From GlobeNewswire: 2025-03-12 16:10:00

Freehold Royalties Ltd. announces fourth quarter and year-end results for 2024, with $77 million in revenue, $61 million in funds from operations, and $41 million in dividends paid in the fourth quarter. The company saw record total production of 15,306 boe/d in 2024, with a 65% weighting to oil and NGLs.

President David M. Spyker highlights the company’s diversified, North American oil weighted portfolio and successful acquisitions in the Permian basin. Freehold’s focus on oil growth led to a 64% liquid weighting in 2024, expected to rise to 66% in 2025, boosting revenue per boe for shareholders.

Production volumes averaged 15,306 boe/d in the fourth quarter, with 65% oil and liquids weighting. Canadian production increased by 4%, driven by heavy and light oil growth, while U.S. production rose by 6% due to strong drilling results and acquisitions.

Freehold returned $163 million to shareholders in 2024 through dividends, representing 70% of funds from operations. The company’s balance sheet remains strong, with net debt at $282 million, representing a 1.2x trailing 12 months net debt to funds from operations.

For 2025, Freehold expects production to average between 15,800 and 17,000 boe/d, with a 66% oil and NGL weighting. The company anticipates an increase in funds from operations by over 3% year-over-year with the rise in liquids weighting.

Freehold’s 2024 reserves were evaluated by independent firms, showing a 10% increase in proved and probable reserves per share year-over-year. The company’s reserve information is available on SEDAR and Freehold’s website.

David Hendry, CFO, will retire later this year after playing a key role in Freehold’s growth. The company will seek a successor to ensure a smooth transition. A webcast discussing financial results for 2024 will be held on March 13, 2025.

Dividend payout ratio was 66% in 2024, with $40.7 million paid in dividends. Funds from operations per share was $0.40 in the fourth quarter. Netback was $47.25/boe in Q4-2024, with cash costs at $5.93/boe, highlighting Freehold’s operational efficiency.

The company provided forward-looking statements for 2025, including expectations for production growth, balance between Canada and the U.S., and sustainability of dividends. Freehold cautions investors on risks associated with commodity prices and industry conditions.



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