By Robb M. Stewart
Pieridae Energy Ltd. narrowed its production guidance for the remainder of the year following a drop in second-quarter output.
The Calgary-based natural gas company said production is forecast to be 40,000-42,500 barrels of oil equivalent a day for the remainder of 2021, compared with previous guidance of 40,000-45,000 boe/d.
On 2Q results:
Total production in the second quarter was 38,404 boe/d, down from 43,997 in the prior quarter and 43,791 a year earlier. That included natural gas output of 194,232 mcf/d, compared with 215,179 the quarter before and 208,689 last year.
Pieridae said it completed a five-week scheduled turnaround at its Jumping Pound Gas Complex during the quarter, affecting 3,309 boe/day of production during the period. By the end of May, production was back on stream after the work was completed. Production also was slightly affected by other minor scheduled workover projects in its Limestone and Caroline fields, it said.
The company said that higher operating costs per barrel of oil equivalent and royalties offset comparative strength in revenue in the quarter, primarily as a result of higher power prices and increased third-party processing fees, both of which are partially tied to natural gas price indexes.
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