Business
PetroTal Announces Q1 2024 Financial and Operating Results
Q1 2024 average sales and production of 18,347 bopd and 18,518 bopd, respectively Generated Q1 ...
About this update from Petrotal Corp.
[{"type":"text","content":"PetroTal Announces Q1 2024 Financial and Operating Results Q1 2024 average sales and production of 18,347 bopd and 18,518 bopd, respectivelyGenerated Q1 2024 free funds flow of $53 million (10% quarterly yield)Signed purchase and sale agreement to acquire Block 131Declaring dividend of $0.015/share payable June 14, 2024Calgary, Alberta and Houston, Texas--(Newsfile Corp. - May 9, 2024) - PetroTal Corp. (TSX: TAL) (AIM: PTAL) (OTCQX: PTALF) (\"PetroTal\" or the \"Company\") is pleased to report its operating and financial results for the three months ended March 31, 2024 (\"Q1\").Selected financial and operational information is outlined below and should be read in conjunction with the Company's unaudited consolidated financial statements and management's discussion and analysis (\"MD&A\") for the three months ended March 31, 2024, which are available on SEDAR+ at www.sedarplus.ca and on the Company's website at www.PetroTal‐Corp.com. All amounts herein are in United States dollars unless otherwise stated.Selected Q1 2024 HighlightsAverage 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 $71.6 million ($42.85/bbl) and $52.6 million ($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 $85.2 million in total cash ($62.5 million unrestricted), with over $93 million in short term receivables due subsequent to March 31;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 $30.4 million 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 $47.6 million ($0.05/share); and,Paid total dividends of $0.02/share and repurchased 5.2 million common sh...