Petrus Resources reports Q2 2024 financial results with production increase and lower operating expenses.

From GlobeNewswire: 2024-08-07 18:30:00

Petrus Resources Ltd. reported financial and operating results for Q2 2024, with production averaging 9,627 boe/d. Oil production increased by 17%, while operating expenses decreased by 27%. Total realized price fell by 15%, leading to a 35% decrease in funds flow. Petrus maintained its monthly dividend of $0.01 per share.

In the second quarter of 2024, Petrus completed 3 operated wells and plans to resume its drilling program in September. The company expects debt to remain flat and has hedged 48% of forecast production for natural gas and oil. Petrus will monitor market conditions to adjust its capital program as needed.

Second quarter average production was 9,471 boe/d, down 9.7% from 2023 due to decreased drilling activity. Capital expenditures totaled $6.9 million, with completion activities being a key focus. Petrus Resources has released an updated corporate presentation and can be contacted for further information at www.petrusresources.com.

Non-GAAP financial measures like operating netback, corporate netback, funds flow, and net debt are used by Petrus Resources to evaluate specific operating performance and profitability. These measures provide additional insights into the company’s financial performance, despite not being standardized under GAAP. Management believes they offer valuable information for understanding Petrus Resource’s operations.



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