Pieridae Energy Ltd has released its 2019 financial and operating results, which are highlighted by strong year-over-year increases in multiple categories.
Pieridae announced in the update it has advanced its flagship Goldboro LNG project and made adjustments to its business to deal with the impacts of COVID-19.
Pieridae’s Chief Executive Officer Alfred Sorensen said: “The immediate impact of growing production, increased sales of natural gas liquids and the growth in third-party processing thanks to our midstream assets are fully evident in our financial results.”
Sorensen added: “We have delivered on our commitments to shareholders by maximising the value of our assets and continuing to focus on reducing operating costs, preserving cash, protecting our balance sheet and being ready to move forward as the industry improves.”
The categories showing particularly strong year-on-year increases include:
- Petroleum and natural gas revenue – a 4347 per cent increase to US$104.9 million, included in the total 2019 company revenue of US$114.4 million.
- Net Operating Income (NOI) – a loss of US$0.5 million to income of US$24.9 million.
- Adjusted Funds Flow From Operations (AFFO) – a loss of US$4.0 million in 4Q18 to income of US$14.4 million in 4Q19.
- Production – a 241 per cent increase from 17 509 boe/d in 4Q18 to 42 137 boe/d in 4Q19.
Sorensen concluded: “Work continues on multiple fronts with our Goldboro LNG Facility, primarily with KBR to finalise a fixed price contract to design and build the facility. Market conditions and the global fallout from COVID-19 have impacted our ability to make a final investment decision this fall but we are confident it will happen once conditions improve and we can better analyse the landscape.”
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