Southern Energy Corp. (TSE:SOU) has released an update.
Southern Energy Corp. reported a 4% and 5% year-over-year production increase for Q4 and full-year 2023, with a focus on natural gas which contributed to 96% and 95% of production, respectively. Despite the production uptick, the company faced a sharp decrease in revenue due to a significant drop in natural gas prices, resulting in a net loss of $39.6 million for the quarter and $46.8 million for the year, largely attributed to a substantial non-cash impairment charge. The company also highlighted an increase in reserves and completed a strategic acquisition, alongside successful drilling operations and a closed equity financing in 2023.
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