PetroTal Corp. released its Q3 2024 financial and operating results, highlighting average sales of 14,760 barrels of oil per day (bopd) and production of 15,203 bopd. The company generated <mark style="background-color:yellow">EBIT</mark>DA of $47.5 million and ended the quarter with $133 million in total cash. PetroTal announced a dividend of $0.015 per share payable on December 13, 2024. The companys YTD production is 23% higher than the first nine months of 2023, with a drilling program pause planned for Q1 2025. PetroTal acquired a new drilling rig, anticipating cost savings and improved uptime. The company reiterates 2024 guidance for corporate production between 16,500 and 17,500 bopd, with annual EBITDA expected between $200 and $240 million.
| Parameter | Q3 2024 | Q2 2024 | Q3 2023 | |||||
|---|---|---|---|---|---|---|---|---|
| Average Production (bopd) | 15,203 | 18,290 | 14,040 | |||||
| Average sales (bopd) | 14,760 | 18,050 | 14,214 | |||||
| Total sales (bbls) | 1,357,961 | 1,642,578 | 3,880,424 | |||||
| Average Brent price | $77.74 | $83.87 | $81.88 | |||||
| Contracted sales price, gross | $78.58 | $83.92 | $80.35 | |||||
| Tariffs, fees and differentials | ($20.52) | ($21.15) | ($20.34) | |||||
| Realized sales price, net | $58.06 | $62.76 | $60.01 | |||||
| Oil revenue | $58.06 | $78,850 | $62.76 | $103,086 | $60.50 | $282,519 | $60.01 | $232,865 |
| Royalties | $5.47 | $7,433 | $6.08 | $9,991 | $5.77 | $26,924 | $5.40 | $20,972 |
| Opex (excl. Erosion Control) | $8.23 | $11,176 | $6.10 | $10,023 | $6.53 | $30,477 | $5.78 | $22,436 |
| Opex (Erosion Control) | $0.40 | $548 | $- | $- | $0.12 | $548 | $- | $- |
| Direct Transportation | $2.22 | $3,008 | $1.86 | $3,047 | $1.76 | $8,251 | $2.57 | $9,973 |
| Net Operating Income | $41.74 | $56,685 | $48.72 | $80,025 | $46.32 | $216,319 | $46.26 | $179,484 |
| G&A | $6.75 | $9,160 | $6.41 | $10,528 | $5.94 | $27,757 | $5.02 | $19,462 |
| EBITDA | $35.00 | $47,526 | $42.31 | $69,499 | $40.38 | $188,562 | $41.24 | $160,021 |
| Adjusted EBITDA | $36.49 | $49,556 | $45.78 | $75,201 | $42.14 | $196,805 | $42.19 | $163,721 |
| Net Income | $5.29 | $7,179 | $21.56 | $35,406 | $19.32 | $90,208 | $22.93 | $88,975 |
| Basic Shares Outstanding (000) | 913,259 | 914,196 | 913,259 | 917,454 | ||||
| Market Capitalization | $429,231 | $504,152 | $429,231 | $522,519 | ||||
| Net Income/Share ($/share) | $0.01 | $0.04 | $0.10 | $0.10 | ||||
| Capex | $43,019 | $38,867 | $112,238 | $76,296 | ||||
| Free Funds Flow | $4.81 | $6,537 | $22.12 | $36,334 | $18.11 | $84,567 | $22.53 | $87,424 |
| % of Market Capitalization | 1.5% | 7.2% | 19.7% | 15.8% | ||||
| Total Cash | $133,072 | $95,859 | $133,072 | $112,827 | ||||
| Net Surplus (Debt) | $10,124 | $50,324 | $10,124 | $86,545 |