Peyto Exploration & Dev (TSE:PEY) has released an update.
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Peyto Exploration & Development Corp. reported a robust first quarter in 2024, with a significant 21% year-over-year increase in production and funds from operations totaling $204.6 million. The company’s strategic hedging resulted in a 49% higher realized natural gas price compared to the average, contributing to a solid profit margin of 30% and enabling $64.2 million in dividends for shareholders. Operational efficiency was showcased by the 30% increased well productivity from the Repsol asset acquisition and a commitment to reduce operating costs by year’s end.
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