Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
PetroTal sales, production meet first-quarter forecasts
(Sharecast News) - PetroTal said in an update on Thursday that sales and production in its first quarter averaged 18,347 and 18,518 barrels of oil per day respectively, marking its second-best quarter to date and aligning with guidance. The AIM-traded firm said EBITDA and free funds flow amounted to $71.6m and $52.6m, surpassing fourth-quarter levels due to increased sales volumes realised during the quarter.
It ended the quarter with total cash of $85.2m, of which $62.5m was unrestricted, with over $93m in short-term receivables due after 31 March.
Operating cost metrics remained strong, with lifting and variable transportation costs under $7.00 per barrel in the three months ended 31 March, contributing to a net operating income margin of nearly 80%.
Capital expenditures totalled $30.4m in the quarter, primarily directed towards drilling well 17H and ongoing infrastructure projects, including water handling upgrades.
One well was successfully drilled and two new oil wells were completed during the quarter, meeting company expectations.
Well 17H averaged around 4,050 barrels of oil per day for April.
First-quarter net income amounted to $47.6m, or five US cents per share, while total dividends of two cents per share were paid, and 5.2 million shares were repurchased, representing $21.5m in total capital returned to shareholders, or about 4% of its 31 March market capitalisation.
"The first quarter of 2024 was an exceptional and near record quarter for PetroTal," said president and chief executive officer Manuel Pablo Zuniga-Pflucker.
"Cash flow was stronger than projected in previously announced guidance, allowing the Company some additional flexibility to plan for upcoming heavier capex quarters likely to be seen under dry season conditions.
"As in previous years, the Company will reassess its guidance once the first half year results are finalised."
Zuniga-Pflucker said that in addition to the strong quarterly results, the company was "extremely excited" to execute the purchase and sale agreement for the first acquisition in its history.
"This transaction is highly strategic from an operational, financial, and social perspective.
"We look forward to incorporating it into our story when the transaction closes."
At 1234 BST, shares in PetroTal Corporation were down 0.62% at 48p.
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
