14th Nov 2024 14:30
(Alliance News) - PetroTal Corp on Thursday announced a third-quarter dividend despite a 24% in revenue, impacted by lower oil prices and production.
The Alberta, Canada-based oil and gas company, which is focused on the development of oil assets in Peru, announced a quarterly dividend of 1.5 US cents per share for the third quarter of 2024. This marks a 25% decrease from the 2.0 US cents paid a year ago.
In the three months to September 30, PetroTal's oil revenue went down 24% to USD78.9 million to USD103.1 million in the previous quarter.
PetroTal's earnings before interest, taxes, depreciation, and amortisation for the third quarter was USD47.5 million down 32% from USD 69.5 million in the previous quarter.
For the period, the company posted net income of USD7.2 million, a significant drop from USD35.4 million in the same period last year. The company attributed this decline to lower oil prices and reduced production, impacting overall revenue.
PetroTal's average oil production for the third quarter was 15,203 barrels of oil per day, down 17% from 18,290 bopd in the previous quarter.
PetroTal's third-quarter average Brent price of USD77.74 reflects a 7.3% decrease from USD83.87 in the previous quarter. The company said that lower oil prices during the quarter impacted revenue.
Chief Executive Officer Manuel Pablo Zuniga-Pflucker said: "Looking ahead to 2025, PetroTal is well prepared to handle a period of lower oil prices. We have no debt and a stable, high-margin production base."
Shares in PetroTal rose 0.6% to 36.73 pence in London on Thursday afternoon.
By Eva Castanedo, Alliance News reporter
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