In today’s briefing:
- Valeura Energy (TSX: VLE): Net cash up by >US$40 mm since YE23
Valeura Energy (TSX: VLE): Net cash up by >US$40 mm since YE23
- 1Q24 production was 21.9 mbbl/d in line with our expectations.
- Production at the end of March was ~23 mbbl/d.
- Net cash of US$193.6 mm (US$176.3 mm unrestricted) was high given that the company sold only 1.8 mmbbl in 1Q24 with inventory building-up ~0.21 mmbbl vs YE23 to 0.9 mmbbl.
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