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Freehold Royalties Announces 2024 Results, Reserves and 2025 Guidance
CALGARY, Alberta, March 12, 2025 (GLOBE NEWSWIRE) -- Freehold Royalties Ltd. (Freehold or the Com...
About this update from Freehold Royalties Ltd.
[{"type":"text","content":"Freehold Royalties Announces 2024 Results, Reserves and 2025 Guidance\n\n\n\n CALGARY, Alberta, March 12, 2025 (GLOBE NEWSWIRE) -- Freehold Royalties Ltd. (Freehold or the Company) (TSX:FRU) announces fourth quarter and year-end results for the period ended December 31, 2024.\n \n\n\n Fourth Quarter 2024 Highlights\n \n\n\n\n $77 million in revenue;\n \n\n $61 million in funds from operations ($0.40/share)\n \n (1)(3\n \n\n )\n \n ;\n \n\n $41 million in dividends paid ($0.27/share)\n \n (\n \n\n 2\n \n\n )\n \n ;\n \n\n 9,878 bbls/d of total liquids production, a 5% increase from last quarter with approximately half from organic growth driven mainly from Canadian heavy oil, and the balance from the December 2024 Acquisition (detailed below);\n \n\n 15,306 boe/d of total production, with a record 65% weighting to oil and natural gas liquids (NGLs);\n \n\n Gross drilling of 288 wells, up 4% from last quarter;\n \n\n $53.80/boe average realized price ($65.48/boe in the U.S. and $46.53/boe in Canada);\n \n\n 41% pricing premium on Freehold’s U.S. production reflecting higher liquids weighting, higher quality crude oil and reduced transportation costs to get product to market; and\n \n\n\n\n Closing in December 2024 of the previously announced $261 million acquisition of mineral title and royalty assets concentrated in the core Midland basin (Permian) which is expected to add 1,500-1,600 boe/d of oil weighted production in 2025 (the December Acquisition).\n \n\n\n\n\n 2024 Highlights\n \n\n\n\n $309 million in revenue;\n \n\n $231 million in funds from operations ($1.53/share)\n \n (\n \n\n 1)(3)\n \n ;\n \n\n $163 million ($1.08/share)\n \n (\n \n\n 2)\n \n in dividends paid;\n \n\n 14,962 boe/d of total production in 2024 (64% weighted to oil and NGLs);\n \n\n 1,140 gross (20.0 net) wells drilled in 2024; a 15% increase (8% on a net basis) compared to 2023;\n \n\n Proved and probable reserves totalled 65 MMboe as at year-end 2024, an increase of 10% per share year-over-year;\n \n\n Proved developed producing reserves totalled 30 MMboe as at year-end 2024, an increase of 5% per share year-over-year; and\n \n\n Organic replacement of 107% (170% including acquisitions) of proved developed producing reserves and 109% (over 300% including acquisitions) of proved and probable reserves.\n \n\n Achieved multi-year increases to our ...