Nov 09, 2023 / 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, sir.
David Michael Spyker - Freehold Royalties Ltd. - President, CEO & Director
Good morning, everyone, and thank you for joining us today. On the call from Freehold are David Hendry, our CFO; and Rob King, our Chief Operating Officer. So we've had a good third quarter, highlighted by growing U.S. production volumes, active drilling programs across North America and an 18% reduction in net debt. Production of 14,605 BOE a day was in line with the previous quarter, and up 3% versus the same period in 2022. Growth in volumes was due to drilling from our third-party payers, leading to organic oil-weighted growth, most notably within our U.S. portfolio.
U.S. production in the quarter averaged 5,427 BOE a day, eclipsing the previous U.S. production record by 160 BOE a day, which was set in Q4 last year. The 12% quarter-over-quarter growth was driven by several high-impact multi-well pads
Q3 2023 Freehold Royalties Ltd Earnings Call Transcript
Feb 13, 2024
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