Lower commodity prices cut into PrairieSky Royalty Q1 earnings

PrairieSky Royalty Ltd. is reporting a 67 per cent drop in net earnings on sharply lower oil and gas prices in the first quarter.

The Calgary-based company earns royalty revenue from oil and gas producers who drill on lands on which it holds the mineral rights.

It says it earned $8.6 million or four cents per share on revenue of $52.7 million in the three months ended March 31, compared with net earnings of $26.4 million on revenue of $73.2 million in the year-earlier period.

Analysts had expected earnings of $16 million or six cents per share, according to financial markets data firm Refinitiv.

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