Freehold Royalties Ltd (TSX:FRU)
C$ 13.37 -0.12 (-0.89%) Market Cap: 2.01 Bil Enterprise Value: 2.24 Bil PE Ratio: 14.86 PB Ratio: 2.18 GF Score: 83/100

Q2 2023 Freehold Royalties Ltd Earnings Call Transcript

Jul 31, 2023 / 03:00PM GMT
Release Date Price: C$13.93 (-2.04%)
Operator

Good morning, ladies and gentlemen, and welcome to the Second Quarter Results Conference Call.

I would now like to turn the meeting over to Mr. David Spyker. Please go ahead, Mr. Spyker.

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 COO.

The second quarter delivered consistent results across our North American portfolio. Production of 14,667 BOE a day was in line with the previous quarter and up 9% over Q2 of last year.

Year-over-year growth was due to organic growth on both sides of the border as well as acquisition activity completed in the Midland and Eagle Ford basins.

Revenue of $74 million was in line with expectations, generating funds from operations of $53 million or $0.35 per share. Realized pricing for the quarter of $54.05 per BOE continues to benefit from the premium pricing associated with our U.S. portfolio.

In the U.S., we realized a 39%

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