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Frontera Energy Q1 net income $46 million

Christian Fernsby ▼ | May 10, 2019
Frontera Energy Corporation announced its interim condensed consolidated financial statements for the first quarter of 2019.
Frontera Energy
Frontera Energy   Cash provided by operating activities was $72 million
Highlights:

Net income of $46 million ($0.47/share) in the first quarter of 2019 compared to a net loss of $117 million ($1.17/share) in the fourth quarter of 2018 and a net loss of $3 million ($0.03/share) in the first quarter of 2018, driven by strong realized prices and lower operating and transportation costs.

Cash provided by operating activities of $72 million compared to net cash used by operating activities of $3 million in the fourth quarter of 2018 and cash provided by operating activities of $28 million in the first quarter of 2018.

Cash provided by operating activities adjusted for changes in non-cash working capital was $140 million in the first quarter of 2019.

Operating EBITDA of $145 million was 22% higher than the fourth quarter of 2018 and 68% higher than the first quarter of 2018.

Production averaged 67,974 boe/d, a decrease of 5% compared to the fourth quarter of 2018, reflecting the suspension of production from Block 192 in Peru during the quarter, following a force majeure event on the NorPeruano pipeline.

However, Colombia production increased 4% compared to the fourth quarter of 2018 driven by strong production from our heavy oil and light oil business units.

Current production is over 75,000 boe/d, driven by the resumption of production from Block 192 in Peru in March 2019.

Operating netback during the first quarter of 2019 was $30.23/boe, 28% higher than in the fourth quarter of 2018 and 21% higher than in the first quarter of 2018 driven by higher realized prices, and lower production and transportation costs.

Production costs of $70 million were 17% lower than the fourth quarter of 2018 and 6% lower than the first quarter of 2018, due to the suspension of production from Block 192 in Peru.

Production costs of $11.40/boe were 11% lower than the fourth quarter of 2018 and 3% higher than the first quarter of 2018.


 

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