Canada’s Peyto hits record earnings in 2022
Canadian Deep Basin producer Peyto Exploration & Development said March 8 it had record net earnings in 2022 alongside record funds from operations, as annual production rose 14% and free funds flow tripled.
Earnings increased to C$390.7mn (US$283mn) from C$152.2mn, while funds from operations rose to C$827.6mn from C$469.7mn and free funds flow jumped to C$321mn from C$105mn. Peyto returned C$102.4mn to shareholders in the form of dividends in 2022, up from C$21.8mn in 2021 and reduced net debt by C$214mn.
|
Advertisement: The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business. |
Capital expenditures in 2022 increased to C$506.9mn from C$365.1mn in 2021, including C$371mn to drill, complete and tie-in 87.9 net wells and C$100mn for facilities and pipelines. Peyto expects to execute a 2023 capital program in the C$425mn-C$475mn range.
Natural gas production averaged 543.6mn ft3/day, up from 476.4mn ft3/day in 2021, with an average realised price, inclusive of hedging losses, of C$4.12/’000 ft3, compared to C$2.82/’000 ft3 in 2021.