Pieridae Releases Q2 2022 Results NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN UNITED STATES
CALGARY, Alberta, Aug. 10, 2022 (GLOBE NEWSWIRE) -- Pieridae Energy Limited (“Pieridae” or the “Company”) (PEA.TO) announces the release of its second quarter 2022 financial and operating results, highlighted by record net operating income, material deleveraging and minor non-core asset divestitures.
Highlights
- During Q2 2022 Pieridae:
- Generated record quarterly Net Operating Income1 (“NOI”) of $56.0 million ($0.35 per basic and $0.35 per fully diluted share) up 287% from $14.4 million in the comparable period in 2021;
- Generated Adjusted Funds Flow from Operations1 (“AFFO”) of $48.7 million ($0.31 per basic and $0.30 per fully diluted share), up 472% from $8.5 million in Q2 2021;
- Generated net income of $23.0 million ($0.15 per basic and $0.14 per fully diluted share), up 328% from a net loss of $10.1 million in the comparable period in 2021;
- Improved netback per boe by 309% to $16.90/boe ($30.24/boe excluding the impact of fixed price physical forward sales contracts) from $4.13/boe in Q2 2021;
- Produced 36,378 boe/d weighted 82% to natural gas production of 179 MMcf/d, down 5% from the comparable period in 2021;
- Repaid $23 million of senior secured term loan, reducing the amount due at maturity to $243 million2. Subsequent to quarter end, repaid an additional $5.6 million, reducing the outstanding principal due at maturity to $235 million; and
- Executed a binding agreement to dispose of certain minor non-core Northeast BC oil and gas properties to a third party, which is expected to close during Q4 2022. Pieridae Releases Q2 2022 Results: Record Net Operating Income of $56 million drives $23 million in Debt Principal Repayment