In This Article:
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Average Production: 18,290 barrels of oil per day in Q2 2024.
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Oil Sales: 18,050 barrels per day in Q2 2024.
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Net Revenue: $103.1 million or $62.76 per barrel in Q2 2024.
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Royalties Paid: $10 million in Q2 2024.
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Operating and Transportation Expenses: $13.1 million in Q2 2024.
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Lifting Costs: $6.10 per barrel in Q2 2024.
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Direct Transportation Costs: $1.86 per barrel in Q2 2024.
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Net Operating Income: $80 million in Q2 2024.
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EBITDA: $69.5 million in Q2 2024.
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Net Income: $35.4 million in Q2 2024.
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Capital Expenditure: $38.9 million in Q2 2024.
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Free Funds Flow: $36.3 million in Q2 2024.
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Total Cash: $95.9 million at the end of Q2 2024.
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Unrestricted Cash: $85.1 million at the end of Q2 2024.
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Dividend: $0.015 per quarter, totaling $89 million returned to shareholders since inception.
Release Date: August 08, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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PetroTal Corp (PTALF) achieved record production levels, averaging over 20,000 barrels per day in June and July 2024.
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The company successfully completed two new production wells, with well 19H achieving payout in approximately 40 days.
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PetroTal Corp (PTALF) reported strong financial metrics, with net revenue of $103.1 million and a record high net operating income of $80 million in Q2 2024.
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The company maintains a strong balance sheet with $95.9 million in total cash and no long-term debt.
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PetroTal Corp (PTALF) has increased its full-year 2024 EBITDA guidance to a range of $200 million to $240 million, exceeding the original guidance of $200 million.
Negative Points
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An eight-day river blockade negatively impacted production levels in the last quarter.
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Operating and transportation expenses increased to $13.1 million in Q2 2024, up from $11.5 million in the previous quarter.
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The company expects production to decline in the coming months due to the dry season.
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PetroTal Corp (PTALF) has deferred the seismic acquisition for Block 95 to next year due to delays in obtaining the EIA permit.
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The company's share buyback program has been moderated due to prioritizing capital spend and dividend sustainability.
Q & A Highlights
Q: Do you have any updates regarding DOMP? Is there any development with Petroperu, and is there a possibility to use DOMP within 2024? A: Manolo Zuniga, CEO: We continue discussions with Petroperu to optimize pipeline operations. However, we are not planning to use the pipeline in 2024 or 2025 due to cash flow impacts and are waiting for other operators to contribute oil to the pipeline.