Latest News and HighlightsPIERIDAE DELIVERS STRONG Q4 AND 2019 RESULTS

2020/04/16

Revenue, Net Operating Income & Production All Up Substantially

Pieridae issued its Q4 2019 earnings and year-end financial results this morning and we had quite a good story to tell.

The company recorded substantial, year-over-year increases in revenue, net operating income and other key financial metrics. For example, petroleum and natural gas revenue increased $102.5 million year over year, or 4347%, to $104.9 million in 2019.

From an operations standpoint, production increased 241% from 17,509 boe/d in the fourth quarter of last year 2018, to 42,137 boe/d in Q4 2019.

“Q4 2019 proved to be a transformational quarter in Pieridae’s history as we closed the acquisition of extensive Alberta Foothills natural gas assets last fall. The immediate impact of growing production, increased sales of natural gas liquids and the growth in third-party processing thanks to our midstream assets are fully evident in our financial results,” said Pieridae’s Chief Executive Officer Alfred Sorensen.

Work continues on multiple fronts with the Goldboro LNG Facility, primarily with KBR to finalize a fixed price contract to design and build the facility. Market conditions and the global fallout from COVID-19 have impacted our ability to make a final investment decision this fall but the company is confident it will happen once conditions improve.