Canada’s Pieridae Energy rebounds in Q1
Canadian natural gas producer Pieridae Energy said May 12 it had net income of C$10.5mn (US$8mn) in Q1 2022, reversing the C$19.5mn net loss it incurred in Q1 2021.
Adjusted funds flow from operations rose to C$45.1mn from C$14.9mn, while capital expenditures fell to C$3.5mn from C$5.4mn as the company scaled back pre-development expenditures on its proposed Goldboro LNG project in Nova Scotia.
“We achieved solid financial results, managed our costs and, subsequent to the end of the quarter, began to reduce our debt principal,” CEO Alfred Sorensen said. “Higher commodity prices have allowed us to make meaningful progress on our plan and we forecast strong cash flows for the remainder of 2022.”
Natural gas production from Pieridae’s producing assets in Alberta’s Foothills region averaged 187.7mn ft3/day in Q1, down from 215.2mn ft3/day in the same period a year ago. Production was “significantly impacted” by the temporary shut-in of production in central Alberta due to a commercial dispute, and by unplanned maintenance disruptions at the Waterton and Jumping Pound natural gas processing facilities.