PetroTal profit hit by oil price slide despite more production

(Alliance News) - PetroTal Corp on Monday reported increased oil production and sales but a lower ...

Alliance News 13 November, 2023 | 11:49AM
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(Alliance News) - PetroTal Corp on Monday reported increased oil production and sales but a lower price received.

The Alberta, Canada-based oil and gas company said average production in the nine months to September 30 grew 9.6% to 14,040 barrels of oil per day from 12,816 a year prior. Average sales edged up to 14,214 bopd from 14,095.

Total sales improved to 3.9 million barrels from 3.8 million barrels.

However, PetroTal the average Brent price per barrel declined by 20% to USD81.88 in the recent nine months from USD102.39 a year prior. The realised sales price for PetroTal fell by 22% to USD60.01 from USD76.75.

Net profit fell by 41% to USD89.0 million from USD151.4 million.

Despite the lower profit, PetroTal declared a dividend of 2 US cents per share, compared to none a year prior.

Looking ahead, PetroTal is focused on optimising existing logistics and unlocking new commercial sales routes starting with its 100,000 barrel oil sales pilot through the Ecuador pipeline, Chief Executive Officer Manuel Pablo Zuniga-Pflucker said.

PetroTal shares rose 3.0% to 44.80 pence each on Monday morning in London.

By Tom Budszus, Alliance News reporter

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
PetroTal Corp 48.50 GBX -1.52 -
PetroTal Corp 0.86 CAD -1.15 -

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