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
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