CALGARY, AB, July 25, 2024 /CNW/ - Headwater Exploration Inc. (the "Company" or "Headwater") (TSX:HWX) is pleased to announce its operating and financial results for the three and six months ended June 30, 2024 and declaration of quarterly dividend.  Selected financial and operational information is outlined below and should be read in conjunction with the unaudited condensed interim financial statements and the related management's discussion and analysis ("MD&A").  These filings will be available at www.sedarplus.ca and the Company's website at www.headwaterexp.com.  Financial and Operating Highlights Three months ended June 30, Percent Change Six months ended June 30, Percent Change 2024 2023 2024 2023 Financial (thousands of dollars except share data) Sales, net of blending (1) (4) 157,057 112,560 40 284,423 207,130 37 Adjusted funds flow from operations (2) 88,023 66,235 33 164,469 125,392 31      Per share - basic (3) 0.37 0.28 32 0.70 0.53 32                      - diluted (3) 0.37 0.28 32 0.69 0.53 30 Cash flows provided by operating activities  90,402 66,857 35 145,449 127,058 14      Per share - basic 0.38 0.28 36 0.62 0.54 15                      - diluted 0.38 0.28 36 0.61 0.54 13 Net income 53,868 30,947 74 91,487 60,926 50      Per share - basic 0.23 0.13 77 0.39 0.26 50                      - diluted 0.22 0.13 69 0.38 0.26 46 Capital expenditures (1) 50,717 64,094 (21) 115,984 133,588 (13) Adjusted working capital (2) 62,381 48,968 27 Shareholders' equity 658,448 559,779 18 Dividends declared 23,765 23,586 1 47,494 47,125 1      Per share 0.10 0.10 - 0.20 0.20 - Weighted average shares (thousands)       Basic 237,275 235,631 1 236,096 234,854 1      Diluted 239,452 237,913 1 238,026 236,925 - Shares outstanding, end of period (thousands)      Basic 237,654 235,864 1      Diluted (5) 241,075 241,240 - Operating (6:1 boe conversion) Average daily production   Heavy crude oil (bbls/d) 18,825 15,624 20 18,168 15,203 20   Natural gas (mmcf/d) 5.5 8.5 (35) 8.5 10.7 (21)   Natural gas liquids (bbl/d) 67 107 (37) 77 99 (22)   Barrels of oil equivalent (9) (boe/d) 19,805 17,152 15 19,661 17,078 15 Average daily sales (6) (boe/d) 19,754 17,154 15 19,607 17,061 15 Netbacks ($/boe) (3) (7)   Operating      Sales, net of blending (4) 87.37 72.11 21 79.70 67.07 19      Royalties (16.49) (12.63) 31 (14.43) (11.35) 27      Transportation (5.54) (5.48) 1 (5.44) (5.49) (1)      Production expenses (7.24) (7.33) (1) (7.14) (6.93) 3