PrairieSky Royalty Ltd. (PREKF) Q3 2023 Earnings Call Transcript

PrairieSky Royalty Ltd. (OTCPK:PREKF) Q3 2023 Earnings Conference Call October 24, 2023 8:30 AM ET

Company Participants

Andrew Phillips – President & Chief Executive Officer

Pam Kazeil – Chief Financial Officer

Conference Call Participants

Aaron Bilkoski – TD Cowen

Jamie Kubik – CIBC

Jeremy McCrea – Raymond James

Patrick O’Rourke – ATB Capital Markets


Ladies and gentlemen, thank you for standing by. PrairieSky Royalty Ltd announces their Third Quarter 2023 Financial Results. After the speaker’s presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded.

I would now like to turn the conference over to Andrew Phillips, President and Chief Executive Officer. Please go ahead.

Andrew Phillips

Thank you, Michelle, and good morning, everyone, and thank you for dialing into the PrairieSky Q3 2023 earnings call. On the call from PSK are Pam Kazeil, CFO; Dan Bertram, CCO; and myself, Andrew Phillips. There’s certain forward-looking information in my commentary today. So I would ask investors to review the forward-looking statements qualifier in our press release and MD&A.

PrairieSky achieved its highest total production in the third quarter since our IPO at 25,469 BOE per day. This included 12,084 barrels per day of crude oil royalties, up 6% from the same quarter in 2022. Natural gas volumes were positively impacted by the return of shut-in volumes from wildfires and a significant well padded Wembley placed on production.

246 spuds occurred on PrairieSky lands over Q3 at an average royalty rate of 7.1%. 45 of these were Clearwater oil wells and 92 of the total were Viking oil wells. 35 Mannville stack, multilateral and fishbone wells were drilled, which is on pace with our record 37 wells in Q3 2022.

Leasing activity remains very strong as it has for the last two years, and

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