PrairieSky Royalty Ltd. says its net earnings for the second quarter were $48 million, down from $110.1 million a year earlier. A pumpjack works at a well head on an oil and gas installation near Cremona, Alta., on Oct. 29, 2016. THE CANADIAN PRESS/Jeff McIntosh

PrairieSky Royalty Ltd. says its net earnings for the second quarter were $48 million, down from $110.1 million a year earlier.

The Calgary-based company says it saw record quarterly average oil royalty production of 12,607 barrels per day.

PrairieSky’s revenues for the quarter ended June 30 were $117.4 million, down almost 41 per cent from $198.1 million during the same period last year.

Diluted earnings per share were 20 cents, down from 46 cents a year ago.

President and CEO Andrew Phillips says it has been a strong first half of the year for the company.

While funds from operations were up from the previous quarter, they were down 43 per cent from a year ago due in part to lower benchmark pricing.

This report by The Canadian Press was first published July 17, 2023.

News from © The Canadian Press, 2023. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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