Skip to main content

PrairieSky Royalty Ltd. says its net income more than doubled in the first quarter on a nearly 13 per cent increase in revenues on a rise in crude oil and natural gas prices.

The Calgary-based company, which collects royalties from oil and gas production on lands for which it has the petroleum mineral rights, says it earned $18.8 million or eight cents per share.

That’s up from $8.6 million or four cents per share a year earlier when the COVID-19 pandemic had a big impact on the economy

Revenues for the three months ended March 31 were $59.5 million, up from $52.7 million a year earlier and $47 million in the prior quarter.

Royalty production averaged 19,380 barrels of oil equivalent per day, down from 22,160 boe/d a year ago.

It says it realized an average of $55.71 per barrel for oil in the first quarter, up from an average of $42.80 in the first quarter of 2020. Meanwhile, its realized natural gas price rose to $2.45 per thousand cubic feet, up from $1.57 a year earlier.

Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. Sign up today.

Report an editorial error

Report a technical issue

Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 28/03/24 4:00pm EDT.

SymbolName% changeLast
PSK-T
Prairiesky Royalty Ltd
+2%26.53

Follow related authors and topics

Authors and topics you follow will be added to your personal news feed in Following.

Interact with The Globe