04:45 PM EDT, 03/21/2024 (MT Newswires) -- Lucero Energy ( PSHIF ) on Thursday said its fourth-quarter profit fell 11% on lower oil and gas production and weaker prices.

The North Dakota oil and gas producer said it earned C$16.88 million, or C$0.03 per share, in the period, down from C$19.0 million, or C$0.03, in the year-prior quarter.

Revenue fell 23% to C$58.68 million from C$76.15 million.

The company produced 10,009 barrels of oil equivalent per day in the quarter, down 9.1% from 11,009 boepd in the fourth quarter of 2022, while its average price per barrel equivalent fell 15% to C$63.73.

"Lucero continued to focus on portfolio optimization over the past year, resulting in the strategic disposition of non-core and non-operated assets in June of 2023 which commanded premium market metrics and provided the company with cash consideration of $130.5 million after closing adjustments. While production volumes from the disposed assets represented approximately 20% of Lucero's corporate volumes, or approximately 2,300 Boepd, the Company continued to demonstrate production stability," the company noted.

Lucero is budgeting US$65 million on capital projects in 2024 and expects production to average 10.100 boepd this year.

The company's shares closed down C$0.03 to C$0.59 on the TSX Venture Exchange.