Q3 2023 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, sir.
Good morning, everyone, and thank you for joining us today. On the call from Freehold are David Hendry, our CFO; and Rob King, our Chief Operating Officer. So we've had a good third quarter, highlighted by growing U.S. production volumes, active drilling programs across North America and an 18% reduction in net debt. Production of 14,605 BOE a day was in line with the previous quarter, and up 3% versus the same period in 2022. Growth in volumes was due to drilling from our third-party payers, leading to organic oil-weighted growth, most notably within our U.S. portfolio.
U.S. production in the quarter averaged 5,427 BOE a day, eclipsing the previous U.S. production record by 160 BOE a day, which was set in Q4 last year. The 12% quarter-over-quarter growth was driven by several high-impact multi-well pads
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