Shell Assets Boost Pieridae Q4 Performance

Canadian Pieridae Energy reported strong fourth quarter and annual 2019 results April 16, with strong year-over-year gains across multiple metrics. It attributed the success to its acquisition last fall of Foothills gas assets from Anglo-Dutch major Shell’s Canadian subsidiary.

“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,” CEO Alfred Sorensen said. “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.”

The company reported net operating income of C$24.9mn (US$17.6mn) in 2019 after a net operating loss of C$500,000 in 2018; revenue for the year increased to C$114.4mn from C$2.8mn; and Q4 2019 production jumped to 42,137 barrels of oil equivalent (boe)/day (81% gas, or 204mn ft³/day) from 17,509 boe/day in Q4 2018.

Pieridae also advanced its 10mn mt/yr Goldboro LNG project in Nova Scotia, but impacts related to the Covid-19 pandemic have delayed a final investment decision on the project beyond the expected September 2020 date, the company said.