TAL(US:TAL) Newsfile·2025-11-13 07:00Core Insights - PetroTal Corp. reported solid financial results for Q3 2025, with a 21% increase in production compared to the same period last year, driven by healthy river exports and the 2024 development drilling program [5][11] - The company has decided to suspend its quarterly dividend to preserve liquidity while evaluating the optimal development plan for the Bretana field [6] Financial Highlights - Average production for Q3 2025 was 18,414 barrels of oil per day (bopd), while average sales were 18,028 bopd [7] - Total sales for the quarter reached 1,658,621 barrels, with an average Brent price of $66.96 per barrel [9] - Adjusted EBITDA for Q3 2025 was $31.6 million ($19.03 per barrel), and free funds flow was $12.1 million ($7.29 per barrel) [9] - Net income for the quarter was $3.6 million ($2.17 per barrel), a decrease of $13.9 million compared to the prior quarter [9] Operational Updates - The Bretana field produced an average of 17,938 bopd in Q3 2025, with production impacted by leaks in production tubing [11] - The Los Angeles field averaged 476 bopd in Q3 2025, a decline of approximately 50 bopd compared to the prior quarter [12] - The Bretana Erosion Control Project is on schedule, with $6.5 million expensed in Q3 2025, and total project costs estimated between $65-75 million [14] Cash and Liquidity - PetroTal ended Q3 2025 with total cash of $141.5 million, an increase from $133.1 million at the end of Q3 2024 [15] - Available cash as of September 30, 2025, was $108.8 million, down from $121.3 million the previous year [15] - The company maintains coverage on approximately 1.0 million barrels through costless collars with a Brent floor price of $65.00 per barrel [16]