Oil and Gas Production

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Petrobras could begin production at Foz do Amazonas within seven years, says CEO
Reuters· 2025-10-21 18:46
Brazilian state-run oil company Petrobras' could start oil and gas production in the Foz do Amazonas basin within seven years if large reserves are confirmed, the company's Chief Executive Magda Chamb... ...
Gran Tierra (GTE) Q2 Output Jumps 44%
The Motley Fool· 2025-07-31 23:17
Core Insights - Gran Tierra Energy reported record production of 47,196 barrels of oil equivalent per day in Q2 2025, driven by an expanded Canadian portfolio [1][5] - Despite operational growth, revenue declined by 8% year over year to $152 million due to weaker commodity prices, resulting in a net loss of $13 million compared to a profit of $36 million in Q2 2024 [1][2] Financial Performance - Net income decreased significantly to $(13 million) from $36 million, marking a 136.1% decline [2] - Revenue fell to $152 million from $165 million, an 8.4% decrease [2] - Adjusted EBITDA dropped 25.2% to $77 million [2] - Funds flow from operations increased by 17.4% to $54 million [2] - Free cash flow turned positive at $2.7 million, improving from $(15.1 million) [2] Production and Operational Highlights - Average daily production increased by 43.9% year over year, reaching 47,196 boe/d [2] - The Canadian segment contributed 17,496 boe/d, with new wells exceeding expectations despite lower realized prices [6] - Colombia's Acordionero field benefited from waterflood optimization, enhancing oil recovery [5][14] Cost Management and Efficiency - Operating costs per barrel improved to $13.42, the lowest since Q1 2022 [7] - Drilling costs in the Colombian Cohembi field decreased by 47% compared to previous operators [7] - Operating netback fell to $21.39, significantly lower than $38.80 in Q2 2024 due to lower sales prices and the inclusion of Canadian volumes [11] Strategic Developments - The company entered a binding agreement to exit the UK North Sea, expected to close in Q3 2025 [8] - A $14 million gain from hedging activities helped mitigate the impact of lower oil prices [8][10] - A $200 million prepayment facility was signed to enhance liquidity and balance sheet flexibility [9][12] Regional Performance - Colombia remained the core revenue source, with the Acordionero field averaging around 14,200 barrels per day [14] - Ecuador's operations showed positive results from successful drilling in the Iguana Block [15] - Canadian operations, while adding scale, realized lower prices and margins compared to South America [15] Management Outlook - No updated financial guidance was provided, but prior expectations for FY2025 production were set at 47,000 to 53,000 boe/d [17] - Investors are advised to monitor realized oil pricing and the integration of Canadian assets for future performance [18]
Parex Resources Announces Production Update and Timing of Q2 2025 Results
Globenewswire· 2025-07-03 12:00
Core Viewpoint - Parex Resources Inc. has announced a production update and plans to release its Q2 2025 financial and operating results on July 30, 2025 [1] Production Update - Estimated average production for Q2 2025 was 42,550 barrels of oil equivalent per day (boe/d) [6] - Monthly average production for June 2025 was approximately 43,950 boe/d, showing growth supported by positive exploration results and the successful startup of a horizontal well at LLA-74 in the Southern Llanos [6] - Breakdown of production by region for Q2 2025 includes: - Block LLA-34: 21,500 boe/d - Southern Llanos: 13,800 boe/d - Northern Llanos: 4,000 boe/d - Magdalena Basin: 2,250 boe/d - Natural Gas Production: 1,000 boe/d [3] Monthly Production Breakdown - Monthly average production figures are as follows: - April 2025: 41,350 boe/d - May 2025: 42,300 boe/d - June 2025: 43,950 boe/d [4] Product Type Disclosure - For the three months ended June 30, 2025, the product type breakdown was: - Light & Medium Crude Oil: 10,662 barrels per day (bbl/d) - Heavy Crude Oil: 30,899 bbl/d - Conventional Natural Gas: 5,941 thousand cubic feet per day (mcf/d) [7] Upcoming Events - Parex will host a conference call and webcast on July 30, 2025, at 9:30 am MT (11:30 am ET) to discuss its Q2 2025 results [5]