During 2021, the operating earnings of Pardee Resources Company benefited from the resilience and strength of all three of its primary markets, namely hardwood timber, metallurgical coal and natural gas. Commodity prices, which turned upward during Q4 2020, continued to improve throughout 2021, as the rebounding economy, combined with supply chain constraints, put upward pressure on prices. While the U.S. Federal Reserve is expected to increase interest rates as a means of containing overall price inflation in the economy, commodity prices remain strong as of early 2022.
The annual audit by Ernst & Young of the Company’s financial statements is expected to be completed in early April, after which we will be mailing you our 2021 Annual Report.
Your Board of Directors has voted to maintain the quarterly dividend at $1.80 per common share which will be payable March 7, 2022 to shareholders of record February 28, 2022
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