Wed. 28 Feb 2024, 4:33pm ET
Benzinga
News, Guidance
2024 OUTLOOK: FOCUSED ON CASH GENERATION
- Significant positive free cash flow expected due to greater asset efficiency, improved cost structure and lower capital reinvestment
- Full year produced water volumes are forecasted to grow approximately 2 - 5%, excluding the impact of a 2023 asset divestiture
- Full year water solutions volumes are expected to be between 430 to 470 thousand barrels per day, approximately flat with 2023
- Full-year Adjusted EBITDA1 forecasted between $180 - $200 million, up approximately 9% at the midpoint versus 2023
- Adjusted Operating Margin per Barrel2 is anticipated to increase 8% - 13% year-over-year to $0.42 - $0.44/bbl
- We project Capital Expenditures3 of $85 - $105 million, down approximately 40% versus 2023, a range which reflects $12 - $16 million of capital investment needed to maintain our system and potential capital for new business development