Business
Peyto Delivers Record Reserves Results in 2024
CALGARY, Alberta, Feb. 20, 2025 (GLOBE NEWSWIRE) -- Peyto Exploration & Development Corp.
...
About this update from Peyto Exploration & Development Corp.
[{"type":"text","content":"Peyto Delivers Record Reserves Results in 2024\n\n\n\n CALGARY, Alberta, Feb. 20, 2025 (GLOBE NEWSWIRE) -- Peyto Exploration & Development Corp. (TSX: PEY) (\"Peyto\" or the \"Company\") is pleased to present the results and in-depth analysis of its independent reserve report effective December 31, 2024. The evaluation encompassed 100% of Peyto’s reserves and was conducted by GLJ Ltd. (\"GLJ\"). The year 2024 marks the Company’s 26\n \n th\n \n year of successful reserves development.\n \n\n Peyto’s 2024 capital program marks the first full year of drilling high-quality inventory acquired in the Repsol Canada Limited Partnership transaction. Combined with drilling of high-graded locations on Peyto's legacy assets, the Company delivered several new reserves records in 2024.\n \n\n\n 2024 HIGHLIGHTS\n \n\n\n\n The Company’s 2024 drilling program developed a record 457 BCFe\n \n 1\n \n (76.2 MMboe\n \n 2\n \n ) of new Proved Developed Producing (\"PDP\") reserves at a Finding, Development and Acquisition (\"FD&A\"\n \n 3\n \n ) cost of $1.00/Mcfe ($6.01/boe). The Company’s continuous focus on finding and developing reserves at low costs has generated a five-year average PDP FD&A of $1.13/Mcfe.\n \n\n The Peyto team delivered record production in December of 2024 of 136 Mboe/d (721 MMcf/d gas, 15,708 bbl/d NGLs), generating an exit rate capital efficiency\n \n 4\n \n of $9,700/boe/d, one of the best in Company history.\n \n\n The Company’s systematic hedging program and market diversification strategy, along with Peyto’s low operating cost structure, were able to deliver an average field netback\n \n 5\n \n of $3.26/Mcfe ($19.59/boe). This resulted in a 3.3 times recycle ratio\n \n 6\n \n (2.1 times on an unhedged basis), the highest on record over the last 20 years, despite the lowest annual AECO natural gas price during the same period.\n \n\n The 2024 drilling program produced a record average PDP reserves-per-well booking in the Company’s history at 6.0 Bcfe, up from 4.3 Bcfe in 2023.\n \n\n Peyto invested $458 million in capital\n \n 7\n \n in 2024, using 64% of funds from operations\n \n 8\n \n (\"FFO\"), while returning a record $258 million in dividends to shareholders.\n \n\n In 2024, the Company drilled 58 wells previously booked as proved and probabl...