PetroTal, a publicly-traded oil and gas development and production company focused on the development of oil assets in Peru, has announced its operating and financial results for the three months ended June 30, 2026.
Key Highlights
- Average Q2 2026 sales and production of 11,969 and 12,557 barrels of oil per day (“bopd”), respectively;
- H1 2026 production averaged 13,726 bopd, tracking 3% ahead of budget expectations;
- Adjusted EBITDA(1) of $43.5 million ($39.98/bbl) in Q2 2026 and $78.7 million ($33.05/bbl) in H1 2026;
- Free Funds Flow(1) of $32.4 million ($29.72/bbl) in Q2 2026 and $58.1 million ($24.41/bbl) in H1 2026;
- Net Income of $4.8 million ($4.40/bbl), net of a $10.2 million impairment charge relating to the sale of the Amazonia-1 drilling rig;
- Capital expenditures of $8.0 million, bringing 2026 YTD capital investment to $15.6 million, and;
- Unrestricted cash of $105.4 million, an increase of $6.1 million YoY.
(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 delivered strong second quarter results, with Adjusted EBITDA of $43.5 million and Free Funds Flow of $32.4 million reflecting stronger realized pricing and continued cost discipline. Production of 12,557 bopd tracked slightly ahead of our internal plan, putting us in good position to meet our annual production and EBITDA guidance. As part of our ongoing work program at Bretana, we recently commenced a pulling campaign to replace tubing and pumps on up to five wells, which will help mitigate forecast production declines in the second half of the year.
'I am happy to report that preparations for our development drilling campaign are progressing on schedule. The Estrella drilling rig is now in Peru and we have increasing confidence that drilling will resume in accordance with our October target date. Delivery on these key project milestones reflects strong execution by our operations and drilling teams and lays the groundwork for a return to production growth in 2027. Looking ahead, we remain focused on disciplined capital allocation and advancing our drilling campaign as we work toward that objective.'
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Source: PetroTal
