Positive. Peyto Exploration & Development Corp achieved record reserves growth and production levels in 2024.
From GlobeNewswire: 2025-02-20 20:35:07
Peyto Exploration & Development Corp has released its independent reserve report for 2024, showing record new reserves development and production levels. The company’s drilling program in 2024 resulted in a record 457 BCFe of new Proved Developed Producing reserves, with a low FD&A cost. The company also achieved a record production level in December and maintained a strong field netback of $3.26/Mcfe. Peyto’s capital program for 2025 aims to add between 43,000 and 48,000 boe/d of new production. The company’s strong hedge book and low operating costs support continued development despite low natural gas prices. Peyto’s historical performance and reserves growth demonstrate long-term sustainability.
The company’s reserves growth in 2024 led to a 16% increase in PDP reserves value over the previous year, despite lower forecasted prices. Peyto’s active drilling program and strategic acquisitions have consistently delivered reserves growth and value creation. The company’s historical performance ratios show strong capital efficiency and reserve replacement rates over the past decade. Peyto’s focus on low-cost development and efficient operations has resulted in sustainable income for shareholders and long-term value creation. The company’s risk assessment highlights the low risk associated with its Alberta Deep Basin assets, supporting confidence in reserves estimates and future production.
Peyto’s reserves committee oversees the evaluation of reserves, ensuring compliance with industry standards and regulations. The company’s use of non-GAAP financial measures provides insight into its financial performance and capital efficiency. Peyto’s commitment to sustainable growth and value creation for shareholders is evident in its long-term strategy and operational excellence. The company’s strong reserves base and capital program for 2025 position it for continued success in the energy industry.
Read more at GlobeNewswire: Peyto Delivers Record Reserves Results in 2024