The following is a summary of the Pieridae Energy Limited (PTOAF) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Pieridae Energy reported a net operating income of $131 million for 2023, with Q4 operating results showing an average production of about 33,300 BOE per day, delivering a net operating income of $25 million, supported by a $10 million hedging gain.

• Unplanned outages hampered Q4 numbers, though December exit production was significantly higher, approximating 37,500 BOEs per day.

• Their total net debt was reduced by $10 million to $204 million and they closed the year with $45 million in available liquidity.

• The company successfully refinanced their long-term debt with a USD 150 million funding, reducing their cost of capital and increasing financial flexibility. Their 2023 hedge gain was reported at $61 million.

Business Progress:

• The company has decided to divest its LNG business, with the planned sale of Goldboro Nova Scotia LNG assets in Q4 2023 to be closed in the first half of 2024.

• The development of third-party volumes into the Caroline plant is underway, with future plans focused on optimizing opportunities, developing drilling inventory upside, and exploring new venture business ideas, especially those linked with power generation and carbon capture and sequestration.

• Unexpected challenges in 2023 included wildfires leading to production outages and low natural gas pricing which led to the shutdown of uneconomical dry gas production in West Central Alberta. Despite this, Pieridae falls well within all parameters for 2024 as per their issued guidance on December 7 last year.

More details: PIERIDAE ENERGY LIMITED IR

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