Skyrocketing oil demand is sending oil prices to record levels…
U.S. crude demand jumped in December to its highest reading in over two years. The U.S. Energy Information Administration said the country supplied roughly 21 million barrels per day.
On a year-over-year basis, fuel demand was up 10% in December. This was due to ongoing uncertainty and an undersupply of crude and natural gas.
During the month, oil production fell by 206,000 bpd to 11.57 million. That’s 9% lower than February 2020’s 12.83 million.
Meanwhile, stockpiles at the Cushing storage hub in Oklahoma declined to their lowest levels since 2018 as well. Reuters reported that this is the delivery point for the New York Mercantile Exchange’s (NYMEX) oil futures contract.
These factors have since pushed some of the top oil and gas-producing states to bolster their output, with Texas and Pennsylvania also hitting record production.
And this rise in domestic and global demand has benefited companies across North America, including Freehold Royalties (FRU).
Freehold is a Canadian-based company engaged in the development and production of oil and natural gas.
In its most recent quarter, it reported earnings per share of $0.17… as well as revenue of $58.4 million, marking a 186% rise in sales versus the same period last year.
Freehold said its crude production hit 14,000 bpd during the quarter – greater than the forecast of 13,700 bpd.
The company’s CEO David Spyker noted that these results were driven by acquisitions, high demand, and rising commodity prices.
During the quarter, Freehold closed its deal to purchase U.S. royalty assets in the Texas Midland basin. And broader demand tailwinds pushed the firm to raise its quarterly dividend by 33%.
This momentum will likely continue as well. Given that Freehold is a royalty-based oil company, it means it receives a percentage of revenue from oil producers in a given area.
And with the global supply and demand imbalance, we’ll likely see an increase in production in the U.S. – and around the world – to counteract current issues. As this output rises, Freehold will be one of the biggest benefactors.
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