Q4 2024 Pieridae Energy Ltd Earnings Call Transcript
Key Points
- Pieridae Energy Ltd (PTOAF) successfully completed the sale of its Goldboro LNG project, allowing the company to fully repay a $20 million bridge loan, reducing debt servicing costs.
- The company achieved a $33.5 million equity raise, which was used to pay down existing debt and invest in high-return optimization opportunities.
- Pieridae Energy Ltd (PTOAF) completed Phase 2 of the Waterton gas plant maintenance turnaround, with the next turnaround not scheduled until 2029, ensuring operational stability.
- The company reported a healthy full-year hedge gain of $74 million, which helped stabilize cash flow amidst low natural gas prices.
- Pieridae Energy Ltd (PTOAF) anticipates significant revenue growth from sulfur sales starting in 2026, as it gains full market exposure after the expiration of a fixed-price contract.
- Pieridae Energy Ltd (PTOAF) faced challenges with low natural gas prices, leading to the decision to shut in a large portion of its dry natural gas production.
- The company's production was negatively impacted by nearly 9,400 BOE per day of dry gas production shut-in during the fourth quarter.
- Operating costs were pressured due to lower production volumes, with fourth-quarter operating costs at $43 million or $20.61 per BOE.
- The company experienced a $93 million reduction in commodity sales year-over-year, primarily due to lower volumes and lower gas prices.
- Pieridae Energy Ltd (PTOAF) faced a reduction in third-party processing revenues by $10 million year-over-year, partly due to outages and shut-ins by third-party producers.
Good day, ladies and gentlemen, and welcome to the Pieridae Energy Q4 and full-year 2024 financial results conference call. Please be advised that today's conference is being recorded (Operator Instructions)
I would now like to turn the meeting over to Mr. Dallas McConnell, Vice President, Corporate Finance. Please go ahead, Mr. McConnell.
Thank you very much, Gigi, and good morning, everyone, on the line. I would like to welcome you to Pieridae Energy's fourth quarter and full-year 2024 investor conference call. With me today are our President and Chief Executive Officer, Darcy Reding; Chief Financial Officer, Adam Gray; and Chief Commercial Officer, Paul Kunkel. Darcy and Adam will begin today with a review of our operating and financial results and certain other company developments. Following their prepared remarks, we will turn the call over to the conference coordinator for questions.
Before Darcy begins, I would like to remind you that our remarks today will
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