Latest News and HighlightsSOLID FINANCIAL RESULTS PREDICTED FOR 2021

2020/12/07

Pieridae Issues 2021 Guidance

The company anticipates growth in net operating income (NOI), adjusted funds flow from operations and overall production. NOI growth in the range of $100-130 million is primarily due to higher forecast natural gas prices, continued optimization of our assets, higher third-party processing fees, increased overall volumes and other cost saving initiatives.

The Company has approved an upstream capital budget of $45-$55 million that includes investments in turnarounds at our Jumping Pound and Caroline gas complexes to ensure their ongoing safe, reliable operation. As well, approximately $12 million of development capital will be invested to further flatten our low decline production base.

“We have also approved a budget of $10-$15 million for the development of our Goldboro LNG Project,” said Pieridae CEO Alfred Sorensen. “A further $250-$300 million capital expenditure budget for Goldboro would be triggered if FID is declared by the end of June 2021.”

The multi-billion-dollar LNG export initiative would create thousands of much-needed jobs across Canada, support reconciliation through our partnership with the Nova Scotia Mi’kmaq First Nation to build a $720 million workforce lodge, and lower global GHGs by delivering LNG to replace high emissions coal overseas.