Petrus Resources Q3 2024 Earnings Report

Petrus Resources EPS Results

• Actual EPS: C$0.04
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A

Petrus Resources Revenue Results

• Actual Revenue: N/A
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Petrus Resources Announcement Details

• Quarter: Q3 2024
• Date: 11/6/2024
• Time: After Market Closes
• Conference Call Date: Thursday, November 7, 2024
• Conference Call Time: 11:00AM ET

Petrus Resources (TSE:PRQ) Ltd is a company that is engaged in the acquisition, development, exploration, and exploitation of energy business assets. The company receives maximum revenue from oil and natural gas. The company's core operating areas are Ferrier, Central Alberta, and the Rocky Mountain foothills.

Petrus Resources Q3 2024 Earnings Call Transcript

Key Takeaways

• Cash flow rose slightly in Q3 compared to Q2 despite record low gas prices, driven by hedging and higher oil production.
• Production dipped marginally due to September maintenance at a third-party gas processing plant, though increased processing fees partly offset the loss.
• The company continued its regular dividend payments throughout Q3, maintaining shareholder returns.
• Drilling activities resumed in September, with two joint interest wells drilled and completions scheduled for November.

Presentation

[Operator]

Good day, and thank you for standing by. Welcome to the Petrus Resources Third Quarter 2024 Results Conference Call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there'll be a question-and-answer session. To ask a question during the session, you'll need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker for today, Ken Gray. Please go ahead.

[Ken Gray, CEO at Petrus Resources]

Good morning and welcome to Petrus Resources Q3 2024 Conference Call. My name is Ken Gray, and I'm the CEO of Petrus. I'm joined here by our executive team of Mathew Wong, our CFO, Matt Skanderup, our COO, and Lindsay Hatcher, VP, Commercial and Corporate Development. The main thing to note in Q3 was that cash flow was up just slightly over Q2 despite record-low gas prices. Hedging and increased oil production contributed to the increased cash flow. Production was down slightly due to maintenance in September at a third-party gas processing plant. We were able to mitigate the lost production somewhat and generate increased third-party processing fees during this period to somewhat offset the lost production. We also continued to pay our regular dividend during that quarter. We resumed drilling in September and have completed drilling two joint interest wells. Completions are scheduled for later in November.

[Ken Gray, CEO at Petrus Resources]

Thanks for calling in, and we'll now answer any questions you might have.

[Operator]

As a reminder, at this time, if you would like to ask a question, please press star one one on your telephone. I am not seeing any questions, and this does conclude today's conference call. You may all disconnect.

Participants

Executives

• Ken Gray, CEO