In today’s briefing:
- TPL: Not Just Oil and Gas Story Anymore
- Agnico Eagle Mines – Record-breaking production
- Canacol Energy – Increasing activity
![](http://www.smartkarma.com/assets/plugins/a3-lazy-load/assets/images/lazy_placeholder.gif)
TPL: Not Just Oil and Gas Story Anymore
- TPL captured more water business in the second quarter than the Company had previously achieved leading to revenue and earnings exceeding our expectations
- The water business has been a revenue source smoothing out the volatility associated with the movement in oil and gas prices and production levels
- While TPL is not expecting to repeat second quarter levels in the third quarter, the water business should continue to perform better than previously expected
Agnico Eagle Mines – Record-breaking production
Agnico Eagle Mines (AEM) reported record quarterly gold production of 873koz in Q223 at a US$840/oz total cash cost and a US$1,150/oz all-in sustaining cost (AISC) that drove strong financial results of adjusted EPS of US$0.65/share and operating cash flow of US$1.46/share. Record-breaking production reflects 100% ownership for the full quarter of Canadian Malartic, which will add c 80–90koz in attributable production per quarter. Additionally, AEM recorded the safest half-year performance in its history. Guidance for FY23 has been reiterated at 3.24–3.44Moz at a cash cost of US$840–890/oz and AISC of US$1,140–1,190/oz. The quarterly dividend remains at US$0.40/share.
Canacol Energy – Increasing activity
Canacol Energy issued an operational update on 3 August that included gas sales and drilling plans. July 2023 gas sales were 197mmcf/day, in line with sales a year earlier. However, perhaps more importantly, the group is mobilising two additional rigs to increase production capacity to meet potential higher demand due to the emerging El Niño effect.