Petrus Resources Ltd. (PRQ) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and thank you for standing by. Welcome to the Petris Resources Second Quarter 2026 Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question during the session, you'll need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker for today. Ken, you may go ahead. Good morning. Thanks for tuning in to the Patris Resources 2026 Q2 conference call. I'm Ken Gray, CEO of Petrus, and as usual, I'm joined by our executive team of Matt Skanderup, COO, Matthew Wong, CFO, and Lindsay Hatcher, VP Commercial and Corporate Development. I want to thank Matt for filling in for me last quarter on the conference call, but I'm happy to be back on this call to talk about our Q2 results and what lays ahead. Q2 was a strong quarter for the company, and some of the moves we've made recently are starting to show up in our results. I think the biggest thing to note in Q2 was the improvement in our operating net back, which was up 92% from a year ago to $24.9 million. This was the result of both increased production, higher liquids weighting, and improved liquids pricing. Hedging losses somewhat masked the dramatic improvement in operating results, but parts flow for the quarter was still up a very respectable 32% from a year ago. Production averaged 11,070 DOE per day for the quarter, up 21% from a year ago. We did bring on seven 6.1 net New Farrier Wells in the quarter, but we still didn't see full contribution from the Harmattan acquisition...