(Alliance News) - PetroTal Corp on Thursday reported an increase in its annual average sales and production despite disruptions caused by dry season in the final quarter.
PetroTal focuses on oil and gas development in Peru.
The firm said its average sales and production for the fourth quarter of 2023 is 15,033 and 14,865 barrels of oil per day, respectively, noting "severe dry season and consequent low river levels".
This resulted in limited barge transport and tanker unloading capacity at its Manaus operations, PetroTal explained.
in the corresponding quarter a year ago, average production was 10,374 bopd and average sales were
USD10,420.
Average 2023 sales were 14,421 barrels, up 9.5% from 13,168 the year before, and annual production was 14,248 bopd, an 17% increase from 12,200.
PetroTal added that annual sales and production are in line with its guidance range for the year. It also noted that it is generating a production growth rate of 17% over 2022.
The company also said that it paid total dividends of 0.06 US cents per share for 2023.
Chief Executive Officer Manuel Pablo Zuniga-Pflucker said: "PetroTal's operational and financial targets were achieved in 2023, increasing average production 17% over 2022, repaying USD80 million in debt and returning over USD61 million to shareholders in the form of dividends and share buybacks. The Company managed through a challenging dry season, to achieve market guidance and exit December 2023 with production of approximately 20,000 bopd.
Looking ahead, he added: "2024 is off to a record start having maintained nearly 19,000 bopd over the first two months in an eighty-dollar oil price environment, enabling us to maintain a robust cash position through the first quarter."
Shares in PetroTal were up 0.5% to 45.24 pence each in London on late Thursday morning.
By Sabrina Penty, Alliance News reporter
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PetroTal (PTAL)