Peyto Exploration & Dev (TSE:PEY) has released an update.
Peyto Exploration & Development Corp. reported a robust fourth quarter and fiscal year 2023, with the acquisition of Repsol Canada adding significant drilling locations and infrastructure. The company achieved its third-highest funds from operations per share in its history at $3.72/diluted share, totaling $670 million, and managed to effectively hedge against a significant decline in benchmark natural gas prices. Despite increased operating costs from the Repsol facilities, Peyto delivered strong margins and returns, with a 70% operating margin and 11% return on equity.
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