Q3 2022 Freehold Royalties Ltd Earnings Call Transcript

Feb 13, 2024

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Nov 09, 2022 / 02:00PM GMT
Operator

Good morning, ladies and gentlemen. Welcome to the third quarter results conference call. I would now like to turn the meeting over to Mr. David Spyker. Please go ahead.

David Michael Spyker - Freehold Royalties Ltd. - President, CEO & Director

Good morning, everyone, and thank you for joining us this morning. On the call from Freehold with me are Dave Hendry, our CFO; and Rob King, our VP of Business Development.

We're really excited about the third quarter. For the third quarter, we delivered record production of 14,219 BOE a day. Driving revenues of $98 million and funds from operations of $81 million or $0.54 per share. After 2 years of upward momentum in crude oil prices, Q3 2022 represented a 15% retreat in West Texas intermediate oil price. This oil price retreat contributed to a $2 million reduction in funds from operations quarter-over-quarter.

Through the quarter, Freehold was able to complete greater than $160 million in value-enhancing royalty transactions adding to both our U.S. and Canadian portfolios. We also increased our

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