FY 23 HIGHLIGHTS
Revenue
Gross revenues totaled $1.98 billion with PUF revenue reaching $1.86 billion and AUF revenue at $121 million. AUF income increased by 26% over FY2022.
Expenses
Annual expenses were $22.2 million and represented 1% of gross revenue or $0.82 per barrel of equivalent production unit cost.
Production
Production rates averaged around 343,500 gross barrels of oil equivalent (BOE) per day. UL’s mineral royalty averaged 21.6% for both oil & gas, equaling a cumulative net royalty volume of 27.1 million BOE.
Reserves
The FY23 total value of proved reserves was down 12% year-over-year primarily due to lower commodity prices, resulting in less active and near future development activities. On a price neutral basis, the value-per-acre of proved reserves is up 7% year-over-year.
Environment
UL performed 207 optical gas imaging (OGI) camera inspections (75 facility fugitive emission inspections and 132 flare inspections) and 1,375 oil & gas lease inspections. A total of 199 unproductive oil & gas wells were plugged with the surrounding areas remediated and returned to pastureland.
Emerging Energy
UL’s emerging energy portfolio consists of a total of 11 active agreements. Wind and solar are the primary sources of alternative energy on PUF Lands with several emerging energy projects under consideration.
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