Business
Freehold Royalties Announces First Quarter 2026 Results
CALGARY, Alberta, May 12, 2026 (GLOBE NEWSWIRE) -- Freehold Royalties Ltd. (Freehold or the Compa...
About this update from Freehold Royalties Ltd.
[{"type":"text","content":"Freehold Royalties Announces First Quarter 2026 Results\nCALGARY, Alberta, May 12, 2026 (GLOBE NEWSWIRE) -- Freehold Royalties Ltd. (Freehold or the Company) (TSX:FRU) announces first quarter results for the period ended March 31, 2026. First Quarter Highlights Total production of 15,533 boe/d(1) including crude oil and natural gas liquids production of 10,136 bbls/d, representing a 65% liquids weighting in the quarter;Revenue of $78 million with crude oil and natural gas liquids production accounting for approximately 90% of total revenue;Funds from operations of $59 million ($0.36/share) (2)(4);Returned $44 million ($0.27/share)(3) to shareholders through monthly dividends;Invested $19 million to acquire strategic, inventory rich, royalty interest lands in the core of the Permian basin; andDrilling in the quarter was focused on crude oil targets with 223 wells (4.9 net) drilled. President’s Message Freehold’s production averaged 15,533 boe/d during the first quarter of 2026 reflecting the moderated activity levels in the latter half of 2025 when benchmark crude oil pricing in the fourth quarter averaged $59.14 US$/bbl. In Canada, crude oil production has been supported through continued drilling activity in the Mannville and Clearwater heavy oil areas as well as in light oil areas such as southeast Saskatchewan, and specifically in the first quarter of 2026, the Viking. Drilling activity on natural gas-weighted lands has remained low due to persistently weak Canadian natural gas pricing, with only two gas wells drilled in Canada in the quarter. In the U.S., production levels remained flat from the first quarter in 2025 and contributed 45% of our production and 51% of our total revenue in the quarter. As outlined in our year end communications, production levels are expected to continue at a moderate level into the second quarter of 2026, before growing through the latter half of the year. This reflects lower activity levels due to spring break-up in Canada and the ramp up of well completions from our U.S. drilling activity. Recent heightened geopolitical tensions and significant supply disruptions occurring in the Strait of Hormuz has caused a pronounced upward shift in near term crude oil prices while longer dated pricing has moved modestly. While the current price environment has the potential to stimulate acti...