(Alliance News) - Valeura Energy Inc on Wednesday reported a quarterly increase in the production of oil, amid a swing to a net loss due to the lack of a bargain purchase gain in the second quarter.
The Alberta, Canada-based Thailand and Turkey-focused oil and gas company said oil production in second the quarter to June 30 rose 7.9% to 22,097 barrels per day from 20,475 in the first quarter.
However, company turned to a net loss of USD1.3 million, compared to a net profit of USD196.7 million in the first quarter. The net profit in the first quarter was mostly due to a USD207.6 million bargain purchase gain.
Meanwhile, debt increased to USD31.5 million as at June 30 from USD17.0 million at March 31.
The realised price in the second quarter was USD80.4 per barrel.
Looking ahead to the full year 2023, the company expects lower costs than previously anticipated while keeping its production guidance of 20,000 to 22,300 barrels of oil per day unchanged.
Valeura Energy now expects 2023 operating costs between USD200 and USD220 million, down from USD220 million to USD240 million as previously expected. Further, it now expects capital spending of USD155 million to USD175 million, down from previously expected USD180 million to USD200 million.
In March, the company completed the acquisition of several licences in the Gulf of Thailand.
Valeura Energy shares closed 4.6% lower at CAD2.27 each in Toronto on Tuesday.
By Tom Budszus, Alliance News reporter
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