1 Table of contents 30

SaskEnergy First Quarter Report June 30, 2024

Financial_Statements_for_Public_Release - Q1 2024-25 - att		1
FS table of contents		14
Consolidated Financial Statements		14
Financial_Statements_for_Public_Release - Q1 2024-25 - att		1
NEW covers		1
NEW table of contents		2
2024-25 Q1 MDA 08-14-2024 - Ashley formatting		3
Operating Environment		4
Continued Global Integration		4
Saskatchewan Prices		7
Commodity Margin		7
Commodity Fair Value Adjustments		8
Asset Optimization Margin		8
Revaluation of Natural Gas in Storage		8
Revenue		9
Delivery revenue, transportation and storage revenue, and customer capital contributions, as reported in the condensed consolidated financial statements, were as follows:		9
Transportation and Storage Revenue		9
Customer Capital Contributions		10
Other Expenses		10
Operating and Maintenance		10
Liquidity and Capital Resources		11
Investing Activities		11
Financing Activities		11
Capital Additions		12
Outlook		13
2024-25 Q1 FS & Notes		15
Condensed Consolidated Statement of Financial Position		15
Condensed Consolidated Statement of Changes in Equity		17
1. General Information		19
2. Basis of Preparation		19
a. Statement of compliance		19
b. Basis of measurement		19
c. Functional and presentation currency		20
d. Use of estimates and judgments		20
4. Natural Gas in Storage Held for Resale		20
The revaluation to net realizable value of natural gas in storage at the end of June 30, 2024 was a write-down of $1 million (March 31, 2024 - $nil). As at June 30, 2024, the Corporation expects that the $26 million of current inventory could be sold ...		20
5. Financial and Derivative Instruments		21
6. Financial Risk Management		22
a. Natural gas price risk		22
b. Liquidity risk		23
c. Credit risk		23
7. Property, Plant and Equipment		25
8. Lease Liability		25
9. Long-Term Debt		26
10. Commitments and Contingencies		26
a. Commitments		26
b. Contingencies		27
11. Unrealized Market Value Adjustments		27
Unrealized market value adjustments represent the net income impact of measuring certain financial and derivative instruments at fair value subsequent to initial recognition (Note 5), and measuring natural gas in storage at the lower of weighted avera...		27
12. Natural Gas Sales and Purchases		28
13. Delivery Revenue		28
14. Transportation and Storage Revenue		28
15. Net Finance Expenses		29
16. Subsequent Event		29
2024-25 Q1 MDA 08-21-2024		5
Operating Environment		5
Saskatchewan Prices		5

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