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    Pieridae Energy reports Q3 loss, starts Goldboro sale process

Summary

Sale of Goldsboro LNG assets will complete pivot away from LNG towards gas production and processing.

by: Dale Lunan

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Natural Gas & LNG News, Americas, Liquefied Natural Gas (LNG), Corporate, Financials, News By Country, Canada

Pieridae Energy reports Q3 loss, starts Goldboro sale process

Pieridae Energy said November 8 it had sharply lower natural gas production in Q3 2023 due to a lengthy 10-week maintenance turnaround at its core Waterton gas complex and had started the process to sell its Goldboro LNG assets.

The Goldboro sale includes licences, permits and 267 acres of undeveloped coastal industrial land in Nova Scotia, and is expected to conclude in the first half next year, at which time Pieridae will have completed its pivot away from LNG to become an Alberta-focused natural gas production and processing business.

Any proceeds from the Goldboro sale will be used to repay existing debt, Pieridae said.

The Waterton turnaround resulted in a challenging quarter both operationally and financially, Pieridae CEO Darcy Reding said, with most of the company’s C$16.4mn of capital expenditures in the period directed to the turnaround, which required the entire Waterton gas field to be shut-in from mid-August to the end of September.

As a result, natural gas production fell to 155.8mn ft3/day in Q3 from 159.4mn ft3/day in Q2 and from 181.03mn ft3/day in Q3 2022, while net operating income dropped to C$11.7mn from C$30.10mn a year ago and the net loss of the quarter rose to C$16.3mn from C$1.6mn in Q3 2022.