11:12 AM EST, 03/07/2024 (MT Newswires) -- Kiwetinohk Energy Corp. ( KWTEF ) reported overnight Wednesday a diluted EPS of $1.09 in the fourth quarter of 2023, sliding year over year from $2.57.

Commodity sales from production sank to $114.0 million from $159.5 million while adjusted funds flow from operations dropped to $1.44 per diluted share from $2.26 per diluted share.

Total production slipped to 24,707 barrels of oil equivalent per day (boe/d) from 24,745 boe/d.

For full-year 2023, Kiwetinohk's diluted EPS declined to $2.52 from $4.28 in 2022 while sales fell to $411.8 million from $499.9 million.

Adjusted funds flow from operations was down to $5.43 per diluted share from $5.92 per diluted share. Total production rose to a record 22,587 boe/d from 17,852 boe/d.

"I am extremely pleased with the team's performance throughout 2023. Kiwetinohk delivered robust financial and operational results, meeting or exceeding corporate expectations," CEO Pat Carlson said.

Kiwetinohk also outlined a yearend reserves update. Proved reserves totaled 123.2 million barrels of oil equivalent (Mmboe), compared to 125.5 MMboe a year ago.

Proved plus probable reserves increased to 224.5 Mmboe from 214.5 Mmboe.

The company reaffirmed its 2024 guidance.

Meanwhile, National Bank of Canada said Kiwetinohk's results aligned with expectations.

The bank said the company's operations continue to progress with momentum through its organic portfolio, while its annual capital plan remains intact to provide 10-15% annual growth.

National Bank gave Kiwetinohk an outperform rating with a $20.00 price target.

Price: 11.08, Change: +0.21, Percent Change: +1.93