- PrairieSky continues to maintain no debt on its balance sheet despite recent acquisition activity. These transactions, highlighted below, are in line with the company’s overall strategy, and are the pieces of business that we expect to add incremental value to investors over time. Long term, we continue to favour the characteristics and opportunities of PrairieSky’s assets and business model.
- PrairieSky achieved fourth quarter cash flow and production of $0.27/share and 23,798 boe/d which was in line with our estimates of $0.28/share and 23,133 boe/d, respectively.
- Dividend increased 4%; NCIB extended. PrairieSky’s Board of Directors has approved a dividend increase of $0.03/share annually to $0.75/share annually. The increase is planned to be effective beginning with the dividend payable in April. The board also approved up to $44.0 mm to extend PrairieSky’s normal course issuer bid (NCIB) from May 2017 to May 2018.