PetroTal Announces Q1 2024 Financial and Operating Results

Instant Max AI Immediate Frontier

(PetroTal, 9.May.2024) — PetroTal Corp. (TSX: TAL, AIM: PTAL and OTCQX: PTALF) reported its operating and financial results for the three months ended 31 Mar. 2024 (“Q1”).

All amounts herein are in United States dollars unless otherwise stated.

Selected Q1 2024 Highlights

— Average Q1 2024 sales and production of 18,347 and 18,518 barrels (“bbls”) of oil per day (“bopd”), respectively; PetroTal’s second best quarter to date and within the company’s guidance;

— Generated Q1 2024 EBITDA(1) and free funds flow(1) of $71.6mn ($42.85/bbl) and $52.6mn ($31.48/bbl), respectively, materially surpassing Q4 2024 levels due to higher sales volumes realized in the quarter;

— Exited Q1 2024 in a strong cash position with $85.2mn in total cash ($62.5mn unrestricted), with over $93mn in short term receivables due subsequent to 31 Mar.;

— Delivered strong operating cost metrics with lifting and variable transportation costs under $7.00/bbl in the quarter helping generate a near 80% net operating income margin;

— Capital expenditures (“Capex”) totaled $30.4mn in Q1 2024 and were focused on drilling well 17H, and continued infrastructure projects including water handling upgrades;

— Successfully drilled one and completed two new oil wells in the quarter, both of which met company expectations and continue to perform at strong rates. Well 17H has averaged approximately 4,050 bopd for the month of April 2024;

— Delivered strong Q1 2024 net income of $47.6mn ($0.05/share); and,

— Paid total dividends of $0.02/share and repurchased 5.2 million common shares in Q1 2024, representing approximately $21.5mn of total capital returned to shareholders (approximately 4% of 31 Mar., market capitalization).

Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented:

“Q1 2024 was an exceptional and near record quarter for PetroTal. Cash flow was stronger than projected in previously announced guidance, allowing the company some additional flexibility to plan for upcoming heavier Capex quarters likely to be seen under dry season conditions. As in previous years, the company will reassess its guidance once the first half year results are finalized.

In addition to the strong quarterly results, we are extremely excited to execute the purchase and sale agreement for the first acquisition in the company’s history. This transaction is highly strategic from an operational, financial, and social perspective.  We look forward to incorporating it into our story when the transaction closes.”


1.     Non-GAAP measure that does not have any standardized meaning prescribed by GAAP and therefore may not be comparable with the calculation of similar measures presented by other entities.

Previous post CGG Launches AI Cloud Solution Powered by NVIDIA
Next post Gabon Oil Company to Discuss Investment Opportunities at African Energy (IAE) 2024