TSX:PSK - Post Discussion
Post by
Betteryear2 on Oct 25, 2021 4:08pm
2021 Third Quarter Results Second Try
Third Quarter 2021 Highlights: - Total revenues increased to $78.1 million, a 12% increase over Q2 2021 and 80% over Q3 2020, comprised of royalty production revenues of $76.0 million and other revenues of $2.1 million.
- Funds from Operations grew to $66.2 million ($0.30 per common share basic and diluted), a 17% increase over Q2 2021 and a 75% increase over Q3 2020.
- Royalty production averaged 19,871 BOE per day with liquids royalty production reaching 10,138 barrels per day, representing 51% of royalty production as compared to 49% in Q2 2021 and 48% in Q3 2020.
- Natural gas royalty volumes of 58.4 MMcf per day, down 3% from Q2 2021, were impacted by seasonal turnarounds and third-party downtime in the Montney and Alberta Foothills.
- Completed acquisitions totaling $190.1 million, including a previously announced $155.0 million investment in a 5.0% gross overriding royalty in the Clearwater and $34.8 million, before adjustments, in complementary Fee Lands and GORR Interests in Central Alberta.
- Declared a third quarter dividend of $20.0 million ($0.09 per common share), representing a payout ratio of 30%, with remaining cash flow allocated to acquisitions.
- Common share repurchases of $8.0 million under the normal course issuer bid ("NCIB") at an average price per share of $13.71.
Sustainability-Linked Loan: - Credit facility expanded to $425 million, with a permitted increase to $500 million, and extended maturity to February 28, 2025.
- Sustainability-linked pricing mechanism provides the Company the opportunity to achieve positive pricing adjustments on drawn and undrawn balances based on sustainability performance.
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