PetroTal Announces Q2 2025 Operations and Financial Updates

Core Viewpoint - PetroTal Corp. reported strong operational performance in Q2 2025, with production levels near all-time highs, despite some challenges with pump failures and delays in drilling programs [3][4]. Production and Operations Update - Average group production in Q2 2025 was 21,039 barrels of oil per day (bopd), a 15% increase compared to the same period last year [7]. - Production from the Bretana field was 20,512 bopd, while the Los Angeles field contributed 526 bopd [5]. - Bretana production saw a decline of approximately 2,150 bopd from the previous quarter due to natural declines and pump failures [5]. - Three out of four failed electric submersible pumps at Bretana have been replaced, restoring about 3,300 bopd of production capacity [5][7]. - The remaining pump replacement is expected to be completed by the end of July 2025 [5]. Financial Performance - As of June 30, 2025, PetroTal had total cash of $142.1 million, including $99.3 million in unrestricted cash [10]. - The company paid a quarterly dividend of $0.015 per share on June 13, 2025, bringing year-to-date returns of capital to shareholders to approximately $30 million [7]. - Year-to-date capital expenditures for 2025 were approximately $40-50 million, significantly below budget [9]. Management and Corporate Updates - Jose Contreras, the former Chief Operating Officer, departed the company on June 13, 2025, and Max Torres has been appointed as the Interim Chief Operating Officer [13]. - The company is actively seeking a permanent replacement for the COO position [13]. Future Plans - PetroTal is preparing for its Block 131 drilling program, although there have been delays in the commissioning of the new drilling rig [4][8]. - A comprehensive update on the 2025 development program, including revised timelines and production expectations, will be provided with the Q2 2025 results on August 7, 2025 [9].