Q1 2019 Prairiesky Royalty Ltd Earnings Call Transcript
Good day, ladies and gentlemen, and welcome to the PrairieSky Royalty Fourth -- First Quarter 2019 Financial Results Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded.
I would now like to introduce your host for today's conference, Mr. Andrew Phillips, President and Chief Executive Officer. Sir, you may begin.
Thank you very much, and welcome to the PrairieSky Royalty Q1 2019 conference call.
On the call from PrairieSky are Pam Kazeil, CFO; Cam Proctor, COO; and myself, Andrew Phillips. I will provide an overview of operations for the quarter then turn the call over to Pam to walk through the financials.
Free cash flow of $57.8 million was used to pay $45.6 million of dividends, which represents a 79% payout ratio. $6.3 million was used to cancel 331,000 shares, and the remaining $5.9 million reduced our working capital deficiency by 40% to $6.2 million that was used to fund the minor land fund
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