PrairieSky Announces Fourth Quarter and Year-End Results for 2024, Including Record Annual Oil Royalty Production and Increased Annual Dividend

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[{"type":"text","content":"PrairieSky Announces Fourth Quarter and Year-End Results for 2024, Including Record Annual Oil Royalty Production and Increased Annual Dividend\n\n\n\n CALGARY, Alberta, Feb. 10, 2025 (GLOBE NEWSWIRE) -- PrairieSky Royalty Ltd. (\"PrairieSky\" or the \"Company\") (TSX: PSK) is pleased to announce its fourth quarter and year-end operating and financial results for the period ended December 31, 2024. PrairieSky is also pleased to announce a 4% increase in its annual dividend policy to $1.04 per common share ($0.26 per common share quarterly).\n \n\n\n\n\n Fourth Quarter Highlights:\n \n\n\n\n Oil royalty production volumes averaged 13,317 barrels per day, a 4% increase over Q4 2023\n \n (1)\n \n , driven by strong third-party activity in the Mannville Stack\n \n (2)\n \n and Clearwater. Total royalty production averaged 24,982 BOE per day, a 2% decrease from Q4 2023 due to declines in natural gas and NGL production.\n \n\n Royalty production revenue of $115.6 million combined with other revenue of $20.0 million to generate total revenues of $135.6 million for Q4 2024\n \n (1)\n \n . Other revenue included bonus consideration of $15.8 million earned on entering into 60 new leasing arrangements focused on light and heavy oil targets across a number of different plays.\n \n\n Funds from operations totaled $99.0 million or $0.41 per share, 11% below Q4 2023 primarily due to lower natural gas benchmark pricing.\n \n\n Declared a fourth quarter dividend of $59.9 million ($0.25 per common share), representing a payout ratio of 61%.\n \n\n Completed $31.5 million of both producing and non-producing royalty interest acquisitions primarily targeting light and heavy oil plays in Central Alberta and Saskatchewan. Acquisitions of producing assets (50 BOE per day) closed in late December 2024.\n \n\n\n Annual Highlights:\n \n\n\n\n Record annual oil royalty production volumes averaged 13,125 barrels per day, a 6% increase over YE 2023\n \n (1)\n \n . Total royalty production averaged 25,186 BOE per day, a 1% increase over YE 2023 as higher oil royalty volumes were partially offset by lower natural gas and NGL royalty volumes due to shut-ins and declines related to weak benchmark natural gas pricing.\n \n\n Royalty production revenue of $465.8 million combined with other revenue of $43.4 million to generate total revenues of $509.2 million ...

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