06:26 AM EDT, 05/13/2026 (MT Newswires) -- Peyto Exploration &Development's (PEY.TO) earnings rose 50% year over year in the first quarter as it delivered record first-quarter production volumes, the company reported late on Tuesday.

Earnings were C$171.1 million, or $0.82 per share, up from $114.1 million, or $0.57 per share. The result beat the earnings per share consensus estimate of $0.80 as compiled by FactSet.

Natural gas and natural gas liquids sales including realized hedging gains or losses amounted to $429.6 million, rising from $354.3 million. The result exceeded the sales consensus estimate of $403.1 million as compiled by FactSet.

The company recorded $20.2 million in realized hedging gains in the first quarter.

Production volumes were 147,513 barrels of oil equivalent per day, up from 133,883 boe/d. The increase was driven by Peyto's successful capital program.

The company's board approved a monthly dividend of $0.12 per share starting in May for shareholders of record as of May 31 and paid on June 15. The new dividend represents a 9% increase over the current $0.11 per share dividend.

Peyto is on track with its 2026 capital program, which will invest $450 million to $500 million to add 43,000 to 48,000 boe/d of new production by the end of 2026.