PetroTal has reported its operating and financial results for the three months and year ended December 31, 2024. All amounts herein are in United States dollars unless stated otherwise.
Key Highlights
- Average Q4 2024 sales and production of 19,087 and 19,142 barrels of oil per day ("bopd"), respectively, including volumes from the acquisition of Block 131, which closed in late November;
- Average FY 2024 sales and production of 17,558 bopd and 17,785 bopd, respectively, slightly above the guidance range (16,500 to 17,500 bopd), and an increase of approximately 25% relative to 2023 average production;
- Group production has averaged approximately 23,200 bopd in 2025 YTD;
- Generated EBITDA(1) of $40.2 million ($22.86/bbl) and $237 million ($36.87/bbl) in Q4 2024 and FY 2024 respectively, near the high end of annual guidance ($200 to 240 million);
- Development capital expenditures ("capex") totaled $50.6 million in Q4 2024 and $163 million in FY 2024, near the midpoint of the annual guidance range ($150-175 million);
- Annual free funds flow(1) was $74.1 million, prior to returns of capital to shareholders, representing a yield of approximately 21% relative to our year-end 2024 market capitalization;
- Available cash increased to $103 million at year-end 2024 (from $91 million the prior year);
- On March 14, PetroTal paid a dividend of $0.015/share, associated with Q4 2024 results. This was PetroTal's eighth consecutive quarterly dividend, bringing total return of capital under the Company's dividend program to $116 million ($0.14/share);
- PetroTal paid total dividends of $0.06/share and repurchased 11.3 million common shares in 2024, representing approximately $65 million of total capital returned to shareholders (compared to $62 million in 2023).
- Successfully completed seven new oil wells in 2024. During 2024, six of these oil wells produced just over 2 million bbls of oil and generated approximately $85 million in net operating income(1), which amounts to a 100% return of investment as of year-end 2024.
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 and twelve months ended December 31, 2024, which are available on SEDAR+ at www.sedarplus.ca and on the Company's website at www.PetroTal-Corp.com.
(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 reported strong financial and operational results in 2024, increasing our production by an average of 25% over 2023, while returning more than $65 million to shareholders through dividends and share buybacks. The Company also successfully managed a period of record low river levels during the dry season, on our way to exceeding annual production guidance.
2025 is off to an excellent start, with the results of our development drilling campaign and facility investments supporting year-to-date average production of more than 23,000 bopd. We are also excited to commence development on our new asset at the Los Angeles field, along with the greater Block 131 region, with a new drilling rig expected to arrive around mid-year.
Over the past eight months, PetroTal has been actively hedging its 2025 production volumes and has no long-term debt or significant drilling commitments. We are committed to our ongoing capital program which prioritizes a material dividend in tandem with strategic initiatives that include Block 131 development and the erosion control project. I would like to thank shareholders for their continued support, as well as PetroTal's board of directors and the rest of the PetroTal team for their continued valuable contributions to our success'.
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Source: PetroTal
