'We have a large-scale natural gas focused operating platform with carbon capture, power generation and LNG integration opportunities.'
Pieridae is the largest Foothills natural gas producer in North America, with extensive midstream infrastructure and integration opportunities in LNG export. We are also pursuing blue power generation with carbon capture and storage capabilities, with the committed goal of achieving net-zero emissions by 2050.
Pieridae Q1 2022 Financial Highlights
The company released its Q1 2022 financial and operating results today, highlighted by the positive impact higher commodity prices have had on our business, resulting in material increases in NOI, AFFO, net income, petroleum and natural gas revenue, and netback per boe.
- During Q1 2022:
- Generated Net Operating Income' (“NOI”) of $47.3 million ($0.30 per basic and fully diluted share), up 127% from the comparable period in 2021;
- Generated Adjusted Funds Flow from Operations1 (“AFFO”) of $45.1 million ($0.29 per basic and fully diluted share), up 203%; generated net income of $10.5 million ($0.07 per basic and fully diluted share), up 154% from the comparable period in 2021;
- Generated petroleum and natural gas revenue of $129.8 million, up 48% from the comparable period in 2021;
- Netback per boe increased 146% to $12.98/boe from $5.27/boe in the comparable period in 2021;
- Total production of 40,491 boe/day weighted 77% to natural gas production of 188 MMcf/day;
- Subsequent to the quarter end, repaid $6.7 million of senior term debt maturing October 16, 2023;
- Proposed East Coast LNG Project continues to generate broad stakeholder interest
'Refer to the “Non-GAAP measures” section on pages 13-14 of the Company’s Q1 2022 MD&A