04:32 PM EDT, 07/14/2025 (MT Newswires) -- PrairieSky Royalty ( PREKF ) on Monday said its second-quarter profit fell 3.6% as lower oil and gas prices offset record production.

The Western Canadian oil and gas royalty company said it earned $56.3 million, or $0.24 per share, in the period, down from $58.4 million, or $0.25.

Revenue dropped 7.3% to $111.2 million from $119.9 million, as royalty production rose 4.4% to 26,457 barrels of oil equivalent per day, while its average price per barrel equivalent fell 12% to $46.19.

"We continue to see growth in our heavy oil portfolio with the Clearwater and Mannville Stack approaching 25% of oil royalty production as third-party operators continue to execute on their drilling programs in these plays. Multilateral horizontal drilling reached a record 52% of spuds (61 wells) in the quarter which included 47 wells in the Clearwater," chief executive Andrew Phillips said in a release.

The company's shares closed up $0.23 to $23.57 on the Toronto Stock Exchange.