04:22 PM EDT, 04/22/2024 (MT Newswires) -- PrairieSky Royalty ( PREKF ) after trade Monday said its first-quarter profit fell below expectations on weaker oil and gas prices.

The Western Canadian oil and gas royalty company reported first-quarter earnings per normalized of C$0.20 versus a forecast C$0.44 as per Capital IQ forecasts and last year's C$0.24.

Among other highlights, Q1 revenues totaled C$120.7 million compared to $126.1 million a year earlier as its oil and gas production rose 1.6% to 26,027 barrels of oil equivalent per day, while its average price per barrel equivalent fell 8.3% to C$47.49.

The company generated quarterly funds from operations of C$83.0 million or C$0.35 per share versus C$0.36 in the prior corresponding period and versus a Capital IQ forecast of C$0.38.

It said funds from operations were in line with Q1 2023 as increased oil royalty production and a narrower heavy oil differential offset the negative impacts of lower natural gas benchmark pricing and a wider light oil differential on royalty revenues.

Of other highlights, PrairieSky will apply to the Toronto Stock Exchange to extend its normal course issuer bid for an additional one-year period.

The company's shares closed down C$0.28 to C$27.45 on the Toronto Stock Exchange.