(Alliance News) - PetroTal Corp on Tuesday reported a lower second quarter profit than a year ago, as the price of Brent eased.
The Alberta, Canada-based oil and gas company, which is focused on the development of oil assets in Peru said net profit in the quarter to June 30 fell to USD46.6 million from USD84.2 million a year prior, but rose from USD17.0 million in the first quarter.
Profit was down year-on-year amid the fall in Brent. In the six months to June 30 compared to a year ago, Brent declined by 21% to an average price of USD79.73 per barrel from USD101.54 a year ago. PetroTal's realised net sales price per barrel fell 25% to USD58.11 from USD77.44. Meanwhile, total sales in the six months grew to 2.8 million barrels from 2.7 million a year ago.
Looking ahead, the company reiterated its 2023 guidance, noting seasonably low river levels through the Amazon river from Peru's Iquitos to Brazil's Manaus, as well as longer than normal border barge permitting times. PetroTal expects a dry season in 2023 similar to that of 2022.
PetroTal shares were 2.8% higher at 44.70 pence each on Tuesday afternoon in London.
By Tom Budszus, Alliance News reporter
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PetroTal (PTAL)