RE:RE:Peyto Delivers Strong Reserves Growth In 2023From my perspective, being a long term shareholder (15years+):
" The Board of Directors of Peyto has approved a 2024 capital budget of $450–$500 million. The capital program is projected to add between 40,000 and 45,000 boe/d of new production by year end and offset the estimated 25% decline in base production allowing Peyto to target an exit rate between 135,000 to 140,000 boe/d."
A better report would have been:
We have lowered our 2024 capital budget to $375-$425 million to minimize selling into cyclical low spot maket, the 30% of 2024 unhedged production. The capital program is projected to add between 33,000 and 36,000 boe/d of new production by year end.... allowing an exit rate between 128,000 to 131,000 boe/d.
The lowered capex cash would be used to reduce debt by $75m, thus "keeping with Peyto's strategy of maximizing shareholder returns."
*****
Happy to see the new acquisition has reversed the upward trend in FD&A and FDC.
Besides their usual rigidity on some issues, they are doing a great job!