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  5. HWX: Can you please comment on earnings. [Headwater Exploration Inc.]
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Q: Can you please comment on earnings.

Asked by Bruce on May 13, 2022
5i Research Answer:

EPS of $0.3 beat estimates of $0.15 and revenues were $110.0M. Management increased its 2022 guidance and the results were well received by investors. Production increased by 158% year-over-year and it achieved its highest net income in the company's history of $42.4M. Management doubled its CAPEX spend for 2022 and is anticipating $305M in adjusted funds flow from operations, from a previously expected $259M. Its balance sheet strengthened in the quarter and free cash flows grew significantly. These were strong results and we feel that investors should be pleased with these earnings.