Latest news with #DavidHendry
Yahoo
15-05-2025
- Business
- Yahoo
Freehold Royalties Ltd (FRHLF) Q1 2025 Earnings Call Highlights: Record Production and ...
Production: 16,248 BOE/day in Q1, highest since inception in 1996. Funds from Operations: $16 million in the quarter, or $0.42 per share. Realized Pricing: $49.25 BOE in Canada, $72.64 BOE in the US. Leasing Revenue: $3.9 million from new leases in Canada and the US. Drilling Activity: Up 12% from Q4 2024 levels, with increased activity in US land base. Heavy Oil Production: Up 19% from Q1 a year ago. Gas Production: 25 million cubic feet/day or 4,100 BOE/day of Canadian gas exposure. Dividend Payout Ratio: Targeting 60% payout ratio. Dividend Coverage: Sustainable at approximately $50/barrel WTI. Warning! GuruFocus has detected 7 Warning Signs with FER. Release Date: May 14, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Freehold Royalties Ltd (FRHLF) terminated its management agreement with Rife, simplifying governance and streamlining decision-making. The company achieved its highest production level since inception, with 16,248 BOE per day in Q1. Freehold Royalties Ltd (FRHLF) introduced a Normal Course Issuer Bid (NCIB) to provide flexibility in capital returns through share buybacks. The company reported a significant premium on US production pricing compared to Canada, driven by higher oil weighting and lower transportation costs. Freehold Royalties Ltd (FRHLF) experienced robust leasing activity in Q1, setting a new high watermark for US mineral title lands leasing revenue. There was a softening in wells drilled in Canada, particularly in the Viking area, compared to Q1 2024. The company anticipates episodic lease bonus revenue, indicating potential variability in future leasing income. Market volatility, influenced by external factors like geopolitical events, could impact future financial performance. The company is exposed to commodity price fluctuations, with a breakeven oil price of $50 per barrel WTI needed to cover costs and dividends. Despite strong licensing, there is uncertainty regarding operator activity levels post-breakup season in Canada. Q: Is this the first time that Freehold will have a Normal Course Issuer Bid (NCIB), and how are you planning to use it to optimize shareholder value? A: David Hendry, CFO, explained that this is indeed the first time Freehold has implemented an NCIB. It is currently in the process of being approved and is not yet active. The NCIB will provide optionality to realize shareholder value, and it will be used tactically when it makes sense, serving as an additional tool to benefit shareholders. Q: Are the lease bonus results in the US repeatable, and how should we think about these cohorts? A: Robert King, COO, noted that in Q1, Freehold signed 11 leases on US assets, primarily in the Permian, with significant revenue from a private E&P focusing on the Barnett formation. While the $3.3 million revenue is significant, future results may be episodic. However, with 80% of their US land being mineral rights, there is substantial opportunity for growth. Q: How should we think about the cost structure following the termination of the management agreement with Rife? A: David Spyker, CEO, stated that the cost impact is not material. The cost structure remains largely unchanged, with a minor one-time cost associated with separating infrastructure. The termination allows Freehold to have a dedicated staff focused solely on the company, which is seen as a positive step forward. Q: How should we think about the current wells being drilled in the Permian going forward? A: Robert King, COO, explained that the bulk of drilling in the Permian is still in the middle eight benches of their Midland assets. There is increased drilling in the deeper Barnett formation, which has shown significant success. Freehold's targeted acquisition strategy in the Permian has resulted in a land base where one-third has not yet had horizontal drilling, indicating significant future potential. Q: How much exposure does Freehold have to multilateral drilling in the Western Canada inventory Basin? A: David Spyker, CEO, highlighted that Freehold has significant exposure to multilateral drilling in heavy oil areas like Clearwater and Mannville Stack, as well as in Southeast Saskatchewan. The introduction of a royalty incentive for multilateral drilling in Saskatchewan has led to increased activity, with nearly 40% of wells drilled on Freehold's lands being multilaterals in 2024, almost doubling from previous years. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Press and Journal
07-05-2025
- Politics
- Press and Journal
Locals warned as Belgian military copters to take to Moray skies - here's when you can spot them
Kinloss Barracks in Moray will host helicopters from the Belgian Armed Forces later this week it has been confirmed. They will arrive at the base on Friday and will stay until May 20. During this period, they will be involved in night flying, which may cause a 'slight disruption' to locals. Aircrews have been briefed to avoid low-level flying over built-up areas and to avoid disrupting birds roosting on Findhorn Bay. The Belgian military arrived at Kinloss Barracks at the weekend. Image: David Hendry. Belgian military helicopters above Moray A founding member of the North Atlantic Treaty Organization (NATO), the Belgian military is in the north of Scotland for training exercises. On Saturday, large convoys of Belgian Armed Forces vehicles were spotted entering Kinloss Barracks. The site was an RAF base until 2012. Earlier this week, The Press and Journal revealed an exercise was being conducted by the country's Special Operations Regiment, which is part of Belgium's army (Land Component). The Belgian military on their way to Kinloss. Image: David Hendry. Belgium's Ministry of Defence confirmed they are taking part in a large-scale operation in the UK, which is part of military exercise called Red Condor, with 600 personnel taking part. This is being conducted by the 3rd Parachute Battalion, which is part of the Special Operations Regiment of the Belgian Armed Forces, with support from the Belgian Air Component, the country's equivalent of the RAF. Read more: Just what was a fleet of Belgian army vehicles doing in Kinloss?
Press and Journal
05-05-2025
- General
- Press and Journal
Just what was a fleet of Belgian army vehicles doing in Kinloss?
Large convoys of vehicles belonging to the Belgian Armed Forces were spotted entering Kinloss Barracks on Saturday. They were filmed by Lossiemouth explorer David Hendry, well-known for documenting Second World War sites and finding ageing vehicles. Last July, Mr Hendry made the headlines after finding the oil tank of a Fairey Firefly, a WWII carrier-borne fighter aircraft dated April 1952, near Elgin. On Saturday, he was going back to Lossiemouth after a Star Wars convention in Forres when he spotted the convoy, made up of dozens of vehicles. The Press and Journal can now reveal the footage shows an exercise conducted by the Belgian Special Operations Regiment. Footage shows the army vehicles driving on the B9089. The fleet then turned right into the Kinloss Barracks. The barracks, home to 39 Engineer Regiment, was a Royal Air Force (RAF) base until 2012. The regiment provides engineering and technical support to both the British Army and the RAF. The Belgian Minister of Defence has confirmed that the Belgian Army is taking part of a large-scale operation in the UK. Saturday's convoy was part of a military exercise named Red Condor. It is being conducted by the Belgian 3rd Parachute Battalion, which is part of the Special Operations Regiment of the Belgian Armed Forces, with support from Belgian Air Component helicopters. Approximately 600 personnel are taking part in this exercise in the United Kingdom. The British Army has been contacted for comment.
The National
05-05-2025
- The National
Dozens of Belgian army vehicles spotted near Scottish town
The Press and Journal first reported the sighting, which was captured by local explorer David Hendry in Moray. The footage shows dozens of vehicles from the Belgian Armed Forces, which were spotted driving on the B9089 and entering the Kinloss barracks, near the town of Forres. READ MORE: John Swinney condemns Rangers fans over 'unacceptable' Celtic match banner The Belgian Minister of Defence has reportedly confirmed that the Belgian army is there to take part in a large-scale operation called Red Condor. It is being conducted by the Belgian 3rd Parachute Battalion with support from Belgian Air Component helicopters. The Press and Journal reports some 600 personnel are involved.
Miami Herald
02-05-2025
- Business
- Miami Herald
Lottery player wins $1 million at Florida Publix. Where was the ticket sold?
A Florida Lottery player's decision to buy a scratch-off ticket at a Publix grocery store led to a life-changing prize. The Tampa man won a $1 million prize in the 500X The Cash scratch-off game, the Florida Lottery announced May 1. David Hendry, 55, bought his lucky ticket for $50 at the Publix Super Market at Hyde Park in Tampa, according to lottery officials. The Hillsborough County lottery player didn't hit the top prize of $25 million, but he still beat the 1-in-274,004 odds to win a second-tier prize of $1 million, records show. Hendry claimed his windfall as a one-time payout of $640,000, lottery officials said. A Sarasota County man won the game's first $25 million jackpot, the largest amount ever offered in a Florida Lottery scratch-off game, McClatchy News previously reported in April. One top prize remains in the game, which debuted in January 2024.
