Q3 2025 Freehold Royalties Ltd Earnings Call Transcript
Key Points
- Freehold Royalties Ltd (FRHLF) achieved a 10% increase in production from Q3 2024, reaching 16,054 BOE per day.
- The company has successfully shifted to a balanced portfolio with 45% of production from the US, now representing 53% of revenue.
- Realized oil prices in the US were significantly higher at $93.25 per barrel compared to $79.03 per barrel in Canada.
- The company is delivering best-in-class operating margins with a liquids-weighted North American portfolio.
- Freehold Royalties Ltd (FRHLF) continues to deliver a monthly dividend of $0.09 per share with a payout ratio of 72%.
- Gas production in Canada decreased by 6% compared to the third quarter of 2024 due to weaker gas pricing.
- Net drilling activity in the US was down year-on-year despite the increase in asset heft after the acquisition.
- The company has increased its payout ratio to 72%, exceeding its target dividend payout ratio of 60%.
- There was no activity on the NCIB (Normal Course Issuer Bid) during the quarter.
- The timing of drilling activity in the Eagle Ford Basin was delayed, affecting production levels.
Good day, and thank you for standing by. Welcome to the Freehold Royalties third quarter 2025 Webcast. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, David Spyker, President and CEO. Please go ahead.
Good morning, everyone, and thank you for joining us today. On the call with me is Rob King, our COO; Shaina Morihira, our CFO; and Todd McBride, our Manager of Investor Relations. So before we get started, I just want to advise everyone that certain statements on this call are considered as forward-looking information, and we caution the listener to review the advisory on forward-looking statements in the news release and MD&A found on our website.
So for the quarter, we achieved production of 16,054 BOE a day with a liquids weighting of 65%. This represents a production increase of 10% from Q3 2024, reflecting the contribution from
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