Q2 2024 Prairiesky Royalty Ltd Earnings Call Transcript
Key Points
- Oil royalty volumes reached a record 13,312 barrels per day, up 6% over Q2 2023.
- Year-to-date oil royalty volumes are up 7%, driven by growth in the Clearwater and Manville stack plays.
- Realized oil price increased to $91.75 per barrel, up approximately $14 from Q1 2024.
- Royalty production revenue totaled $125.5 million in Q2, with additional revenues of $10.1 million.
- Net debt decreased by 21% from year-end, totaling $174.6 million as of June 30.
- Well spuds were down quarter over quarter due to seasonality, with a total of 115 wells spud in Q2 2024.
- Cash administrative expenses in the quarter totaled $6.8 million, including $700,000 of deferred share unit payments.
- Current income tax expense totaled $19 million in Q2.
- Funds from operations, while up 16% from Q2 2023, still face potential volatility due to market conditions.
- Activity in the Viking play moderated in Q2, with lower spuds compared to previous quarters.
Ladies and gentlemen, thank you for standing by. Welcome to PrairieSky Royalty second-quarter 2024 financial results. (Operator Instructions) Please be advised that today's conference is being recorded. I would like now to turn the conference over to Andrew Phillips, President and Chief Executive Officer. Please go ahead.
Thank you, Michelle, and good morning, everyone. Thank you for dialing in to the PrairieSky Q2 2024 earnings call. On the call from PrairieSky are Pam Kazeil, CFO; Dan Bertram, CCO; and Michael Murphy, VP, Capital Markets; as well as myself.
Before we begin, there's certain forward-looking information in my commentary today, so I'd ask investors to review the forward-looking statements qualifier in our press release and MDNA. Oil royalty volumes of 13,312 barrels per day are the result of strong operator drilling efficiencies across our vast land base. Continued improvements in fluid systems, drilling orientations, and geo-steering have resulted in
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