The following is a summary of the PrairieSky Royalty Ltd. (PREKF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• PrairieSky reported an 8% increase in Q1 2024 oil royalty production, contributing to a total royalty volumes rise of 5% from Q1 2023.

• The company generated a total royalty production revenue of $113.2 million, 91% of which came from liquids, and additional revenue of $7.5 million from new leases and other sources.

• The company reduced its net debt by 6% to $208.3 million and maintained cash administrative expenses within the expected range of $35 million to $40 million.

Business Progress:

• PrairieSky had record royalty oil volumes in Q1 2024, resulting in 50 new leases and $4.2 million in bonus revenue.

• The company made two significant developments - the addition of new polymer and water floods, and the discovery of new areas for royalty development wells, potentially doubling recoverable oil per section.

• PrairieSky plans to continue investing in its oil assets in the light of robust drilling activity forecasted for 2024.

More details: PrairieSky Royalty Ltd IR

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.