The Senex Energy Ltd (ASX: SXY) share price has fluctuated today after the company released its quarterly report for the period ended June 2020. At one point this morning, Senex shares jumped by as much as 8%, but the share price has since retreated and is up by 0.8% at the time of writing.
Senex Energy is an independent Australian oil and gas exploration and production company. It has a 30-year history and diverse portfolio of onshore assets. It operates in two of Australia's prolific onshore energy regions, the Surat Basin and the Cooper Basin.
What did Senex report?
Senex reported total production of 711 kilo barrels of oil equivalent (kboe), representing a quarterly increase of 20% compared to Q3 FY20.
Additionally, the company's total sales volumes and revenue increased by 4% and 1%, respectively, at an average realised price of $78.9/bbl. The realised price represented a 25% increase compared to Q3 FY20.
As at the end of the Q4 FY20, Senex had a net debt position of $45.1 million, representing a 71% increase compared to Q3 FY20.
Senex's gas and liquids sales volumes helped offset lower oil sales volumes and third party gas purchase volumes.
In the announcement, the group commented that its diversified revenue streams and low cost model allowed it to continue to deliver operational cash flows in a low oil price environment. Additionally, it highlighted it is protected from downward prices with agreements and a hedging program.
Managing director and CEO Ian Davies commented:
With gas processing infrastructure established and a growing reserves base, Senex has now successfully delivered on the foundations to achieve continued growth in production, earnings and cashflow from its valuable east coast Surat Basin natural gas position
Senex expects earnings before interest, taxation, depreciation, and amortisation to be towards the top end of its $45–$55 million guidance range in FY20.
About Senex Energy
Senex (formerly known as Victoria Petroleum NL) operates in leading onshore energy regions in the Surat and Cooper Basins. It's based in Brisbane and also has office locations in Roma, Wandoan and Adelaide.
Currently the Senex share price is trading at $0.25, which represents a 0.8% gain in today's trade. At present it has a market capitalisation of $367 million. However, over the past 12 months, the Senex share price has taken a hit and is down 30% as a result of falling demand.
