The following is a summary of the Kolibri Global Energy Inc (KGEI) Q1 2024 Earnings Call Transcript:
Financial Performance:
Kolibri Global Energy saw a 3% increase in average production compared to the prior year quarter, thanks to new wells added in 2023.
Adjusted EBITDA decreased by 9% due to lower prices and higher operating expenses, resulting in $10.4 million as compared to $11.4 million in the prior year quarter.
The net income decreased to $3.3 million from $7.9 million in the same quarter of the last year, reflecting in a basic earnings per share of $0.09 versus $0.22 per basic share year-over-year.
Despite the dip in profits, the company's borrowing base increased from $40 million to $50 million, providing more financial flexibility.
Business Progress:
The company has managed to reduce well cost from $7.2 million to $5.6 million, resulting in greater operational efficiency.
The organization's focus remains on strategy execution to enhance the company's overall value.
There are potential plans for proposing a few long laterals as the year progresses, indicating a focus on expanding operations.
Kolibri's track record of continuous revenue and cash flow growth and low leverage signals its operational strength and strategic growth potential.
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