMcf/d) 128.3   91.6   40   130.5   95.6   37   Condensate (Bbls/d) 11,758   8,682   35   11,537   8,519   35   NGLs (Bbls/d) (2) 2,893   1,501   93   2,781   1,629   71   Total (Boe/d) 36,035   25,454   42   36,067   26,089   38   Condensate & NGLs weighting 41 % 40 %   40 % 39 %   Condensate weighting 33 % 34 %   32 % 33 %   Average selling prices (3) (4)             Natural gas ($/Mcf) 3.37   3.72   (9 ) 3.43   3.74   (8 ) Condensate ($/Bbl) 81.99   57.26   43   77.94   60.29   29   NGLs ($/Bbl) 38.19   23.53   62   35.87   21.00   71   Netbacks ($/Boe)             Petroleum and natural gas revenues 41.82   34.28   22   40.12   34.65   16   Realized gain (loss) on financial derivatives (2.72 ) 0.51   —   (2.18 ) 0.26   —   Royalties (1.31 ) (1.02 ) 28   (0.94 ) (1.07 ) (12 ) Transportation expenses (3.36 ) (3.13 ) 7   (3.13 ) (2.82 ) 11   Operating expenses (10.35 ) (10.66 ) (3 ) (10.19 ) (10.69 ) (5 ) Operating netback (1) 24.08   19.98   21   23.68   20.33   16   Adjusted funds flow netback (1) 21.19   16.98   25   19.65   17.48   12   SHARE TRADING STATISTICS             High 9.89   7.73   28   9.89   7.73   28   Low 6.69   5.91   13   6.69   5.52   21   Close 9.12   6.55   39   9.12   6.55   39   Average daily volume 557,730   531,576   5   537,425   505,910   6  

  (1) See “Non-GAAP measurements”.   (2) Natural gas liquids (“NGLs”) include butane, propane and ethane.   (3) Product prices exclude realized gains/losses on financial derivatives.   (4) The average condensate and NGLs selling price is net of pipeline tariffs and fractionation fees.

Basis of presentation Unless otherwise noted, the financial data presented in this news release has been prepared in accordance with Canadian generally accepted accounting principles (“GAAP”) also known as International Financial Reporting Standards (“IFRS”). The reporting and measurement currency is the Canadian dollar.

Advisories Regarding Oil And Gas Information

BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

“IP30″, “IP60”, “IP90” and “IP180” is defined as the estimated average producing day rate over the initial first 30, 60, 90, and 180 days of production, respectively. Any references in this news release to such initial production rates are useful in confirming the presence of hydrocarbons, however, such rates are not determinative of the rates at which such wells will continue production and decline thereafter. Readers are cautioned not to place reliance on such rates in calculating the aggregate production for us.

Advisory regarding forward-looking information and statements

This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable securities laws. The use of any of the words “will”, “may”, “expects”, “believe”, “plans”, “potential”, “continue”, “guidance”, and similar expressions are intended to identify forward-looking statements. More particularly and without limitation, this news release contains forward looking statements, including management’s assessment of: NuVista’s future focus, strategy, plans, opportunities and operations; future financial returns to shareholders; NuVista’s 60,000 Boe/d growth plan; drilling plans; the timing of the startup of the new SemCAMS Wapiti Gas Plant; the impact of the Keyera Simonette and SemCAMS gas plant outage; financial and commodity risk management strategy; NuVista’s planned capital expenditures; the timing, allocation and efficiency of NuVista’s capital program and the results therefrom; the anticipated potential and growth opportunities associated with NuVista’s asset base; future drilling results; initial production rates and well performance; 2018 annual production guidance and adjusted funds flow.  By their nature, forward-looking statements are based upon certain assumptions and are subject to numerous risks and uncertainties, some of which are beyond NuVista’s control, including the impact of general economic conditions, industry conditions, current and future commodity prices, currency and interest rates, anticipated production rates, borrowing, operating and other costs and adjusted funds flow, the timing, allocation and amount of capital expenditures and the results therefrom, anticipated reserves and resources and the imprecision of reserve and resource estimates, the performance of existing wells, the success obtained in drilling new wells, the sufficiency of budgeted capital expenditures in carrying out planned activities, access to infrastructure and markets, competition from other industry participants, availability of qualified personnel or services and drilling and related equipment, stock market volatility, effects of regulation by governmental agencies including changes in environmental regulations, tax laws and royalties; the ability to access sufficient capital from internal sources and bank and equity markets; and including, without limitation, those risks considered under “Risk Factors” in our Annual Information Form. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. NuVista’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements, or if any of them do so, what benefits NuVista will derive therefrom. NuVista has included the forward-looking statements in this news release in order to provide readers with a more complete perspective on NuVista’s future operations and such information may not be appropriate for other purposes. NuVista disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Future Oriented Financial Information

This news release contains future-oriented financial information and financial outlook information (collectively, “FOFI”) about NuVista’s prospective results of operations and adjusted funds flow, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on FOFI. NuVista’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these FOFI, or if any of them do so, what benefits NuVista will derive therefrom. NuVista has included the FOFI in order to provide readers with a more complete perspective on NuVista’s future operations and such information may not be appropriate for other purposes. NuVista disclaims any intention or obligation to update or revise any FOFI statements, whether as a result of new information, future events or otherwise, except as required by law.

Non-GAAP measurements

Within the news release, references are made to terms commonly used in the oil and natural gas industry. Management uses “adjusted funds flow”, “adjusted funds flow per share”, “adjusted funds flow netback”, “net debt”, “total net debt”, “net debt to annualized current quarter adjusted funds flow”, “operating netback” and “adjusted working capital deficit”. These terms do not have any standardized meaning prescribed by GAAP and therefore may not be comparable with the calculation of similar measures for other entities. These terms are used by management to analyze operating performance on a comparable basis with prior periods and to analyze the liquidity of NuVista. For more details on non-GAAP measures, including a reconciliation to GAAP measures, refer to our Management’s Discussion and Analysis.

Adjusted funds flow is based on cash provided by operating activities as per the statement of cash flows before changes in non-cash working capital, asset retirement expenditures, note receivable allowance (recovery) and environmental remediation expenses (recovery). Adjusted funds flow as presented is not intended to represent operating cash flow or operating profits for the period nor should it be viewed as an alternative to cash flow from operating activities, per the statement of cash flows, net earnings or other measures of financial performance calculated in accordance with GAAP.

Adjusted funds flow per share is calculated based on the weighted average number of common shares outstanding consistent with the calculation of net earnings per share. Total revenue equals oil and natural gas revenues including realized financial derivative gains/losses. Operating netback equals the total of revenues including realized financial derivative gains/losses less royalties, transportation and operating expenses calculated on a Boe basis. Adjusted funds flow netback is operating netback less general and administrative, deferred share units, and interest expense calculated on a Boe basis. Net debt is calculated as long-term debt plus senior unsecured notes plus adjusted working capital. Adjusted working capital is current assets less current liabilities and excludes the current portions of the financial derivative assets or liabilities, asset retirement obligations and deferred premium on flow through shares.  Net debt to quarterly annualized adjusted funds flow is net debt divided by annualized first quarter adjusted funds flow.

FOR FURTHER INFORMATION CONTACT:

Jonathan A. Wright Ross L. Andreachuk Mike J. Lawford President and CEO VP, Finance and CFO Chief Operating Officer [phone]  [phone]  [phone]

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The post NuVista Energy Ltd. Announces Second Quarter 2018 Financial and Operating Results appeared first on Company Formations Canada.

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Week 47.4/52: November 20th - November 26th 2023 | Malatang!

Reunited with Jerry again, yay! Had a huge gap between meeting because there was a long weekend where he went back home and then I was sick the weekend after. It is my last weekend in Calgs so we panicked and tried to hang out as much as possible. Jerry came straight to me after work LMAO and it was right after my shift too. Perks of AM shifts. First stop was Calan Beef Noodle. I got their 大盘鸡 noodle... very nice. Authentic asf. Second stop was Sugar Marmalade. I finally went after it being on our list for years. Got another grass jelly x taro balls dessert. I love it. So sweet though. Day 2, we went to eat Malatang at Spice & Aroma. Very standard malatang taste... I don't LIKE malatang that much I should stop trying to eat it LMAO. Ended off the day with KOI fleshy green grapes with their super yummy cheese cream. I drank that in 2 seconds. Always love love love our hangouts!

#365 #52 #ootd #bubble tea #jerry #calgary 8.0 #fujifilm #malatang #this is over 2 days btw LOL in case it wasn't clear... #khaki jacket #levis ribcage #adidas ozweego #man i just wore the same outfit for a month straight... #100/100 outfits

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First render of Galaxy Tab A 8.0 (2018) shows trimmed bezels #Toronto #Montreal #Calgary #Ottawa #Canada

First render of Galaxy Tab A 8.0 (2018) shows trimmed bezels #Toronto #Montreal #Calgary #Ottawa #Canada

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Samsung is prepping a bunch of new tablets – from the flagship Galaxy Tab S4 to a refresh of the Galaxy Tab A 10.1 (2018)the Galaxy Tab A2 (10.5) and Tab Advanced2 and the star of this story – the Galaxy Tab A 8.0 (2018).

The Galaxy Tab A 8.0 (2018) has been rumored to be a tame refresh of its predecessor – the key differences being a removal of the physical home button (in favor of…

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Agilenano - News: Excellent Garage Insulation Kit

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Agilenano - News from Agilenano from shopsnetwork (4 sites) http://feedproxy.google.com/~r/Agilenano-News/~3/_6oQ31UW6Hs/excellent-garage-insulation-kit

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Flyers Should Still Sell At Deadline Despite Their Recent Hot Play

So, you’re on board with the Flyers getting back in this playoff race, eh?

I understand why. The team is 11-2-1 in their last 14 games. They shrugged off a pivotal home loss to Pittsburgh and a terrible first period the next night in Minnesota to come back and beat the Wild.

They are once again just six points behind Pittsburgh for the final playoff spot in the Eastern Conference with just 25 games to go. Pretty remarkable since a month ago they were the worst team in hockey.

But the odds of making the playoffs remain long.

Don’t believe me? See for yourself:

Odds of the Flyers making the playoffs as of 2/13/19 

HockeyReference.com – 3.4%

SportsClubStats.com – 1.5%

The Athletic – 9.0%

PlayoffStatus.com – 8.0%

MoneyPuck.com – 5.1%

So, unless your name is Lloyd Christmas, your focus should be on the 2019-2020 season already.

The reason being, it’s really hard to expect the Flyers to maintain the level of the Tampa Bay Lightning (they’d have to finish the season roughly 14-7-4 in those last 25 games, making it 25-9-5 over the final 39 games of the season) AND have three of four teams falter to the tune of .500 records or worse the rest of the way (Columbus, Pittsburgh, Carolina and/or Buffalo).

It’s really asking a lot. That’s why their odds are so long no matter where you look.

So, with the trade deadline now less than two weeks away, General Manager Chuck Fletcher needs to concentrate on next season.

This Flyers team is close. You are seeing what kind of a difference a consistent goaltender can make. You are seeing what kind of a difference good team defense can make. Fletcher doesn’t need to tear it down, he just needs to fine-tune it.

Which is why he wasn’t lying when he said the Flyers will be both buyers and sellers at the trade deadline.

Fletcher could move players on expiring contracts. He could move players that may have term left but could bring valuable return. And he could put the Flyers in a great position heading into the draft and free agency with extra picks, a stocked cupboard of prospects and plenty of cap room.

So, who could go? I’ve been sniffing around as best I can and I’m hearing some things that are interesting some things that are not a surprise and am being left to speculate in other areas. So let’s tackle this after the jump:

1. Wayne Simmonds

Everyone in the NHL is talking about Wayne Simmonds, and his case is certainly an interesting one. There’s no doubt Chuck Fletcher has put him out there for trade discussion, but will he find a deal that makes sense? My inkling is he will, but the Flyers are making it tough on him right now.

That’s because to a man, everyone in the Flyers locker room loves Simmonds and what he brings to the team. Yes, his point production is down and yes, there have been times this year where he’s looked like a shell of himself. But the guy plays the game with his balls to the wall. He’s got one of the great motors in the sport in the past decade and he definitely can be a difference maker on a Cup-contending team.

I’ve been told that each of the following teams has expressed interest: Tampa Bay, Calgary, Nashville, Vegas, Boston, Winnipeg and Toronto.

Considering the Predators had to trade a second round pick for depth forward Brian Boyle last week, the Flyers are poised to do much better than that with Wayne. He’s going to net them at least a first rounder. I say “at least” because if Fletcher is able to get desperate teams into a bidding war, he might be able to procure another prospect or even NHL player in return as well.

I think this price tag will be too rich for Toronto, Calgary and Nashville, who are already limited by what they can trade, but I’m thinking Simmonds can be the missing piece for Tampa as they try to net their second Cup.

And the other bit of tea leaf reading on Simmonds is this – because he means so much to the organization, and the players in the Flyers locker room, he could certainly be a candidate to be moved at the deadline, make a run somewhere else, and then come back to the Flyers as a free agent in the offseason if he’s willing to sign a shorter-term deal.

That could well be the best play for Fletcher and I wouldn’t be surprised if that conversation has come up with Simmonds and his agent.

2. Michael Raffl

Another unrestricted free agent, the Flyers could look to get something for Raffl who could be a valuable depth piece for a playoff team who needs to add to their penalty kill.

Raffl is mostly a fourth liner these days for the Flyers, but has shown the versatility to play any forward position and anywhere in the lineup. Not to mention he’s hard to knock off the puck, making him desirable to teams who need a little size and possession skill.

Pure speculation here, but St. Louis would be a nice fit for Raffl now that they have worked their way back into a playoff spot.

3. Brian Elliott

He hasn’t played in three months, but the Flyers might want to get Elliott a game or two of action before the deadline as he is the kind of veteran goalie with playoff experience that can come in handy for a team down the stretch and as insurance in the postseason.

Because he’s also an unrestricted free agent, Elliott could be of interest to a team like Dallas, who is dealing with an injury to Ben Bishop, or Vegas, who might want a reliable backup for Marc-Andre Fleury.

But, it’s important to prove he’s healthy first. So, don’t be shocked if he gets a couple starts instead of Carter Hart. Hart is the future for the Flyers. Elliott can bring a return to add to that future.

4. Radko Gudas

He has been the Flyers’ most consistent defenseman all season – and I’m sure that’s noticeable around the league.

What’s also notable around the league is, he’s a stay-at-home defenseman, he’s a right-hand shot, he plays heavy, he blocks shots and he kills penalties – all desirable traits at the trade deadline.

He’s signed for one-more season at a $3.35 million cap hit, which is certainly manageable for the team acquiring him, and it increases his value.

Think Tampa would like him back as a third pair defenseman, especially with Anton Stralman, Braydon Coburn and Dan Girardi all set to hit the free agent market at season’s end?

Or how about Winnipeg as an upgrade to Ben Chiarot or Joe Morrow? The Jets are willing to trade their first round pick, could they put together a nice package for both Simmonds and Gudas?

The Flyers have depth on defense going into next season, so this is a place where they can trade from to improve elsewhere – namely scoring depth. Which brings us to the biggest debate:

5. Shayne Gostisbehere

There is certainly a polarizing argument going on about Ghost on Flyers Twitter. Should the Flyers trade him, or not?

Those saying hell no will point out that he was runner up for the Calder Trophy four seasons ago and that he garnered some Norris Trophy votes last season.

They argue that you don’t just bail out on a young, highly-skilled defenseman because of one bad season.

It’s a salient argument.

But so is this:

Gostisbehere is almost 26. It’s not like he’s 21 or 22 like Ivan Provorov and Travis Sanheim, both of whom are ahead of Gostisbehere on the Flyers depth chart.

And it’s not like he’s a rookie or in his second season and still feeling his way. He’s approaching 250 games played in the NHL. He shouldn’t be having an “off year” at this point in his career.

Yes, guys go through rough stretches at any age, but good players find a way through them. Gostisbehere was not a fan of Gord Murphy, who was the Flyers assistant coach in charge of defense during Ron Hextall’s regime as GM.

So, the Flyers made a change there, brought in defenseman whisperer Rick Wilson and have watched Provorov re-find his game and Sanheim flourish. Yet, Gostisbehere is still floundering.

He had a solid game Monday against Pittsburgh and after a brutal turnover against the Wild on Tuesday he was able to get two shots through to the net on the power play that resulted in a pair of Flyers goals, including the game-winner.

It’s those things that he hasn’t been able to do with any consistency this season but has flashed in the last two games.

Still, not being a top pair guy, the Flyers having a guy in Sanheim who could replace him on the power play, and with some depth coming behind him (Phil Myers for sure, and maybe a couple others), Gostisbehere is more expendable than one would think.

Another fallacy is the Flyers would be selling low, but that’s not true. He has a team-friendly contract for any team in the NHL and because of that, not just contenders would be interested – a rebuilding team would likely give up some value for him to see if he can re-find his game in the less-pressurized atmosphere of a rebuild.

Finally, I have been told from a few places in the organization that there is a concern about Ghost’s game internally and that the concern stretches beyond just one bad year. Also, if he didn’t like the old coaching staff and it affected his game, why can’t he get going with a new coaching staff?

I’m just not sure he’s giving Fletcher a good impression.

Yet, as I said on the Press Row Show, I think Gostisbehere can be moved in the offseason – when all 31 teams have a more optimistic view.

The Flyers just need to decide if he should be part of their future – which should start hitting it’s stride as soon as next season – or if they can still get there without him and if he can be an asset that can help fill gaps in other places.

It’s a bit of a conundrum, but I’m thinking it’s ultimately going to be the latter – even if it doesn’t happen until the summer.

The post Flyers Should Still Sell At Deadline Despite Their Recent Hot Play appeared first on Crossing Broad.

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Equifax Canada Reports: Demand for Credit on the Rise as Western Canada Stabilizes

June 22, 2017

TORONTO, ONTARIO — (Marketwired) — 06/22/17 — (NYSE:EFX) – Consumer demand for credit is as high as it has ever been according to Equifax Canada’s Q1 National Consumer Credit Trends Report. When compared to the first quarter of 2016, credit inquires increased by 3.6 per cent and total consumer debt (including mortgages) climbed to $1.729 trillion, an increase of 6.9 per cent.

Canadians seem conflicted about their relationship with debt. In a recent consumer survey* commissioned by Equifax Canada, 63 per cent of Canadians said they are not comfortable with debt in general. Of those who said their debt had increased over the past three years, more than half (51 per cent) blamed expenses that have outpaced their income.

“Overall, despite increasing debt numbers, more monthly payments are being made on time and there are fewer bankruptcies,” explained Regina Malina, Senior Director of Data & Analytics at Equifax Canada. “At the same time consumers are seeking credit again after several quarters of slowing down, driven by activity in Ontario and Eastern provinces. Borrowing activity is also expanding more in these two regions but people in Newfoundland are having more difficulty making timely payments than in the other provinces.”

The 90+ day delinquency rate in Newfoundland increased by 23.8 per cent, the highest of all the provinces. Delinquency rate increases remain high in Saskatchewan (18.9 per cent), and Alberta (13.8 per cent), but they are much lower when compared to the last few quarters. Delinquency rates declined the most in Ontario (-6.1 per cent), Quebec (-5.6 per cent) and B.C. (-5.6 per cent).

In the first quarter of 2017, the average consumer debt (exclusive of mortgage debt), increased to $22,125 and the overall delinquency rate stayed at 1.15 per cent. On a debt classification basis, installment loan and auto loan sectors are showing significant increases of 8.0 per cent and 6.6 per cent year-over-year, respectively.

“While every age group continues to increase their debt obligations, seniors are slowing down on the amount of debt they are carrying,” said Malina. “Seniors were accumulating more debt last year, but this appears to be in check again. Younger generations continue to have the biggest year-over-year increases in terms of debt.”

Age Group Analysis – Debt (excluding mortgages) & Delinquency Rates

Average Debt (Q1 2017) Average Debt Change Year-over-Year (Q1 2017 vs. Q1 2016) Delinquency Rate (Q1 2017) Delinquency Rate Change Year-over-Year (Q1 2017 vs. Q1 2016) 18-25 $8,565 4.0% 1.81% 2.5% 26-35 $17,314 4.5% 1.70% 3.2% 36-45 $27,011 3.5% 1.33% 0.6% 46-55 $32,794 3.5% 0.97% -1.5% 56-65 $27,709 2.0% 0.86% -3.3% 65+ $15,045 2.8% 0.93% -5.8% Canada $22,125 2.8% 1.15% -0.1%

Major City Analysis – Debt (excluding mortgages) & Delinquency Rates

Average Debt (Q1 2017) Average Debt Change Year-over-Year (Q1 2017 vs. Q1 2016) Delinquency Rate (Q1 2017) Delinquency Rate Change Year-over-Year (Q1 2017 vs. Q1 2016) Calgary $28,840 1.8% 1.25% 15.6% Edmonton $26,836 1.6% 1.54% 16.4% Halifax $23,514 1.7% 1.60% 8.0% Montreal $17,122 1.6% 1.28% -3.0% Ottawa $21,476 2.5% 1.02% 0.6% Toronto $20,913 4.4% 1.24% -6.0% Vancouver $24,619 3.8% 0.77% -9.5% St. John’s $24,902 2.5% 1.49% 27.0% Fort McMurray $37,345 1.7% 1.65% 4.0%

Province Analysis – Debt (excluding mortgages) & Delinquency Rates

Average Debt (Q1 2017) Average Debt Change Year-over-Year (Q1 2017 vs. Q1 2016) Delinquency Rate (Q1 2017) Delinquency Rate Change Year-over-Year (Q1 2017 vs. Q1 2016) Ontario $22,022 4.0% 1.04% -6.1% Quebec $18,617 2.4% 1.03% -5.6% Nova Scotia $22,229 2.5% 1.81% 8.2% New Brunswick $22,828 3.3% 1.75% 1.6% PEI $22,131 2.7% 1.44% -0.5% Newfoundland $23,314 2.9% 1.55% 23.8% Eastern Region $22,650 2.8% 1.71% 8.3% Alberta $27,871 1.4% 1.48% 13.8% Manitoba $18,312 2.5% 1.32% 10.6% Saskatchewan $24,462 2.4% 1.39% 18.9% British Columbia $23,522 1.5% 0.94% -5.6% Western Region $24,640 1.6% 1.23% 6.9% Canada $22,125 2.8% 1.15% -0.1%

Data for the Equifax Canada Q1 National Consumer Credit Trends Report, including scores, is sourced from Equifax Canada, the repository of the majority of credit transactions that occur in Canada. There are over 25 million unique Equifax consumer credit files. Transaction volumes for data are estimated at 105 million per month. Information provided in this report was adjusted to ensure that quarterly data reflects the results as of the last month of each quarter.

*An online survey of 1583 Canadians was completed between April 17-20, 2017 using Leger’s online panel, Léger Web. A probability sample of the same size would yield a margin of error of +/- 2.5%, 19 times out of 20

About Equifax

Equifax powers the financial future of individuals and organizations around the world. Using the combined strength of unique trusted data, technology and innovative analytics, Equifax has grown from a consumer credit company into a leading provider of insights and knowledge that helps its customers make informed decisions. The company organizes, assimilates and analyzes data on more than 820 million consumers and more than 91 million businesses worldwide, and its databases include employee data contributed from more than 7,100 employers.

Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor’s (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 9,500 employees worldwide.

Some noteworthy achievements for the company include: Ranked 13 on the American Banker FinTech Forward list (2015); named a Top Technology Provider on the FinTech 100 list (2004-2015); named an InformationWeek Elite 100 Winner (2014-2015); named a Top Workplace by Atlanta Journal Constitution (2013-2015); named one of Fortune’s World’s Most Admired Companies (2011-2015); named one of Forbes’ World’s 100 Most Innovative Companies (2015). For more information, visit www.equifax.com.

Andrew FindlaterSELECT Public Relations [email protected] [phone] Tom CarrollMedia Relations Equifax Canada [email protected] [phone]

Source: Equifax Canada

News Provided by Acquire Media

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NuVista Energy Ltd. Announces Second Quarter 2018 Financial and Operating Results

CALGARY, Alberta, Aug. 07, 2018 (GLOBE NEWSWIRE) — NuVista Energy Ltd. (“NuVista” or the “Company”) (TSX:NVA) is pleased to announce results for the three and six months ended June 30, 2018 and provide an update on its future business plans.  NuVista experienced another robust quarter with continued development drilling success.  Production remained strong despite planned NGTL outages.  Adjusted funds flow and netbacks improved significantly over the prior quarter as condensate proportion and pricing increased.

NuVista is continuing to deliver as planned on our 2018 drilling program.  We have kept our Bilbo and Elmworth facilities essentially full during the second quarter, and we continue to push them further while making impactful progress in Gold Creek development.  We possess a material position in the condensate-rich Wapiti Montney play which is delivering strong financial returns to shareholders now and is expected to do so over the long term.  As our production has continued to increase at a measured pace, every area of our business is demonstrating improving efficiencies as planned.  With our prudent focus on balance sheet strength, we maintain flexibility to adjust capital spending and pace of growth commensurate with the business environment while adhering to our long term value creation and profitability objectives.

Significant Operating Highlights

Achieved second quarter 2018 production of 36,035 Boe/d, above the top of our second quarter guidance range of 34,500 – 36,000 Boe/d.  This is similar to first quarter 2018 production and represents an increase of 42% as compared to the second quarter of 2017.  This result is due to strong recent well performance and also the deferral of a planned midstream outage at Keyera Simonette gas plant.  This had the effect of moving approximately 1,350 Boe/d of planned production downtime from the second to the third quarter.  TransCanada Pipeline outages and a scheduled outage at the Elmworth Compressor occurred as planned, causing approximately 1,000 Boe/d of production restriction during the second quarter;

Achieved adjusted funds flow of $69.5 million ($0.40/share, basic) for the second quarter, as compared to $58.7 million ($0.34/share, basic) for the prior quarter due to increased condensate ratio, favorable pricing, and the first quarter being impacted by the one-time fees associated with the placement of our $220 million senior unsecured notes.  This second quarter adjusted funds flow result represents a 77% increase compared to the second quarter of 2017;

Delivered adjusted funds flow netback of $21.19/Boe compared to $18.09/Boe and $16.98/Boe for the prior quarter and the second quarter of 2017, respectively;

Successfully executed a very active second quarter capital program of $82.3 million, utilizing three to four drilling rigs for much of the quarter to rig-release 8.0 (7.9 net) wells in our Wapiti Montney condensate rich resource play.  This was possible due to favorable weather which accelerated phasing with no change to full year 2018 capital spending plans;

Achieved a number of new well production milestones with improving results, as detailed below;

Achieved second quarter operating costs of $10.35/Boe, in line with expectations and first quarter operating costs, and down 3% from the second quarter of 2017;

Delivered G&A costs in line with expectations at $1.38/Boe, a reduction of 21% from the second quarter of 2017 due to increased efficiency associated with higher production levels; and

Exited the second quarter of 2018 with net debt of $268 million, including credit facility borrowings of $13 million versus our facility limit of $310 million.  NuVista concluded the second quarter with a ratio of net debt to annualized current quarter funds from operations of 1.0x.

Gold Creek

Activity is ramping up at Gold Creek in advance of the start-up of the Wapiti SemCAMS Gold Creek gas plant in early to mid 2019 and well performance continues to exceed our expectations.  The two recent extended reach (ERH), high fracture intensity wells have reached IP60 at an average of 2,440 Boe/d including 950 Bbls/d of condensate which is over double the historic average of the previous 8 wells in Gold Creek.  These wells featured 4,500 and 5,000 metre open hole horizontal lateral lengths.  Two additional step-out wells have been brought online at average IP30 rates of 1,920 Boe/d including 563 Bbls/d of condensate.  The condensate rates are in-line with historic averages but the total Boe/d is 40% above.  One additional step-out well has been drilled in the southern end of Gold Creek and a 4-well pad has commenced drilling in advance of the Wapiti gas plant start-up.

Elmworth

Elmworth production volumes have increased as well performance continues to exceed our expectations.  Two wells in the Northeast corner of the block have now reached IP90 at an average of 1,930 Boe/d which is 50% better than the historic average.  Importantly, the condensate rates averaged 795 Boe/d which is 2.5 times the historic average.  We will be active in this area throughout 2019.  

Subsequent to the second quarter, a four well pad was successfully completed in the middle of the Elmworth block.  The wells averaged 2,070 metres in length and 46 stages of fracture each.  The fracture intensity of the wells was 1.8 T/m (high fracture intensity, or “HiFi”) and 2.8T/m respectively (our first very high fracture intensity well).  These wells will be brought on production in August as space becomes available at the Elmworth compressor station.  Also, a 6-day unplanned outage occurred in July at the SemCAMS K3 gas plant for equipment repair.  This will impact third quarter production in the amount of approximately 1,000 Boe/d.  The plant has been successfully re-started and we are back to full capacity.

Bilbo

At Bilbo we have been very active drilling throughout the second quarter.  A three well pad has successfully been drilled and completed. The average length of these wells is 2,370 metres and they were completed with an average of 40 stages.  These wells will be brought on production in August.  An additional five well pad is currently being drilled.  The Lower Montney well at Bilbo continues to perform very well, reaching an IP180 at 826 Boe/d including 431 Bbls/d condensate.  This condensate rate is 10% higher than the historic average of all Bilbo wells which is extremely encouraging.  Four recent Middle-Montney wells have reached IP90 at Bilbo at an average of 1,540 Boe/d including 630 Bbls/d of condensate.  These volumes are approximately 15% higher than the historic average for Bilbo.

We continue to focus on first year capital efficiency, condensate proportion, recycle ratio, and striving for half-cycle payouts below one year as primary measures of economic well performance. 

Commodity Price Risk Management Continues to Benefit NuVista

NuVista continues to benefit from the discipline of our strong hedging program during this period of volatile commodity prices.  This has been a challenging summer for AECO, with spot natural gas prices under pressure due to temporary restrictions in pipeline and compressor station capacity on the Alberta NGTL system.  We are pleased to report that there was virtually no impact to NuVista pricing as a result of these restrictions and price reductions.  We currently possess hedges which in aggregate cover 68% of remaining 2018 projected liquids production at a floor WTI price of C$70.47/Bbl, and 72% of remaining 2018 projected gas production at a price of C$2.67/Mcf.  Both of these percentage figures relate to production net of royalty volumes.  Due to our fixed price hedges, basis hedges, and our export pipeline volumes, NuVista has less than 1% of our natural gas volumes exposed to spot AECO prices in 2018.

2018 Outlook:  Annual Guidance Reaffirmed

As previously stated, production for the third quarter of 2018 is expected to be impacted by 2,350 Boe/d due to the deferral of the planned Keyera Simonette gas plant outage into the third quarter, and also the unplanned SemCAMS K3 gas plant outage which occurred in July. Based on this downtime, our updated annual production guidance for 2018 can be tightened from the range of 35,000 – 40,000 Boe/d to 36,000 – 38,000 Boe/d.  Underlying production outside of outage periods is proceeding at planned levels with run rates over 37,500 Boe/d.  Previous adjusted funds flow guidance for 2018 of $210 – $240 million is increased to $240 – $260 million as a result of higher condensate proportions and favorable strip pricing1. Our 2018 capital plan remains unchanged, expecting to reach the upper portion of our guidance range of $270 – $310 million.

Given top quality assets and a management team focused upon relentless improvement, NuVista will continue to optimize well results, improve margins, and grow our production profitably toward our goal of 60,000 Boe/d.  We would like to thank our staff, contractors, and suppliers for their continued dedication and delivery, and we thank our board of directors and our shareholders for their guidance and support as we build an ever more valuable future for NuVista. 

Please note that our corporate presentation is being updated and will be available at www.nuvistaenergy.com on or before August 8, 2018.  NuVista’s second quarter 2018 condensed interim financial statements and notes to the financial statements and management’s discussion and analysis will be filed on SEDAR (www.sedar.com) under NuVista Energy Ltd. on or before August 8, 2018 and can also be accessed on NuVista’s website. 1  Strip pricing assumptions for 2H 2018:  WTI $US 69.00/Bbl, NYMEX Gas $US 2.85/MMBTU, CAD:USD 1.31 FX

Corporate Highlights           Three months ended June 30   Six months ended June 30   ($ thousands, except per share and $/Boe) 2018   2017   % Change   2018   2017   % Change   FINANCIAL             Petroleum and natural gas revenues 137,131   79,401   73   261,887   163,637   60   Adjusted funds flow (1) 69,472   39,318   77   128,203   82,572   55   Per share – basic 0.40   0.23   74   0.74   0.48   54   Per share – diluted 0.40   0.23   74   0.73   0.48   52   Net earnings 6,322   25,767   (75 ) 28,693   64,084   (55 ) Per share – basic 0.04   0.15   (73 ) 0.16   0.37   (57 ) Per share – diluted 0.04   0.15   (73 ) 0.16   0.37   (57 ) Total assets       1,328,717   1,107,004   20   Capital expenditures 82,322   69,250   19   197,542   176,662   12   CAPITAL STRUCTURE             Adjusted working capital deficit (1)       39,927   21,873   83   Long-term debt (credit facility)       13,103   93,082   (86 ) Senior unsecured notes       215,414   67,399   220   Total net debt (1)       268,444   182,354   47   Long-term debt (credit facility) capacity       310,000   235,000   32   End of period common shares o/s – basic       174,881   173,242   1   OPERATING             Daily Production             Natural gas (MMcf/d) 128.3   91.6   40   130.5   95.6   37   Condensate (Bbls/d) 11,758   8,682   35   11,537   8,519   35   NGLs (Bbls/d) (2) 2,893   1,501   93   2,781   1,629   71   Total (Boe/d) 36,035   25,454   42   36,067   26,089   38   Condensate & NGLs weighting 41 % 40 %   40 % 39 %   Condensate weighting 33 % 34 %   32 % 33 %   Average selling prices (3) (4)             Natural gas ($/Mcf) 3.37   3.72   (9 ) 3.43   3.74   (8 ) Condensate ($/Bbl) 81.99   57.26   43   77.94   60.29   29   NGLs ($/Bbl) 38.19   23.53   62   35.87   21.00   71   Netbacks ($/Boe)             Petroleum and natural gas revenues 41.82   34.28   22   40.12   34.65   16   Realized gain (loss) on financial derivatives (2.72 ) 0.51   —   (2.18 ) 0.26   —   Royalties (1.31 ) (1.02 ) 28   (0.94 ) (1.07 ) (12 ) Transportation expenses (3.36 ) (3.13 ) 7   (3.13 ) (2.82 ) 11   Operating expenses (10.35 ) (10.66 ) (3 ) (10.19 ) (10.69 ) (5 ) Operating netback (1) 24.08   19.98   21   23.68   20.33   16   Adjusted funds flow netback (1) 21.19   16.98   25   19.65   17.48   12   SHARE TRADING STATISTICS             High 9.89   7.73   28   9.89   7.73   28   Low 6.69   5.91   13   6.69   5.52   21   Close 9.12   6.55   39   9.12   6.55   39   Average daily volume 557,730   531,576   5   537,425   505,910   6  

  (1) See “Non-GAAP measurements”.   (2) Natural gas liquids (“NGLs”) include butane, propane and ethane.   (3) Product prices exclude realized gains/losses on financial derivatives.   (4) The average condensate and NGLs selling price is net of pipeline tariffs and fractionation fees.

Basis of presentation Unless otherwise noted, the financial data presented in this news release has been prepared in accordance with Canadian generally accepted accounting principles (“GAAP”) also known as International Financial Reporting Standards (“IFRS”). The reporting and measurement currency is the Canadian dollar.

Advisories Regarding Oil And Gas Information

BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

“IP30″, “IP60”, “IP90” and “IP180” is defined as the estimated average producing day rate over the initial first 30, 60, 90, and 180 days of production, respectively. Any references in this news release to such initial production rates are useful in confirming the presence of hydrocarbons, however, such rates are not determinative of the rates at which such wells will continue production and decline thereafter. Readers are cautioned not to place reliance on such rates in calculating the aggregate production for us.

Advisory regarding forward-looking information and statements

This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable securities laws. The use of any of the words “will”, “may”, “expects”, “believe”, “plans”, “potential”, “continue”, “guidance”, and similar expressions are intended to identify forward-looking statements. More particularly and without limitation, this news release contains forward looking statements, including management’s assessment of: NuVista’s future focus, strategy, plans, opportunities and operations; future financial returns to shareholders; NuVista’s 60,000 Boe/d growth plan; drilling plans; the timing of the startup of the new SemCAMS Wapiti Gas Plant; the impact of the Keyera Simonette and SemCAMS gas plant outage; financial and commodity risk management strategy; NuVista’s planned capital expenditures; the timing, allocation and efficiency of NuVista’s capital program and the results therefrom; the anticipated potential and growth opportunities associated with NuVista’s asset base; future drilling results; initial production rates and well performance; 2018 annual production guidance and adjusted funds flow.  By their nature, forward-looking statements are based upon certain assumptions and are subject to numerous risks and uncertainties, some of which are beyond NuVista’s control, including the impact of general economic conditions, industry conditions, current and future commodity prices, currency and interest rates, anticipated production rates, borrowing, operating and other costs and adjusted funds flow, the timing, allocation and amount of capital expenditures and the results therefrom, anticipated reserves and resources and the imprecision of reserve and resource estimates, the performance of existing wells, the success obtained in drilling new wells, the sufficiency of budgeted capital expenditures in carrying out planned activities, access to infrastructure and markets, competition from other industry participants, availability of qualified personnel or services and drilling and related equipment, stock market volatility, effects of regulation by governmental agencies including changes in environmental regulations, tax laws and royalties; the ability to access sufficient capital from internal sources and bank and equity markets; and including, without limitation, those risks considered under “Risk Factors” in our Annual Information Form. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. NuVista’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements, or if any of them do so, what benefits NuVista will derive therefrom. NuVista has included the forward-looking statements in this news release in order to provide readers with a more complete perspective on NuVista’s future operations and such information may not be appropriate for other purposes. NuVista disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Future Oriented Financial Information

This news release contains future-oriented financial information and financial outlook information (collectively, “FOFI”) about NuVista’s prospective results of operations and adjusted funds flow, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on FOFI. NuVista’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these FOFI, or if any of them do so, what benefits NuVista will derive therefrom. NuVista has included the FOFI in order to provide readers with a more complete perspective on NuVista’s future operations and such information may not be appropriate for other purposes. NuVista disclaims any intention or obligation to update or revise any FOFI statements, whether as a result of new information, future events or otherwise, except as required by law.

Non-GAAP measurements

Within the news release, references are made to terms commonly used in the oil and natural gas industry. Management uses “adjusted funds flow”, “adjusted funds flow per share”, “adjusted funds flow netback”, “net debt”, “total net debt”, “net debt to annualized current quarter adjusted funds flow”, “operating netback” and “adjusted working capital deficit”. These terms do not have any standardized meaning prescribed by GAAP and therefore may not be comparable with the calculation of similar measures for other entities. These terms are used by management to analyze operating performance on a comparable basis with prior periods and to analyze the liquidity of NuVista. For more details on non-GAAP measures, including a reconciliation to GAAP measures, refer to our Management’s Discussion and Analysis.

Adjusted funds flow is based on cash provided by operating activities as per the statement of cash flows before changes in non-cash working capital, asset retirement expenditures, note receivable allowance (recovery) and environmental remediation expenses (recovery). Adjusted funds flow as presented is not intended to represent operating cash flow or operating profits for the period nor should it be viewed as an alternative to cash flow from operating activities, per the statement of cash flows, net earnings or other measures of financial performance calculated in accordance with GAAP.

Adjusted funds flow per share is calculated based on the weighted average number of common shares outstanding consistent with the calculation of net earnings per share. Total revenue equals oil and natural gas revenues including realized financial derivative gains/losses. Operating netback equals the total of revenues including realized financial derivative gains/losses less royalties, transportation and operating expenses calculated on a Boe basis. Adjusted funds flow netback is operating netback less general and administrative, deferred share units, and interest expense calculated on a Boe basis. Net debt is calculated as long-term debt plus senior unsecured notes plus adjusted working capital. Adjusted working capital is current assets less current liabilities and excludes the current portions of the financial derivative assets or liabilities, asset retirement obligations and deferred premium on flow through shares.  Net debt to quarterly annualized adjusted funds flow is net debt divided by annualized first quarter adjusted funds flow.

FOR FURTHER INFORMATION CONTACT:

Jonathan A. Wright Ross L. Andreachuk Mike J. Lawford President and CEO VP, Finance and CFO Chief Operating Officer [phone]  [phone]  [phone]

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[calpicowater]

Week 47.2/52: November 20th - November 26th 2023 | Boo's Door 🚪

Two days off in a row! Time for me to go crazy. Haven't had this luxury in MONTHS. Day one, went to Oppa BBQ for AYCE with team. Food was decent. I liked their rice cakes, fried rice, and the pork belly (the only meat I truly enjoyed). Rice balls were good too. IDK if it is worth the price but I am glad I got to try it. We went in depth about KPOP discussions this meal XD

Day 2, had to go drop off/pick up gear from repair dude... so technically was working ;^; went to visit Boo's Door after and it's so cute! You really do find the cutest, most unexpected things in Calgary. Went to Peter's after for lunch :> I just don't like their burgers as much anymore after eating In N Out. Time to switch to their poutine or hot dogs. For dinner, had $6 miso ramen from Tokyo Street Market. The place is super aesthetic, and the cheap deal is a plus.

#365 #52 #ootd #sun emoji #calgary 8.0 #calgary #kbbq #bbq #burger #peter's #khaki jacket #levis ribcage #adidas ozweego #99/100 outfits

[megajobsdbca]

Employment as an Claims Assistant, Catastrophe Property – Contract at the Intact Calgary

Employment as an Claims Assistant, Catastrophe Property – Contract at the Intact Calgary

Preview Intact Intact Financial Corporation (TSX: IFC) is the largest provider of property and casualty (P&C) insurance in Canada with close to $8.0… Location: Calgary – AB – CA SummaryAre you detail-oriented and work well under pressure? Are you eager to get your foot in the door with a national industry-leading organization? Are you looking for a financially strong and stable company? Do you…

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#Indeed #Jobs In Alberta #Insurance #Jobs In Calgary #Jobs Board #Jobs At The Company Intact #Jobs Salary #Jobs Salary At The Intact #Claims Assistant #Catastrophe Property – Contract

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Verizon's Moto Z Play Droid Edition is now receiving Android 8.0 Oreo update #Toronto #Montreal #Calgary #Ottawa #Canada

Verizon’s Moto Z Play Droid Edition is now receiving Android 8.0 Oreo update #Toronto #Montreal #Calgary #Ottawa #Canada

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Verizon’s Droid-branded version of the Moto Z Play from 2016 is finally being graced with the update to Android 8.0 Oreo. This has started rolling out today, more than a month after unlocked units got it (back in May).

The new software arrives as build ODN27.76-12-30-2, and it’s a 1.1GB download. As usual the rollout is likely to be going out in phases, so if you haven’t seen the update…

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#80 #Android #Calgary #Canada #Droid #Edition #Montreal #Moto #Oreo #Ottawa #play #receiving #Toronto #update #Verizons