PetroTal has reported its financial and operating results for the three months ended March 31, 2025. All amounts herein are in United States dollars unless stated otherwise.
Selected financial and operational information outlined above 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, 2025, which are available on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.PetroTal-Corp.com.
Key Highlights
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Average Q1 2025 sales and production of 23,286 and 23,281 barrels of oil per day (“bopd”), respectively, both record highs for PetroTal;
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Generated Adjusted EBITDA(1) and Net Income of $71.9 million ($34.29/bbl) and $30.9 million ($14.72/bbl), respectively;
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Free Funds Flow(1) of $48.2 million ($23.02/bbl), PetroTal’s second best quarter since inception;
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Capital expenditures of $23.6 million, a substantial QoQ decrease as the Bretana drilling campaign wound down in January;
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Total cash of $113.6 million at end of the period, essentially flat to the prior quarter, and an increase of $28 million compared to the same period last year;
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Arrangement of term loan facility with a syndicate of Peruvian banks, with commitments of up to $65 million;
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Mark to market value of production hedges increased to $14.2 million as of May 7, 2025; and,
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Declared a quarterly dividend of $0.015/sh, payable to shareholders on June 13, 2025.
(1) Non-GAAP (defined below) 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. See “Selected Financial Measures” section.
Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented:
'PetroTal’s first quarter results reflect a strong contribution from our 2024 development drilling program. I am proud of our entire team for delivering another record quarter of production. We have successfully been running near 100% of our transportation and facility capacity and are taking full advantage of high river levels during the ongoing rainy season.
'Our financial results remain strong as well, with PetroTal showing healthy improvements in quarterly EBITDA and free cash flow. Notwithstanding the recent decline in oil pricing, we are continuing with preparations for some important development projects over the remainder of 2025, including erosion control. PetroTal has hedges on approximately 40% of its remaining 2025 production volumes and remains well-capitalized to execute its development program.
'I would like to conclude by assuring investors that PetroTal is prepared to respond to declines in oil pricing by reducing capex and opex as necessary. Balance sheet flexibility and peer leading returns on investment have always been key pillars of the investment thesis for PetroTal. If oil prices remain low as we get closer to resuming our drilling program in the third quarter of 2025, we may consider deferring or cancelling planned activity to better align production growth with a supportive commodity price environment and maximize return on investment for our shareholders. We will update market guidance, as required, at the appropriate time should such a decision be taken. Thank you for your ongoing support.'
Source: PetroTal
