PrairieSky Royalty earns $48 million in the second quarter
CALGARY – PrairieSky Royalty Ltd. says net income for the second quarter was $48 million, down from $110.1 million a year earlier.
The Calgary-based company says it saw a record quarterly average oil royalty production of 12,607 barrels per day.
PrairieSky’s revenues for the quarter ended June 30 were $117.4 million, down nearly 41 percent from $198.1 million in the prior year period.
Diluted earnings per share were 20 cents, up from 46 cents a year ago.
President and CEO Andrew Phillips says it’s been a strong first half of the year for the company.
While funds from operations were higher than in the previous quarter, they were down 43 percent from a year ago, due in part to lower benchmark prices.
This report from The Canadian Press was first published on July 17, 2023.
Companies in this story: (TSX:PSK)
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