Athabasca Oil Corporation (ATHOF)
OTC PINK OTC PINK Primary Summary
Athabasca Oil Corporation: Strong Cash Flow, Low Valuation, High Upside
Athabasca Oil Corporation remains a top value investment with a strong balance sheet, low capital needs, and 90+ years of reserves, even at $60 oil. The company generates free cash flow at $60 per barrel, maintains high activity margins, and has a break-even point of $40 WTI. Athabasca has returned over $400 million in debt, repurchased $317 million in shares, and promises to return 100% of free cash flow to shareholders in 2025.
Athabasca: 100% Of Free Cash Flow Allocated To Share Buybacks
Athabasca Oil Corporation plans to return 100% of free cash flow to investors through share buybacks, with a forecasted 20% cash flow per share CAGR from 2025 to 2029. The company is expanding production by 80% over five years, diversifying its liquids mix to include more light crude, and investing heavily in its Duvernay assets. Trading at a 37% discount to its 5-year average EV/CF, Athabasca offers an attractive opportunity for investors bullish on oil prices.
Athabasca Oil: 2025 Guidance
Athabasca Oil provides two budgets: a self-funding joint venture with Cenovus Energy and a strategy for its own acreage. The company maintains a net cash position but carries significant debt. Management plans to return all free cash flow to shareholders despite the debt. That is an aggressive balance sheet strategy.
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Athabasca Oil Corporation Profile
| Oil, Gas & Consumable Fuels Industry | Energy Sector | Mr. Robert Anthony Broen B.Sc.Eng., P.Eng. CEO | OTC PINK Exchange | CA04682R1073 ISIN |
| CA Country | 181 Employees | - Last Dividend | - Last Split | - IPO Date |
Overview
Athabasca Oil Corporation is a prominent player in the oil and natural gas industry, focusing primarily on the exploration, development, and production of thermal and light oil resource plays. Its operations are centered in the Western Canadian Sedimentary Basin in Alberta, Canada, a region known for its rich natural resources. The company efficiently segments its operations into Thermal Oil and Light Oil divisions, ensuring specialized and focused development strategies in each area. Athabasca Oil Corporation has key properties in the Greater Kaybob areas and the Athabasca region, which include significant projects such as Leismer/Corner, Hangingstone, and Dover West. Initially named Athabasca Oil Sands Corp., the company rebranded to its current name in May 2012, reflecting its diversified operations beyond just oil sands. Founded in 2006 and headquartered in Calgary, Athabasca Oil Corporation exemplifies progressive growth and expertise in harnessing Canada's oil and gas potential.
Products and Services
The company’s product portfolio includes a variety of oil and gas resources, demonstrating its capacity to exploit multiple facets of energy production:
- Light and Medium Crude Oil: This includes oil with lower density that flows easier at natural temperatures, making it less costly to produce and refine. Light and medium crude oils are sought after for producing high-quality fuels like gasoline, diesel, and jet fuel.
- Tight Oil: Extracted from rock formations through hydraulic fracturing, tight oil is a type of light crude oil found in shale or limestone. Despite the challenging extraction process, it plays a significant role in North America's energy landscape.
- Conventional Natural Gas: Sourced from formations where gas can flow readily into wells, conventional natural gas is a cornerstone of Athabasca Oil Corporation’s offerings, used across residential, commercial, and industrial sectors for heating, electricity generation, and as a fuel for vehicles.
- Shale Gas: Harvested from shale formations through fracking, shale gas is a key natural gas variety that has revolutionized the energy industry by significantly increasing natural gas production in North America.
- Natural Gas Liquids (NGLs): These are components extracted from natural gas as liquids, including propane, butane, and ethane, among others. NGLs have diverse uses, ranging from heating fuels to petrochemical feedstocks.
- Bitumen: Sourced from sand and carbonate rock formations, bitumen is a heavy, viscous form of crude oil, used primarily for road surfacing and roofing. Athabasca’s operations include the production of bitumen, highlighting its expertise in extracting value from even the most challenging resources.
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