Business
PetroTal Announces Q2 2024 Financial and Operating Results
Q2 2024 average sales and production of 18,050 bopd and 18,290 bopd, respectively Generated Q2 20...
About this update from Petrotal Corp.
[{"type":"text","content":"PetroTal Announces Q2 2024 Financial and Operating Results Q2 2024 average sales and production of 18,050 bopd and 18,290 bopd, respectivelyGenerated Q2 2024 free funds flow of $36 million (7% quarterly yield)Exited quarter with $96 million in total cashDeclaring dividend of $0.015/share payable Sept 13, 2024Board changesCalgary, Alberta and Houston, Texas--(Newsfile Corp. - August 8, 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 and six months ended June 30, 2024.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 and six months ended June 30, 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 Q2 2024 HighlightsAverage Q2 2024 production and sales of 18,290 and 18,050 barrels (\"bbls\") of oil per day (\"bopd\"), respectively, which included a brief river blockade;Generated Q2 2024 EBITDA(1) and free funds flow(1) of $69.5 million ($42.31/bbl) and $36.3 million ($22.11/bbl), respectively; Exited Q2 2024 in a strong cash position with $95.9 million in total cash ($84.1 million unrestricted), with over $93.2 million in current receivables due subsequent to June 30, 2024;In early May 2024, PetroTal signed an acquisition agreement to acquire a 100% working interest in Peru's Block 131, including the producing Los Angeles field for a purchase price of $5 million, subject to closing adjustments and with an effective date of January 1, 2024;Successfully drilled two new oil wells in the quarter. Well 19H has averaged over 6,860 bopd over its initial 30 days, placing it in the Company's top five initial rate wells and achieving payout in approximately 40 days;Delivered strong operating cost metrics with lifting and variable transportation costs under $8.00/bbl in the quarter, slightly higher than Q1 2024, and generating a near 78% net operating income margin in the quarter;Capital expenditures (\"Capex\") totaled $38.9 million in Q2 2024 and were focused on drilling wells 18H and 19H; Completed al...