Canada’s Peyto Exploration up sharply in Q1
Peyto Exploration & Development, active primarily in Canada’s Deep Basin, reported a 154% increase in Q1 2022 net earnings on May 12, alongside record funds from operations, which climbed 74%.
Net earnings for the period increased to C$97.8mn (US$75mn) from C$38.5mn a year ago, while funds from operations jumped to C$203.5mn from C$116.7mn. Capital expenditures in the quarter were C$143.3mn, up from C$108.8mn, focused on drilling (29 wells), acquisitions (C$22mn for a small private company) and construction activities (a new 50mn ft3/day gas plant).
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Total production rose about 15%, led by an 18% increase in natural gas production, to 535.7mn ft3/day from 455.6mn ft3/day. Peyto realised an average natural gas product price in the quarter of C$4.08/’000 ft3, up from C$3.06/’000 ft3 in Q1 2021, while its average realised sales price (excluding market diversification costs and hedging losses, together totalling C$1.95/’000 ft3) rose to C$6.03/’000 ft3 from C$4.52/’000 ft3.