Canacol Vitality Ltd. has reported $25.4 million, or $0.75 per share, in web loss for the fourth quarter (This fall), in comparison with a web revenue of $29.9 million for a similar three-month interval in 2023.
The pure fuel exploration and manufacturing firm, primarily based in Canada however working in Colombia, attributed the hole to a deferred revenue tax expense of $28.9 million for This fall 2024 and a deferred revenue tax restoration of $31.7 million for This fall 2023.
Nonetheless, Canacol’s adjusted earnings earlier than curiosity, depreciation, amortization and exploration for This fall 2024 rose 43 % year-on-year to $76.1 million, in line with outcomes revealed on-line by the corporate. That’s due to the next working netback, offset by decrease realized contractual volumes.
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Working netback grew 39 % year-over-year to $6.12 per thousand cubic toes in This fall 2024. “The rise is because of a rise in common gross sales costs, web of transportation bills, offset by a rise in royalties”, Canacol stated.
Revenues, web of royalties and transport bills, elevated 23 % to $98.3 million. Canacol attributed the rise to increased gross sales costs, offset by decrease gross sales volumes.
Realized contractual fuel gross sales volumes fell 4 % year-on-year to 158 million cubic toes a day.
Internet capital expenditures dropped to $28.6 million, from $72.2 million for This fall 2023. “The lower is because of lowered spending on land and seismic, workovers, and drilling and completion”, Canacol stated.
It ended the yr with $79.2 million in money and money equivalents and $45.5 million in working capital surplus.
“The Company expects that commodity pricing will stay robust for the rest of 2025, and for that reason, in 2025, the Company lowered its take-or-pay volumes to maximise publicity to the spot gross sales market”, Canacol stated.
“In step with sustaining and rising Canacol’s reserves and manufacturing in its core belongings within the LMV [Lower Magdalena Valley), the Corporation plans to optimize its production and increase reserves by drilling up to 11 exploration and three development wells, installing new compression and processing facilities as required, and completing workovers of producing wells in its key gas fields”.
Canacol had 105.1 million barrels of oil equivalent (MMboe) in proven and probable reserves at the end of 2024. Proven developed producing reserves stood at 11.9 MMboe. Proven developed but not producing reserves totaled 26.4 MMboe. Proven undeveloped reserves were 6.3 MMboe, according to a separate report by Canacol.
“During the year ended December 31, 2024, the Corporation recorded increases in certain reserve categories due to both new gas discoveries and positive technical revisions of existing producing gas fields”, Canacol said.
To contact the author, email jov.onsat@rigzone.com
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