Q2 2024 Petrotal Corp Earnings Call Transcript
Key Points
- PetroTal Corp (PTALF) achieved record production levels, averaging over 20,000 barrels per day in June and July 2024.
- The company successfully completed two new production wells, with well 19H achieving payout in approximately 40 days.
- PetroTal Corp (PTALF) reported strong financial metrics, with net revenue of $103.1 million and a record high net operating income of $80 million in Q2 2024.
- The company maintains a strong balance sheet with $95.9 million in total cash and no long-term debt.
- PetroTal Corp (PTALF) has increased its full-year 2024 EBITDA guidance to a range of $200 million to $240 million, exceeding the original guidance of $200 million.
- An eight-day river blockade negatively impacted production levels in the last quarter.
- Operating and transportation expenses increased to $13.1 million in Q2 2024, up from $11.5 million in the previous quarter.
- The company expects production to decline in the coming months due to the dry season.
- PetroTal Corp (PTALF) has deferred the seismic acquisition for Block 95 to next year due to delays in obtaining the EIA permit.
- The company's share buyback program has been moderated due to prioritizing capital spend and dividend sustainability.
Hello and welcome to the PetroTal Q2 2024 results webcast. Your presenters today will be Manolo Zuniga, CEO; and Camilo McAllister, CFO. (Event Instructions)
I will now hand over to our presenters. Please take it away, Manolo and Camilo.
Thank you, Jimmy. And good day, everyone and thank you for joining PetroTal's second-quarter 2024 webcast where we will provide a brief summary of the financial and operational results that we released this morning before market opened. If anyone would like further information on the company, please see our website for additional materials.
My name is Manolo Zuniga, and I am the President and CEO of PetroTal. I am joined today by Camilo McAllister, our Executive VP and Chief Financial Officer. If you have clicked on the link in last evening's press release, you should hopefully see our slide presentation on your screen. But you are having issues viewing the presentation,
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