04:29 PM EDT, 10/28/2024 (MT Newswires) -- PrairieSky Royalty ( PREKF ) after trade Monday said third-quarter profit fell 22% on lower revenue amid a drop in royalty production.

The Western Canadian oil and gas royalty company said it earned $47.3 million, or $0.20 per share, in the period, down from $60.3 million, or $0.25, in the year-prior quarter.

Revenue dropped 14% to $117.3 million from $135.6 million, as royalty production fell to 24,422 barrels of oil equivalent per day from 25,320 boepd, while its average price per barrel equivalent fell 8.9% to $49.63.

Funds from operations totaled $92.4 million or $0.39 per share, in line with Q3 2023. Net debt totaled $149.6 million on Sept 30, a decrease of $72.5 million since the end of 2023.

It declared a third quarter dividend of $59.7 million, or $0.25 per share, a payout ratio of 65%.

PrairieSky shares closed down $0.31, or 1.1%, to $27.73 on the Toronto Stock Exchange.