Business
PetroTal Announces Q3 2022 Financial and Operating Results
Strong balance sheet position $150 million of free cash flow delivered in nine months of 2...
About this update from Petrotal Corp.
[{"type":"text","content":"PetroTal Announces Q3 2022 Financial and Operating ResultsStrong balance sheet position$150 million of free cash flow delivered in nine months of 2022Calgary, Alberta and Houston, Texas--(Newsfile Corp. - November 17, 2022) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) (OTCQX: PTALF) (\"PetroTal\" or the \"Company\") is pleased to announce its financial and operating results for the three and nine months ended September 30, 2022 (\"Q3 2022\").Selected financial and operational information is outlined below and should be read in conjunction with the Company's unaudited consolidated financial statements (\"Financial Statements\"), and management's discussion and analysis (\"MD&A\") for the three and nine months ended September 30, 2022, which are available on SEDAR at www.sedar.com and on the Company's website at www.PetroTal‐Corp.com. All amounts herein are in United States dollars (\"USD\") unless otherwise stated.Q3 2022 HighlightsProduction in the quarter averaged 12,229 barrels of oil per day (\"bopd\") with sales of 12,186 bopd (1.1 million barrels), despite being constrained as low river levels reduced barge capacity;Generated net operating income(1) (\"NOI\") of approximately $62.3 million, EBITDA(1) of $57.6 million, and free cash flow(1) before all debt service of $37.0 million equating to a 44% free cash flow margin(2);Capital investment totaled $20.6 million, primarily to drill well 13H and key infrastructure projects;Petroperu exported approximately 720,000 barrels of oil to an international refiner, crystalizing for PetroTal over $64 million (including VAT) of true up revenue and reducing the amount of PetroTal's oil in the Northern Peruvian Pipeline (\"ONP\") to 2.4 million barrels; Demonstrated continued balance sheet strength with cash of $93 million at September 30, 2022, a net surplus(2) balance of $75.5 million. The Company remains in full compliance with all bond covenants as at September 30, 2022; and, On September 15, 2022, PetroTal welcomed two new Directors, Messrs. Luis Carranza and Jon Harris, and announced the retirement of Messrs. Gary Guidry and Ryan Ellson.(1) Free cash flow defined as EBITDA less capital expenditures. Free cash flow margin defined as free cash flow divided by crude oil revenues. See \"Selected Financial Measures\"(2) Net debt / surplus defined as (total cash + total trade and ...