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Earnings Call Summary | PETROTAL CORP(PTALF.US) Q1 2024 Earnings Conference

Futu News ·  May 12 14:32  · Conference Call

The following is a summary of the PetroTal Corp. (PTALF) Q1 2024 Earnings Call Transcript:

Financial Performance:

  • PetroTal reported Q1 net income of $47.6 million or $0.05 per share, marking the 17th straight quarter of positive net income.

  • Average sales and production stood at 18,347 and 18,518 barrels of oil per day respectively.

  • Net revenue for the quarter was $100.6 million or $60.25 per barrel.

  • The company had cash holdings of $85.2 million by the end of Q1 and reported no long-term debt or drawdowns on its short-term credit facility.

Business Progress:

  • PetroTal acquired 100% working interest in CEPSA Peru's Block 131, producing about 900 barrels of light oil daily.

  • Adjustments were made to tackle riverbank erosion at the Bretaña oil field, with the project cost being revised to $65-$75 million.

  • The firm plans to maintain a production level above 20,000 barrels of oil per day for 2025 by drilling four wells per year.

  • PetroTal also signed a deal with Petroperu to potentially boost oil export capacity via the 'OCP route'.

  • The acquisition of CEPSA's assets is expected to boost profitability and strengthen the company's financial standing significantly.

More details: PETROTAL CORP 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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