Canada’s Peyto Exploration unfazed by damp in Q2
Peyto Exploration & Development, a Canadian gas-weighted producer focused on the Deep Basin in western Alberta, reported strong Q2 2002 results August 10, despite heavy rain in its main operating area during the quarter that hampered new production tie-ins.
Earnings for the period jumped more than 640% year-on-year, to C$94.6mn (US$74.1mn) from C$12.8mn, while funds from operations rose to a record C$205.9mn from C$82.2mn on the back of higher commodity prices and increased production and despite hedging losses of C$104mn.
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Natural gas production averaged just over 541mn ft3/day, up 18% from 458.7mn ft3/day in Q2 2021, while natural gas liquids (NGL) production was 9% higher, at 13,411 barrels/day.
Peyto’s average sales price for natural gas increased to C$6.47/’000 ft3 from C$3.24/’000 ft3, but market diversification costs and hedging losses reduced the average realised price to C$4.08/’000 ft3. A year ago, its average realised price after deducting those costs was C$2.06/’000 ft3.