Perpetual Energy (TSE:PMT) has released an update.
Perpetual Energy Inc. has reported a decrease in second quarter sales production by 12% from the previous quarter and 38% year-over-year, primarily due to asset dispositions and natural declines. Despite the dip in production, the company saw a modest 8% increase in adjusted funds flow compared to the first quarter, and a significant reduction in cash costs per barrel of oil equivalent. The company also recorded a net income of $3.3 million, contrasting with a net loss in the same quarter the previous year.
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