'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 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