Repsol Canada acquisition boosts Peyto in Q4 2023
Peyto Exploration and Development, a Canadian Deep Basin producer, said March 7 its C$699mn (US$519mn) acquisition of Repsol Canada Energy Partnership, which closed in October 2023, boosted its Q4 2023 production by 14% year-over-year.
Total production in Q4 was 120,002 barrels of oil equivalent (boe)/day, up from 104,944 boe/day in Q4 2022. The gains provided by the Repsol acquisition were offset in part by lower production additions reflecting a moderation of Peyto’s capital program in the quarter due to lower commodity prices.
Full-year production in 2023 rose slightly, to 104,948 boe/day from 103,548 boe/day.
Natural gas production in the fourth quarter averaged 622.96mn ft3/day, up 13% from 552.63mn ft3/day in the comparable 2022 period, while 2023 gas production was 2% higher, at 553.7mn ft3/day compared to 543.6mn ft3/day.
Full year earnings fell to C$292.6mn from C$390.7mn, while funds from operations declined to C$670.5mn from C$827.6mn. About C$239mn – 82% of earnings – was returned to shareholders as dividends in 2023.