06:54 AM EST, 03/08/2024 (MT Newswires) -- Peyto Exploration & Development Corp. ( PEYUF ) overnight Thursday reported fourth-quarter 2023 earnings of $87.8 million, or $0.46 per share, down from $113.4 million, or $0.64 per share, in the year-ago quarter.

Fourth-quarter 2023 funds from operations also fell to $200.3 million, or $1.05 per share, from $220.8 million, or $1.28 per share, in the prior-year period.

Fourth-quarter 2023 production volumes averaged 120,002 barrels of oil equivalent per day, a 14% increase year over year.

Annual production averaged 104,948 boe/d in 2023, up from 103,548 boe/d in 2022.

The company plans to execute a 2024 capital program between $450 million and $500 million.