Permian Resources’ Post

Our Q1 Financial Result Report, announced on May 1, highlighted strong financial results despite market pressures in the first quarter thanks to our disciplined operating strategy, operational density in the resilient Permian Basin and prudent investments in next-generation equipment. “We are excited to start off 2024 with strong financial results and positive momentum. Our results reflect a strategy that is working. Thanks to the dedication and discipline of our teams across our service lines, we continue to deliver strong performance and advance our strategic priorities toward industrializing our business.” - Sam Sledge, ProPetro Chief Executive Officer 🔴 Total revenue of $406 million increased 17% compared to the prior quarter. ⚫️ Net Income was $20 million ($0.18 income per diluted share) as compared to a net loss of $17 million in the prior quarter ($0.16 loss per diluted share). 🔴 Adjusted EBITDA of $93 million was 23% of revenue and increased 45% compared to the prior quarter with 50% incremental margins. ⚫️ Incurred capital expenditures were $40 million. 🔴 Awarded a long-term contract from ExxonMobil for two FORCE electric-powered hydraulic fracturing fleets with the option for a third FORCE fleet coupled with our Silvertip wireline and pumpdown services. ⚫️ Four FORCE electric fleets are now under contract with leading customers with three FORCE electric fleets currently operating. 🔴 Increased share repurchase program by $100 million for a total of $200 million and extended the program to May 2025. ⚫️ Effective frac fleet utilization was 15.0 fleets compared to 12.9 fleets in the prior quarter. 🔴 Repurchased and retired 3.0 million shares during the quarter with total repurchases of 8.8 million shares representing approximately 8% of outstanding shares since plan inception in May 2023. ⚫️ Net cash provided by operating activities was $75 million with Free Cash Flow of $41 million. View full press release here: https://lnkd.in/dvDaFR5q

Ascot halts Premier gold mine operations in British Columbia just months after first pour. By Henry Lazenby, September 6, 2024. " Insufficient ore feed from the Big Missouri and Premier Northern Lights (PNL) deposits, ... missed production targets and forced the halt." --------------------------------------- It is unclear why the Market has reacted positively to the Ascot prior PR (August 9, 2024, https://lnkd.in/ebY-3jPi), which already contained a few warning hints*. --------------------------------------- *"In order to operate the processing plant ... the company needs to complete the mine development of PNL, ensuring that it, in conjunction with Big Missouri production, supplies sufficient mill feed to the processing plant" *"Management is addressing this mine development ..., but the key challenge will be to manage the operating costs effectively until this development is completed".

I am not fan of this one. Wildly expensive ($76,470 / flowing barrel) and increasing debt by 40%! So, why don't I like it...? Canadian Natural Resources Limited (CNRL) are buying Chevron’s working interest in assets CNRL already operates. They're the natural buyer and should be in the best position to value these assets, right? Not from where I'm setting. Devil, as always, is in the detail. Investors are taking on 10 years' worth of new debt in exchange for 3.5% more revenue and free cash flow. CNRL bought 85,000 barrels/day net royalties. The additional WI they bought from CVX will generate $1.4 billion in annual revenue. That's based on the $45 / barrel, or $15-20 less than WTI, they made on barrels sold from these assets earlier this year. CNRL's new working interest will throw off $280 million of free cash flow based on margins that ranged from 18%-30% between 2021-2Q2024. Future margins could be lower with additional interest payments from the increased debt. I’ll skip the bottom up analysis on this one. CNRL put on permanent debt capital to increase their dividends and buy backs. Leverage will still be below 2x operating cash flows. Acquisitions like this one are not exactly inspiring. The company is paying a premium for scale without adding any significant near-term value. https://lnkd.in/enEAQHZX

Pieridae’s Q4 and Year End Results for 2023 Are Live! The year was highlighted by: ✅ Successful Refinancing ✅ Strong Exit Production ✅ Robust Hedging Program ✅ Delivered annual net operating income of $131 million “During 2023 we successfully refinanced and reduced our long-term debt, safely completed crucial facility maintenance, drilled two Foothills development wells, reduced our G&A costs and generated strong NOI,” said Pieridae’s President and Chief Executive Officer, Darcy Reding. “Pieridae’s results improved in the fourth quarter, despite falling natural gas prices and unavoidable maintenance downtime. We safely brought the Waterton facility and production back online at the end of October and recovered our production capability, exiting the year at approximately 37,500 boe/d. Our commodity hedging program continues to support the business, generating over $60 million in gains during 2023 and is expected to continue to mitigate the cashflow impact of low gas prices in 2024, should they persist.” Check out our Results, Annual Information Form and MD&A can be found on our website here along with the full news release: https://lnkd.in/guScwrak #quarterlyresults #investors #naturalgas #foothills #PieridaeEnegry

Looking to add a #valuable finite resource to your #invesmentportfolio? 🇨🇦 Download our corporate presentation to learn more: https://lnkd.in/gUWDg9vY #investmentopportunity #investing #resourcestocks

The new JORC code is due to be released in 2024 after a long time coming. Not only does it include new requirements around reconciliation but also ESG. This is a regulatory requirement from the ASX for (listed) mineral companies to report their mineral resources and reserves. Its not optional and highly scrutinised by investors and regulators alike. Not surprisingly K2fly experiences increased demand from jurisdictions that have regulatory reviews coming or being introduced. We saw that from changes to the PERC (Europe) code and the US SEC SK-1300. Directors; are you confident that you have a robust, transparent and auditable system and process in place for you to be able to confidently disclose the asset that constitutes most of the value of your company? Or are you reliant on great people pulling spreadsheet's together? Is that a risk worth taking? Investors are you asking your investee companies about this? It actually doesn't matter if you are small medium or large. Argonaut Tribeca Investment Partners Regal Funds Management Philip King Ivan Gustavino Atrico Pty Ltd Kheong Chee Edward Rigg Todd Warren Ideagen Mineral Resources Limited Glencore BHP Justin Osborne Northern Star Resources Limited

Resource and Reserve Governance in mining within the context of stock exchange disclosures is essential for maintaining the integrity of mining companies and fostering investor confidence in this sector .. #No margin for error #asx #jse #nyse #goldmining #coppermining #miningindustry #lse #reserves #disclosure #geologists

Resource companies need to be more transparent in informing and protecting investors that their mineral public reports comply with regulatory and industry standards. If not, how can investors ensure that companies disclosing mineral inventory to stock markets went through a proper process of governance, verification and auditability? K2fly Resource Disclosure provides a structured, governed, and auditable process to capture all MRMR data for public mineral reporting. Learn more here > https://lnkd.in/g3TK-j9n Watch the video here >https://lnkd.in/gMxYcKC6

Is it that time of year again? Simplify and comply with JORC (and other global) codes for your Resource & Reserve Disclosures with K2Fly’s Resource Disclosure software. #JORC #SK-1300 #cfo ##mininginvestment #miningindustry #investorrelations #competent persons #reserves #disclosures #mineralresources #compliancerisk #compliance #asx #stockexchange

Valuing mineral rights in North Dakota for an estate with fractional ownership was critical. By leveraging engineering expertise to forecast oil futures, we achieved an accurate valuation, steering clear of tax pitfalls. Read the case study: https://bit.ly/3LRdkSr #appraiser #CaseStudy