1 week Ago By [email protected] (MENAFN)
CALGARY, Alberta, May 08, 2024 (GLOBE NEWSWIRE) -- Pieridae Energy Limited (“Pieridae” or the“Company”) (TSX: PEA) announces the release of its first quarter 2024 financial and operating results. Pieridae generated Net Operating Income (“NOI”)1 of $23 million during the first quarter of 2024, reflecting aggressive operating cost and fuel gas reductions, and $9 million in hedging gains. Pieridae's management's discussion and analysis (“MD&A”) and unaudited interim consolidated financial statements and notes for the quarter ended March 31, 2024 are available at and on SEDAR at .
“Pieridae is delivering on its strategic plan to reduce operating costs, decrease fuel gas consumption and emissions, and grow our midstream gathering and processing business,” said Pieridae's President and Chief Executive Officer, Darcy Reding .“We have put up a solid quarter from a cash flow perspective thanks to both our relentless focus on improving cost structure and our hedging program, despite very low AECO gas prices and lower than anticipated March production from an unplanned outage at our Jumping Pound gas plant. We expect to see growth in our midstream revenue as we continue to attract new raw gas volumes from third party producers actively drilling in the vicinity of our Caroline gas gathering system and deep cut gas plant.
” HIGHLIGHTS SELECTED QUARTERLY OPERATIONAL & FINANCIAL RESULTS (1) Total production excludes sulphur. (2) Third-party volumes processed are by ac.
