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CALGARY, Alberta, Oct. 24, 2022 (GLOBE NEWSWIRE) — PrairieSky Royalty Ltd. (“ PrairieSky ” or the “ Company “) ( TSX: PSK ) is pleased to announce its third quarter results for the three-month period ended September 30, 2022 (“ Q3 2022 ”) and a 100% increase in its quarterly dividend to $0.24 per common share ($0.96 per common share annualized). Third Quarter Highlights: Quarterly revenues totaled $154.7 million, comprised of royalty production revenues of $146.0 million and other revenues of $8.7 million, including bonus consideration of $5.9 million. Quarterly funds from operations of $123.5 million ($0.52 per common share basic and diluted) were 87% above Q3 2021 due to a combination of robust organic royalty production growth, acquisition royalty volumes and strong commodity pricing, but trailed Q2 2022 by 23% primarily as a result of a decline in benchmark commodity prices. Royalty production volumes averaged 24,986 BOE per day, comprised of 11,376 barrels per day of oil, 2,660 barrels per day of NGL and 65.7 MMcf per day of natural gas. Declared a third quarter dividend of $28.7 million ($0.12 per common share), representing a payout ratio of 23%. Net debt totaled $364.2 million at the end of […]
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