Pieridae Energy reports $64.6 million net income

Pieridae Energy Limited has released its financial and operational results for the fourth quarter and full year of 2024. The company reported a net operating income of $64.6 million for the year, with an average production rate of 27,763 barrels of oil equivalent per day, primarily from natural gas. In the fourth quarter, Pieridae achieved a net operating income of $13.7 million, with production at 22,568 barrels of oil equivalent per day. By the end of 2024, their exit production was around 25,558 barrels per day. The company also filed its annual information form, stating that its proved developed producing reserve value is approximately $621.4 million, while the total proved plus probable reserve value stands at $1.25 billion. President and CEO Darcy Reding highlighted significant milestones for 2024, including selling off older LNG assets and paying off a costly loan ahead of schedule. They successfully lowered operational costs and adjusted production to cope with low natural gas prices. Looking ahead, Pieridae aims to reposition its sulfur business and consolidate gas supply for greater efficiency. In financial specifics, the company recorded a net loss of $38.9 million for the year. Despite facing challenges, it maintained a focus on cost reduction, seeing a decrease in operating expenses by 17% compared to the previous year. The firm's capital expenditures amounted to $25.7 million, primarily for facility upgrades. Overall, while Pieridae faced some setbacks with production decrease and net loss, it remains optimistic about future growth and efficiency improvements. The company's strategic plans for 2025 include enhancing their operations and addressing production challenges.