PetroTal Share News (PTAL)

(Alliance News) - PetroTal Corp on Monday said its financial results remained "strong" as oil production and revenue increased in the first quarter, despite a decline in the oil price.

The Peru-focused oil and gas development company said average production rose 26% to 23,281 barrels of oil per day in the first quarter of 2025 from 18,518 barrels a year before.

Oil revenue climbed 9.3% to USD110.1 million from USD100.6 million.

Total sales rose 26% to 2.1 million barrels in the first quarter from 1.7 million barrels a year prior.

The company noted the average Brent price fell 8.7% to USD73.96 in the first quarter of 2025 from USD81.01 in the first quarter of 2024 but was 0.7% higher than USD73.42 in the fourth quarter of 2024.

Net income fell by 35% to USD30.9 million from USD47.6 million a year ago but was up 45% from USD21.2 million on-quarter.

Earnings before interest, tax, depreciation and amortisation fell 1.0% to USD70.8 million from USD71.5 million a year ago, but was 80% higher than USD39.4 million in the fourth quarter of 2024.

Chief Executive Officer Manuel Pablo Zuniga-Pflucker said: "Our financial results remain strong as well, with PetroTal showing healthy improvements in quarterly Ebitda and free cash flow. Notwithstanding the recent decline in oil pricing, we are continuing with preparations for some important development projects over the remainder of 2025, including erosion control. PetroTal has hedges on approximately 40% of its remaining 2025 production volumes and remains well-capitalised to execute its development program."

PetroTal shares were up 7.5% to 33.06 pence each on Monday morning in London.

By Tom Budszus, Alliance News slot editor

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