Freehold Royalties Ltd. (FRU) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day, and thank you for standing by. Welcome to the Freehold Royalty's first quarter 2026 webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, David Spiker, President and CEO. Please go ahead. Yes, good morning, everyone. Thank you for joining us today. On the call with me is Paul Slack, our Interim CFO, and Todd McBride, our Manager of Investor Relations. For those that don't know Paul, he's been with our organization for the past six years as our controller and has been in the industry for 30 years. So before we get started, Please be advised that certain statements on this call are considered as forward-looking information, and we caution the listener to review the advisory on forward-looking statements in the news release and MD&A found on our website. So in the first quarter of this year, we achieved production of 15,533 BUE a day, with the liquids weighting of 65%. The oil and gas portion of our portfolio contributed 90% of our total revenue, as our liquids-focused strategy continues to drive our business and movie Turkey in its current elevated oil price environment. As we outlined in our conference call in March, our C1 production reflects lower drilling activities in the latter half of 2025, when oil prices were sitting below $60 a barrel WTIs. We did have some seasonal impact of the winter storm that swept through...