05:35 PM EDT, 10/24/2024 (MT Newswires) -- Advantage Energy ( AAVVF ) on Thursday said it swung to a loss in the third quarter and cut its capital budget on weaker natural gas prices.

The natural-gas focused Western Canadian producer said it lost $6.49 million, or $0.04 per share, in the quarter compared with a year-prior profit of $28.31 million, or $0.16. Adjusted funds flow fell to $52.26 million, or $0.31 per share, from $81.86 million, or $0.48

Revenue edged down $139.84 million from $140.72 million, as it produced 74,371 barrels of oil equivalent per day in the quarter, up from 64,195, while its average gross profit per barrel equivalent fell to $10.77 from $16.14. as its average natural-gas price fell 44% to $1.65 per thousand cubic feet.

The company said it is cutting its capital budget for the year by $15 million to a range of $245 million to $275 million "by deferring drilling and completions on certain wells that had previously been planned for the second half of 2024".

Advantage shares closed up $0.06 to $9.18 on the Toronto Stock Exchange.