Frontera Energy net income $69 millionChristian Fernsby ▼ | March 6, 2020
Frontera Energy Corporation announced yesterday the release of its consolidated financial statements.
Frontera Energy Net income was $69 million
Topics: Frontera Energy
Cash provided by operating activities of $152 million in the fourth quarter of 2019 was 22% higher than the prior quarter and over 100% higher than in the prior year quarter. During 2019, the Company delivered $131 million of excess cash provided by operating activities of $547 million, compared to cash used in investing activities of $416 million.
Operating EBITDA of $137 million was 10% higher than the prior quarter and 25% higher than the prior year quarter.
Capital expenditures of $132 million in the fourth quarter of 2019 were 87% higher than in the third quarter of 2019 and 15% lower than the fourth quarter of 2018, as anticipated, reflecting an increase in exploration activity during the quarter on the VIM-1 and CPE-6 blocks and the expansion of water treatment and disposal capacity at CPE-6.
Total cash, including restricted cash, was $456 million as at December 31, 2019, up 3% from the third quarter of 2019 and down 23% compared to December 31, 2018, reflecting $123 million in cash returned to shareholders in 2019 via dividends and buybacks.
Approximately 40% of expected 2020 net production after royalties was hedged, as of year-end, using a variety of financial instruments with an average Brent floor price of $58.44/bbl. ■