PetroTal Announces Q2 2025 Financial and Operating Results

Core Insights - PetroTal Corp. reported strong financial results for Q2 2025, achieving free cash flow of over $27 million despite lower oil prices, with cash reserves remaining near $100 million [5][10][20] - The company revised its 2025 production guidance to a range of 20,000 to 21,000 barrels of oil per day (bopd) due to delays in the development drilling program [6][23] - The Bretana field continues to perform well, with production recently exceeding 20,000 bopd, and the company is focused on optimizing long-term plans for the asset [5][7] Financial Highlights - Average sales and production for Q2 2025 were 20,578 bopd and 21,039 bopd, respectively [10] - Adjusted EBITDA for Q2 2025 was $44.3 million, while free funds flow was $27.2 million [10] - Net income for Q2 2025 was $17.5 million, with total cash at $142.1 million, including $99.3 million of unrestricted cash [10][20] Operational Updates - The Bretana field's average production in Q2 2025 was 20,512 bopd, down from the previous quarter due to natural declines and pump failures [12] - The company successfully replaced four pumps ahead of schedule, restoring approximately 4,400 bopd of production capacity [12] - The installation of the CPF-4 processing facility increased oil treatment capacity at Bretana to 26,000 bopd [15] Guidance and Future Plans - Annual adjusted EBITDA guidance has been reduced to a range of $170 - 185 million, down from $240 - 250 million, primarily due to lower oil price realizations [24] - Capital expenditures for 2025 are now expected to be $80 million, down from $140 million, reflecting delays in the development drilling program [25] - The company plans to provide a revised field development plan by year-end 2025, focusing on optimizing its long-term development strategy [16] Dividend Declaration - PetroTal's Board of Directors declared a quarterly cash dividend of $0.015 per common share, payable on September 12, 2025 [27][31]