7th Aug 2025 14:36
(Alliance News) - PetroTal Corp on Thursday lowered its production guidance due to lower-than-forecast oil prices and delays in the resumption of the firm's development drilling programme.
PetroTal is a Calgary, Canada-based oil and gas development company focused on Peru.
It said average production fell 9.6% to 21,039 barrels of oil per day in the second quarter of 2025 from 23,281 in the first quarter.
Sales declined by 11% to 1.9 million barrels in the second quarter from 2.1 million in the first.
The average Brent price per barrel in the second quarter was USD65.55, down 11% from USD73.96 in the first quarter, PetroTal noted, and 22% lower than USD83.87 in the second quarter of 2024.
As a result, PetroTal's oil revenue per barrel slumped 18% to USD42.78 in the second quarter from USD52.46 in the first quarter. Total oil revenue fell 27% to USD80.1 million from USD110.0 million.
Net profit dived 43% to USD17.5 million in the second quarter from USD30.9 million the first, and adjusted earnings before interest, tax, depreciation and amortisation fell 38% to USD44.3 million from USD71.9 million.
Looking ahead, PetroTal cut its guidance for 2025 production to between 20,000 and 21,000 barrels of oil per day from between 21,000 and 23,000.
Further, PetroTal cut its guidance for adjusted Ebitda in 2025 by at least 23% to between USD170 million and USD185 million from between USD240 million and USD250 million. The new guidance means at least a 22% decline in adjusted Ebitda from USD237.0 million in 2024.
Chief Executive Officer Manuel Pablo Zuniga-Pflucker cited delays in the resumption of PetroTal's development drilling programme, which the firm had reported in mid-July.
He added: "At the Bretana field, we are taking advantage of the gap in our drilling campaign to fully optimise our long-term plans for the asset, an exercise which takes on heightened importance given recent weakness in oil pricing. As indicated in the 2024 year-end reserves report, the field still has sixteen proved and probable locations remaining, and that is before we have even begun development of the VS1 sand in the Upper Vivian Formation."
PetroTal shares were down 4.4% to 37.75 pence on Thursday afternoon in London.
By Tom Budszus, Alliance News slot editor
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