Freehold Royalties Ltd. (FRU) Q4 2023 Earnings Call

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WEBVTT 00:00:00.029 -- 00:00:03.790 Good morning, ladies and gentlemen. Welcome to the fourth quarter results conference 00:00:03.790 -- 00:00:06.551 call. I would like to turn the meeting over to Mr. 00:00:06.551 -- 00:00:09.432 David Spiker. Please go ahead. 00:00:09.432 -- 00:00:11.653 Good morning, everyone, and thank you for joining us today. 00:00:11.653 -- 00:00:16.855 On the call with me with Freehold are Rob King, our COO, and Dave Henry, 00:00:16.855 -- 00:00:19.215 our CFO. 00:00:19.823 -- 00:00:23.676 2023 was a strong year for Freehold. It really showcased the strengths of our unique 00:00:23.676 -- 00:00:28.740 North American portfolio, which consists of a robust production base in Canada and a 00:00:28.740 -- 00:00:32.423 growing oil-weighted position in the US. 00:00:32.423 -- 00:00:36.046 Total production of 14,714 BUE a 00:00:36.046 -- 00:00:38.288 day in 2023 00:00:38.288 -- 00:00:43.452 was up 4% over the previous year, driven primarily by oil-weighted US 00:00:43.452 -- 00:00:48.034 production growing 16% year-over-year to 51.02 BUE a day. 00:00:49.352 -- 00:00:54.896 Growth on our US assets was driven by the Midland Basin with volumes up 25% 00:00:54.896 -- 00:00:57.336 over 2022. Our 00:00:58.499 -- 00:01:01.851 Canadian portfolio had no decline in production year-over-year. 00:01:01.851 -- 00:01:03.851 2023 00:01:03.922 -- 00:01:08.966 production in Canada was 9,612 BUE a day driven by consistent 00:01:08.966 -- 00:01:10.907 operator activity. 00:01:10.907 -- 00:01:15.451 This was achieved in the absence of any material acquisitions and really highlights the 00:01:15.451 -- 00:01:18.992 quality of our Canadian asset base. 00:01:20.054 -- 00:01:22.997 For 2024, we're expecting production in the range of 14,700 to 15,700 BWI a day, implying 00:0...