Petrus Resources Sees Higher Revenue Amid Liquids Price Surge

Petrus Resources reported higher second-quarter production and revenue due to increased liquids output and stronger pricing, its CEO said during an earnings call. The company's operating netback rose 92% year over year to C$24.9 million.

Production averaged 11,070 barrels of oil equivalent per day in the quarter, up 21% from the same period last year. This was boosted by seven new wells brought online at Ferrier, as well as contributions from the Harmattan acquisition after a brief disruption due to maintenance.

Liquids represented 39% of production during the quarter, and the higher proportion of liquids in the mix more than offset weaker natural gas prices. Oil prices rose 59% year over year, while natural gas prices declined 18%. As a result, the company's realized price per BOE was C$37.66, up 46% from last year.

The company expects full-year capital expenditures to be near the upper end of its C$50 million to C$60 million guidance range. CEO Ken Gray said Petrus is positioned to pursue opportunities through operational efficiency and risk management, while continuing to pay a high-yield dividend to shareholders.