DigitalBridge CEO on Surging Demand for Data Centers
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
4 minutes ago
- Yahoo
Questerre reports second quarter 2025 results
THIS NEWS RELEASE IS NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OF AMERICA TO UNITED STATES NEWSWIRE SERVICES OR UNITED STATES PERSONS CALGARY, Alberta, Aug. 08, 2025 (GLOBE NEWSWIRE) -- Questerre Energy Corporation ('Questerre' or the 'Company') (TSX,OSE:QEC) reported today on its financial and operating results for the second quarter ended June 30, 2025. Michael Binnion, President, and Chief Executive Officer of Questerre, commented, 'Our production averaged over 3,000 boe per day in the quarter after the tie-in of the three (1.5 net) Kakwa North wells. We are assessing both owned and third-party processing capacity for these existing volumes and future growth. A follow-up drilling program is now scheduled for the second half of next year.' Commenting on developments in Quebec, he added, 'Interest is growing in our natural gas discovery as a secure and reliable supply in Quebec, particularly among industrial gas users. It is also being considered as the supply for the 550 MW Becancour thermal power plant as it may be converted to produce power for peak demand periods. As we work towards a business solution, we are also following the legal process to protect our shareholders' rights. We recently filed an application for leave to appeal a decision by the Quebec Court of Appeal to reinstate certain provisions of Bill 21 prior to our hearing on the merits of the case.' Highlights Kakwa North wells tied-in and on production Questerre filed leave to appeal to Supreme Court of Canada following Quebec Court of Appeal ruling on Bill 21 Average daily production of 3,091 boe per day for the quarter, almost doubling production from the same period last year Net cash from operating activities of $6.3 million and adjusted funds flow from operations of $5 million despite significantly lower realized prices Following the tie-in of the Kakwa North wells, production volumes this year increased materially compared to last year. Production averaged 3,091 boe/d for the quarter (2024: 1,559 boe/d) and 2,414 boe/d for the first half of the year (2024: 1,612 boe/d). Higher production volumes were partly offset by the lower realized liquids prices resulting in higher revenue for the quarter and six months ended June 30 compared to last year. For the quarter, petroleum and natural gas sales totaled $13.7 million (2024: $8.8 million) and $22.8 million year to date (2024: $17.8 million). The higher revenue contributed to adjusted funds flow from operations of $5 million (2024: $4.5 million) in the quarter and $8.5 million for the first six months of the year (2024: $7.4 million) and cash flow from operations of $6.3 million for the quarter (2024: $3.1 million). The revenue was offset by higher expenses and contributed to a net loss of $0.7 million for the quarter and year to date (2024: $1.3 million income for the quarter and $1.1 million year to date). Capital expenditures in the quarter were $1 million (2024: $7 million) and $18.9 million year to date (2024: $9.7 million). As at June 30, 2025, effectively no amounts were drawn on the facility and the Company held unrestricted cash and term deposits of $18.3 million. As of June 30, 2025, the Company had a net working capital surplus of $13.2 million (2024: $27.6 million surplus). The term "adjusted funds flow from operations" and 'working capital surplus' are non-IFRS measures. Please see the reconciliation elsewhere in this press release. Questerre is an energy technology and innovation company. It is leveraging its expertise gained through early exposure to low permeability reservoirs to acquire significant high-quality resources. We believe we can successfully transition our energy portfolio. With new clean technologies and innovation to responsibly produce and use energy, we can sustain both human progress and our natural environment. Questerre is a believer that the future success of the oil and gas industry depends on a balance of economics, environment, and society. We are committed to being transparent and are respectful that the public must be part of making the important choices for our energy future. Advisory Regarding Forward-Looking Statements This news release contains certain statements which constitute forward-looking statements or information ('forward-looking statements') including its assessment of processing capacity for existing volumes and future growth, the operator's plans for follow-up drilling, and the Company's views on interest in its natural gas discovery growing among industrial gas users. Forward-looking statements are based on several material factors, expectations, or assumptions of Questerre which have been used to develop such statements and information, but which may prove to be incorrect. Although Questerre believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Questerre can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Further, events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including, without limitation: the implementation of Bill 21 by the Government of Quebec and certain other risks detailed from time-to-time in Questerre's public disclosure documents. Additional information regarding some of these risks, expectations or assumptions and other factors may be found under in the Company's Annual Information Form for the year ended December 31, 2024, and other documents available on the Company's profile at The reader is cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and Questerre undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Certain information set out herein may be considered as 'financial outlook' within the meaning of applicable securities laws. The purpose of this financial outlook is to provide readers with disclosure regarding Questerre's reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes. (1) For the three-month period ended June 30, 2025, liquids production including light crude and natural gas liquids accounted for 1,690 bbls/d (2024: 931 bbls/d) and natural gas including conventional and shale gas accounted for 8,409 Mcf/d (2023: 3,767 Mcf/d). For the six-month period ended June 30, 2025, liquids production including light crude and natural gas liquids accounted for 1,346 bbls/d (2024: 955 bbls/d) and natural gas including conventional and shale gas accounted for 6,412 Mcf/d (2024: 3,942 Mcf/d). Barrel of oil equivalent ('boe') amounts may be misleading, particularly if used in isolation. A boe conversion ratio has been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil and the conversion ratio of one barrel to six thousand cubic feet is based on an energy equivalent conversion method application at the burner tip and does not necessarily represent an economic value equivalent at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalent of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. This press release contains the terms 'adjusted funds flow from operations' and 'working capital surplus' which are non-GAAP terms. Questerre uses these measures to help evaluate its performance. As an indicator of Questerre's performance, adjusted funds flow from operations should not be considered as an alternative to, or more meaningful than, cash flows from operating activities as determined in accordance with GAAP. Questerre's determination of adjusted funds flow from operations may not be comparable to that reported by other companies. Questerre considers adjusted funds flow from operations to be a key measure as it demonstrates the Company's ability to generate the cash necessary to fund operations and support activities related to its major assets. Three months ended June 30, Six months ended June 30, ($ thousands) 2025 2024 2025 2024 Net cash from operating activities $ 6,288 $ 3,141 $ 9,646 $ 5,769 Change in non-cash operating working capital (1,283 ) 1,314 (1,099 ) 1,659 Adjusted Funds Flow from Operations $ 5,005 $ 4,455 $ 8,547 $ 7,428 Working capital surplus is a non-GAAP measure calculated as current assets less current liabilities excluding risk management contracts and lease liabilities. CONTACT: For further information, please contact: Questerre Energy Corporation Jason D'Silva, Chief Financial Officer (403) 777-1185 | (403) 777-1578 (FAX) |Email: info@ in to access your portfolio
CNN
6 minutes ago
- CNN
Trump administration targets Harvard's patents
The Trump administration is opening a new front in its battle with Harvard University on the issue of patents, marking a new escalation with the elite school that could result in the loss of additional federal funding or intellectual property rights. In a Friday letter to Harvard President Alan Garber obtained by CNN, Commerce Secretary Howard Lutnick writes that the Trump administration believes the university is 'in breach of the statutory, regulatory, and contractual requirements tied to Harvard's federal funded research programs and intellectual property arising therefrom, including patents.' The Commerce Department, Lutnick said, is issuing an 'immediate comprehensive review' of Harvard's federally funded research programs. The secretary said the administration was also initiating the 'march-in' process under a law called the Bayh-Dole Act that lets universities patent research and inventions. That means that if Harvard has failed to disclose or patent its inventions, the federal government could take ownership of the patents or grant third-party licenses. The letter, first reported by Reuters, marks the latest action by the Trump administration to exert pressure on the school. The Trump administration has frozen billions of dollars in federal funding for research and has targeted the school's ability to host international students. Harvard and the Trump administration are currently embroiled in a pair of lawsuits. Still, officials remain optimistic about the prospects of a deal with Harvard to restore funding to the school and drop lawsuits and investigations. The Trump administration has recently struck multimillion-dollar agreements with Columbia and Brown universities. 'While there's a lawsuit pending with Harvard, and I'm sure that lawsuit will play out, I do hope that Harvard will continue to come to the table with negotiations. Those talks are continuing, and we'd like to have a resolution there, outside of the courts,' Education Secretary Linda McMahon said in a phone interview with CNN last month. Harvard has sent some signals it is willing to work with the Trump administration, including last month when The Harvard Crimson reported that websites for Harvard College centers serving minority and LGBTQ students and women disappeared. The White House welcomed that development, viewing it as a goodwill gesture that one official described as 'good news.' McMahon last month also pointed to the departure of the heads of the university's Middle Eastern Studies center as a positive step.
Forbes
6 minutes ago
- Forbes
Obama's Flirtation With Supply-Side Economics
In his first term as president, Barack Obama extended the reduction in the top rate of the income tax to 35 percent through 2012, two years past the 2010 expiration date that his predecessor, President George W. Bush, had set. Obama presided over the lowest estate tax rate since Herbert Hoover's time, 35 percent in 2010 and 2011. (In one year, 2010, the estate tax rate was zero for those who elected to take it.) And Obama temporarily cut the payroll tax rate by about fifteen percent. In our new book Free Money: Bitcoin and the American Monetary Tradition, we ask why gold peaked after a phenomenal rise, as Obama got going, and why Bitcoin, though founded in 2009, took into Obama's second term to sport extreme price appreciation. We ask why the Great Recession bottomed early in 2009 and never came back (though the recovery was slow). A big reason for these things is that Obama was coquettish, 2009-12, toward supply-side economics. The marginal rate of the income tax, the top estate tax rate, and the payroll tax are three classic targets of supply-side economic policy. These tax rates are to be cut as the top priorities of supply-side economics. The theory is that each of these tax rates distinctly discourages the production and the seizing of initiative in the economy; therefore, cutting them enhances economic activity to an uncommon degree. The primus inter pares of supply-side economics is the marginal rate of the income tax. In a graduated tax system, the marginal rate is that which hits only earners of highest income. Cutting this rate encourages economic activity in two distinct ways. First, a cut in the top rate is the most powerful among all possible rate cuts in a graduated scale, on a simple percentage basis. A cut of 4.6 points from 39.6 to 35 percent (that of the W. years), for example, increases marginal after-tax 'take-home' income from 60.1 cents to 65 cents on the dollar—an increase of 8.2 percent. In comparison, a cut in the bottom rate of 10 percent (that of the W. years) by 4.6 percentage points to 5.4 percent increases marginal take-home income from 90 to 94.6 cents on the dollar—an increase of 5.1 percent. Given progressive income taxes, equal rate cuts mean more at the top than at the bottom. Second, those who are subject to the highest graduated rates—the highest earners—by definition have the most ability and desire to avoid, legally, those rates. High earners do not even need the money. They can decline to earn, change the way they earn (taking advantage of lower rates elsewhere in the tax code), the timing, shelter the stuff, whatever. The highest earners are most adept when it comes to making money. They can slip the top rate because they have the savvy and inclination to do so, and because the tax code gives them ample opportunity to represent income beyond declaring it ordinary. (Forget about closing these loopholes without lowering rates—an inevitable lesson of tax history.) Obama maintained a cut in the marginal rate of the income tax through the entirety of his first term in office. Undoubtedly, this was a central component of this president's strategy to get re-elected. When the Republican opponent in the 2012 election, Mitt Romney, made his gaffe about 47 percent of the electorate's not having to pay any income tax, Obama must have smiled. Obama had ensured that by keeping the top earners' tax rate reduced, top earners paid an outsized share of income taxes. Low top tax rates, high top-earner tax revenue—he knew the verity would hold. Let us be clear: keeping top tax rates down got Obama to a second term. The estate tax is another classic supply-side target. Work and earn your whole life, have the government take it away: a major disincentive to acquire. A reduction in the estate tax prompts, once again, precisely those who are capable of succeeding greatly at enterprise to do just that. Lots of people succeeding at enterprise spells a good economy. Obama took the estate tax to zero. If one took the zero rate, heirs did not get the step-up basis in capital gains. If one did not take the zero, again Obama's rate (of 35 percent) was the lowest since 1932. Supply-side essence, from President Obama. Obama cut the employee portion of the social security tax. For decades, supply-siders have identified the social security tax as one of the best illustrations of the problem facing modern tax-heavy economies. Social security taxes, paid by employer and employee, are a 'wedge' that interposes itself at the place where employee and employer would normally meet to contract labor. Cutting the rate leads to greater employment, and greater returns to both parties, employer and employee. The Obama cut would have been more purely supply-side if it had included the employer side as well (and been permanent), but a rate cut is a rate cut. More people contracted to work because their take-home pay was greater because of the policy. And employers could settle at slightly lower wage rates because their employees were taking more home after-tax. Barack Obama giving a clinic on supply-side economics! One can say that tax cuts are Keynesian. It is true that every tax cut makes the beneficiary spend more than before. But the effect is the absolute least at the marginal rate, and the least in general when the cuts are in rates of a progressive tax system. The JFK tax cut of 1964 that reduced progressive tax rates remains an exemplar of Keynesianism—actually it doesn't, thanks to Kudlow and Domitrovic, JFK and the Reagan Revolution—because of misinterpretation. A cut in progressive rates disproportionately has supply-side, not demand-side effects. Obama maintained cuts in progressive tax rates. Obama did much of this without Republicans forcing his hand. The Tea Party sweep of 2010 brought in a new Congress in 2011, after Obama had settled on most of his accommodations of supply-side economics. Politicians in foxholes—which is to say facing re-election—may talk a Keynesian game (it soothes the chattering classes). But when they act, they take supply-side economics into their confidence.
