Pieridae Energy Ltd (TSE:PEA) has released an update.
Pieridae Energy Ltd reported a productive first quarter in 2024, with a net operating income of $23 million driven by significant operating cost reductions and successful hedging strategies. Despite facing low gas prices and an unexpected outage at its Jumping Pound gas plant, the company maintained solid cash flow and anticipates increased midstream revenue from new third-party contracts. The company’s aggressive cost-cutting and strategic focus on midstream business expansion are key highlights of this quarter.
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