01:55 PM EDT, 03/21/2024 (MT Newswires) -- Pieridae Energy Ltd. ( PTOAF ) overnight Wednesday reported fourth-quarter net income of $7.4 million, or $0.03 per diluted share, down from $114.7 million, or $0.70 per diluted share, a year earlier.

The company reported net operating income for the quarter ended Dec. 31, 2023, $25.4 million, down from $67.7 million a year earlier.

For 2024, the company is expecting net operating income of $80 million to $100 million; and operating netback of $6.50 per barrel of oil equivalent to $8 per barrel of oil equivalent.

Total production in 2024 is expected to be 33,000 to 34,500 boe/d. Capital expenditures for 2024 are expected to be $28 million to $33 million.

In 2024, Pieridae Energy ( PTOAF ) plans to maximize processing facility reliability to meet production targets and maximize third-party processing revenue by leveraging available deep-cut natural gas processing capacity; cut operating expenses to improve corporate netback; optimize fuel gas consumption to reduce raw gas shrinkage, lower greenhouse-gas emissions and costs, and increase sales revenue; and lower long-term debt to deleverage the balance sheet.

The company's stock was down nearly 3% on last look on Thursday.

Price: 0.33, Change: -0.01, Percent Change: -2.94