Q3 2022 Freehold Royalties Ltd Earnings Call Transcript
Good morning, ladies and gentlemen. Welcome to the third quarter results conference call. I would now like to turn the meeting over to Mr. David Spyker. Please go ahead.
Good morning, everyone, and thank you for joining us this morning. On the call from Freehold with me are Dave Hendry, our CFO; and Rob King, our VP of Business Development.
We're really excited about the third quarter. For the third quarter, we delivered record production of 14,219 BOE a day. Driving revenues of $98 million and funds from operations of $81 million or $0.54 per share. After 2 years of upward momentum in crude oil prices, Q3 2022 represented a 15% retreat in West Texas intermediate oil price. This oil price retreat contributed to a $2 million reduction in funds from operations quarter-over-quarter.
Through the quarter, Freehold was able to complete greater than $160 million in value-enhancing royalty transactions adding to both our U.S. and Canadian portfolios. We also increased our
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