Core Viewpoint - Canacol Energy Ltd. reported its financial and operational results for Q1 2025, highlighting a strong net income increase despite a decrease in sales volumes and adjusted EBITDAX [1][4]. Financial Highlights - Total revenues for Q1 2025 decreased by 6% to 77.7 million in Q1 2024 [4][11]. - Adjusted EBITDAX fell by 8% to 61.0 million in Q1 2024, primarily due to lower sales volumes [4][11]. - Adjusted funds from operations decreased by 7% to 42.2 million in Q1 2024 [4][11]. - Net income surged to 3.7 million in Q1 2024, attributed to a non-cash deferred income tax recovery [4][11]. - Net cash capital expenditures rose by 41% to 35.9 million in Q1 2024, reflecting increased spending on drilling and workovers [4][11]. Operational Highlights - Natural gas and LNG production decreased by 13% to 133,773 Mcfpd in Q1 2025 from 154,043 Mcfpd in Q1 2024 [12]. - Realized contractual natural gas sales volume dropped by 14% to 128.7 MMcfpd in Q1 2025 compared to 150.4 MMcfpd in Q1 2024 [4][12]. - Operating netback for natural gas and LNG increased by 12% to 4.90 per Mcf in Q1 2024 [4][12]. Strategic Outlook - Canacol plans to optimize production and increase reserves by drilling up to 11 exploration/appraisal wells and three development wells in 2025 [3]. - The company aims to reduce debt and lay the groundwork for operations in Bolivia by 2026 [3][10]. - Continued commitment to ESG strategies on a cost-effective basis is emphasized [3].
Canacol Energy Ltd. Reports a 12% Increase in Natural Gas Netback in Q1 2025
GlobeNewswire·2025-05-08 22:00