2021 was a year of ups and downs for the company.

Big wins included two successful turnarounds or planned maintenance shutdowns at two of our gas plants; the announcement of an innovative carbon capture, storage and clean power project; and renewed optimism toward higher, sustained commodity prices in 2022 and the start of a Foothills drilling program.

Challenges included an inability to reach a final investment decision for the Goldboro LNG Project, ongoing liquidity concerns and the cumulative impacts of COVID on the industry and Pieridae’s overall business plan.

CEO Alfred Sorensen discusses these areas in-depth both in his year-end blog and also as part of our ongoing Narratios podcast series.

“I am pleased the Strategic Review of the company continues to progress,” said Pieridae CEO Alfred Sorensen. We are reviewing bids that may lead to a sale of some or all of Pieridae’s assets or the company itself. The Board and senior management team are also analyzing a number of recapitalization opportunities to refinance our debt. Finally, ongoing conversations continue with our main lender to work to improve Pieridae’s balance sheet.

“I remain confident the right path will be found that will benefit our shareholders and provide the best outcome for our employees.”