Canada’s Peyto Exploration reports Q3 earnings jump
Peyto Exploration & Development, active in western Canada’s Deep Basin, said November 9 it had Q3 2022 earnings of C$84.9mn (US$63.4mn), a 190% increase from Q3 2021 earnings of C$29.3mn.
Funds from operations rose 89%, to C$197.4mn from C$104.6mn, while dividends soared to C$25.7mn from C$1.7mn as the company increased its quarterly dividend to C$0.15/share from C$0.01/share. Its monthly dividend will increase to C$0.11/share in January 2023 from the currently level of C$0.05/share.
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The increased funds from operations, Peyto said, reflected higher commodity price realisations and increased average production that together more than offset a C$92mn realised hedging loss in the quarter.
Natural gas production in Q3 averaged 544.8mn ft3/day, up from 473mn ft3/day in the comparable quarter a year ago. Peyto’s average realised natural gas price, net of marketing diversification costs and hedging losses, increased to C$3.68/’000 ft3 from C$2.48/’000 ft3 in Q3 2021.