'We have a large-scale natural gas focused operating platform with carbon capture, power generation and LNG integration opportunities.'
Pieridae is the largest Foothills natural gas producer in North America, with extensive midstream infrastructure and integration opportunities in LNG export. We are also pursuing blue power generation with carbon capture and storage capabilities, with the committed goal of achieving net-zero emissions by 2050.
Pieridae Q2 2022 Financial Highlights
The company released its Q2 2022 financial and operating results in August, highlighted by record net operating income, material deleveraging and minor non-core asset divestitures.
- During Q2 2022, Pieridae:
- Generated record quarterly Net Operating Income (“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 Operations (“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 million . 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.
(1) Refer to the “non-GAAP measures” section on pages 5 and 15 of the Company’s Q2 2022 MD&A.
(2) Includes $50 million non interest-bearing deferred fee due at maturity