‘We remain focused on the prize: our multi-billion dollar Goldboro LNG Project and earnings and return to shareholders we expect it to provide.’
As the world builds a better energy future, cleaner natural gas will play a large role in replacing higher carbon sources such as coal, decreasing global GHG emissions substantially. Pieridae has partnered with one of Germany’s largest energy companies to supply it with liquified natural gas for 20 years. And as the largest Foothills producer in North America, we will deliver conventional natural gas that we own to supply the LNG Facility. From the field to the flange, Pieridae offers investors a unique opportunity with a large upside.
Pieridae Q2 2021 Financial Highlights
The company released its Q2 2021 financial and operating results August 12, 2021, highlighted by solid production in spite of the Jumping Pound Gas Complex turnaround which meant the facility was not operating and providing cash flow for five weeks, impacting 3,309 boe/day of production during the quarter. The Company was also pleased with the release of its inaugural ESG Report this quarter and continues to look at viable options for an LNG Project.
- Natural gas production of 194 mmcf/day in the quarter
- Total production of 38,404 boe/day
- Petroleum and natural gas revenue of $71.4 million, an increase of $17.1 million or 32% compared to the same quarter in 2020
- Cash flow from operations of $12.1 million
- Net Operating Income1 (“NOI”) of $14.4 million and Adjusted Funds Flow From Operations (“AFFO”) of $8.5 million
- Delivered our inaugural ESG report in late June 2021, anchored by our commitment of net zero emissions by 2050
- On July 26, 2021, the company announced it had initiated a formal process to identify, examine and consider a range of strategic alternatives with a view to enhancing shareholder value
 Refer to the “Non-GAAP measures” section on pages 13&14 of the Company’s Q2 2021 MD&A