FY22 HIGHLIGHTS
Annual expenses were 13% below budget at $19.1 million and represented 0.86% of gross revenue or $0.72 per barrel of equivalent production unit cost. Expenses
Revenue Gross revenues totaled $2.22 billion, with PUF revenue at $2.12 billion and AUF revenue at $96 million. Oil and gas royalty income increased by 27% over FY21.
Asset value
Production
The FY22 total value of proved reserves was up 46% year-over-year primarily due to higher commodity prices, resulting in more active development activities. On a price neutral basis, the value-per-acre of proved reserves is up 44% year-over-year.
Production rates averaged 329,000 gross barrels of oil equivalent (BOE) per day. UL’s mineral royalty averaged 22% for both oil & gas, equaling a cumulative net royalty volume of 26.5 million BOE.
Environment
Renewable energy
Our renewable energy portfolio was expanded with one new wind project across 12,000 acres, putting our current portfolio at a total of 10 clean energy projects across 80,600 acres of PUF Lands.
UL performed 178 optical gas imaging (OGI) camera inspections (90 facility fugitive emission inspections and 88 flare inspections) and approximately 1,160 oil & gas lease inspections. A total of 242 unproductive oil & gas wells were plugged and have either been returned or are in the process of being returned to pastureland.
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