Financial Wire

PrairieSky Royalty Posts Lower Profit, Higher Revenue for Q1; Quarterly Dividend Maintained

-- PrairieSky Royalty (PSK.TO) after trade Monday said its first-quarter profit fell slightly while revenue rose year-over-year.

The Western Canadian oil and gas royalty company said it earned $55.8 million, or $0.24 per share, in the period, down from $58.4 million, or $0.25 per share, a year prior. FactSet expected $0.22 per share.

Revenue rose to $133.8 million from $128.1 million in the year-ago quarter. Royalty production revenue stood at $118.5 million and other revenue was $15.3 million.

"It was another strong quarter as third-party operators continued to be very active across PrairieSky's land base bringing wells on production and leasing our fee lands. At current benchmark commodity pricing, we anticipate the level of activity on our land base and the growth in oil and NGL royalty production to continue," Chief Executive Andrew Phillips said.

The company's board approved the company's second-quarter dividend of $0.265 per share, payable on July 15 to shareholders of record on June 30.

PrairieSky shares closed up $0.26 to $31.11 on the Toronto Stock Exchange.

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PrairieSky Royalty Posts Lower Profit, Higher Revenue for Q1; Quarterly Dividend Maintained | Financial Wire