04:31 PM EST, 02/12/2025 (MT Newswires) -- Birchcliff Energy ( BIREF ) after trade Wednesday reported a swing to profit in the fourth quarter, on a non-cash gain even as oil and gas prices weakened.

The Western Canadian oil and gas producer said it earned $35.22 million, or $0.13 per share, in the period, compared with a loss of $5.53 million, or $0.02, in the year-prior quarter. It said the swing to profit is primarily due to an unrealized mark-to-market gain on financial instruments of $42.5 million in the quarter, compared to an unrealized mark-to-market loss on financial instruments of $11.1 million a year earlier.

Revenue fell 16% to $153.74 million in the quarter, as its oil and gas production rose 1.4% to 77,623 barrels of oil equivalent per day, while its average price per barrel equivalent fell 17% to $21.53.

"We believe that there is significant intrinsic shareholder value embedded in Birchcliff's asset base that is not reflected in our current share price," chief executive Chris Carlsen noted.

Birchcliff said its strategy for 2025 "builds off of the operational momentum from 2024", maintaining focus on capital efficiency improvements and further driving down costs. "Our 2025 capital program has been designed to ensure that our capital is strategically deployed throughout the year, providing us with the flexibility to adjust our capital spending if necessary in response to the commodity price volatility we expect during 2025, including as a result of the potential for U.S. and Canadian tariffs and the start-up of LNG Canada."

Birchcliff shares closed down $0.12, or 2.1%, to $5.71 on the Toronto Stock Exchange.