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Earnings Call Summary | CANACOL ENERGY LTD(CNNEF.US) Q4 2023 Earnings Conference

Futu News ·  Mar 23 01:17  · Conference Call

The following is a summary of the Canacol Energy Ltd. (CNNEF) Q4 2023 Earnings Call Transcript:

Financial Performance:

  • Canacol Energy reported record EBITDA of $237 million and an 11% return on capital employed in 2023.

  • The average realized natural gas sales were within the guidance at 178 million standard cubic feet per day.

  • The company experienced a net income decrease due to a corporate restructuring in 2022, which also led to a 55% increase in adjusted funds flow from operations ($146 million).

  • Operating netback increased to $4.39 per Mcf in Q4 2023.

Business Progress:

  • Canacol Energy entered Bolivia with three gas-focused exploration contracts.

  • Despite production capacity issues, the company offset these by drilling additional development wells.

  • They're planning to drill up to five development wells and install new compression and processing facilities in 2024.

  • The company is also targeting government approval of a fourth E&P contract in Bolivia and is also aiming to reactivate an existing gas field with a target start for gas sales in 2025.

  • They have also been recognized for high-performance sustainable practices.

More details: CANACOL ENERGY LTD IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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