Canacol Energy Ltd. ( (CNNEF) ) has released its Q4 earnings. Here is a breakdown of the information Canacol Energy Ltd. presented to its investors.
Canacol Energy Ltd. is a natural gas exploration and production company with operations primarily focused in Colombia, trading on the Toronto Stock Exchange and other international markets.
In its latest earnings report, Canacol Energy Ltd. announced a record adjusted EBITDAX of $296 million for the year ended December 31, 2024, reflecting significant financial growth despite a net loss. The company attributes its financial performance to increased natural gas and LNG operating netbacks, although it faced a decrease in sales volume.
Key financial highlights include a 43% increase in adjusted funds from operations to $209.4 million and a 16% rise in total revenues to $352.3 million. The company also reported a net loss of $32.7 million for the year, primarily due to non-cash deferred income tax expenses. Despite this, Canacol’s operating netback for natural gas and LNG saw a notable increase, driven by higher average sales prices.
Looking forward, Canacol Energy Ltd. plans to focus on maintaining and growing its EBITDA through strategic investments in drilling and exploration, particularly in the Lower Magdalena Valley. The company is also preparing to expand operations into Bolivia by 2026, while continuing its commitment to environmental, social, and governance (ESG) strategies.
Overall, Canacol Energy Ltd. remains optimistic about its growth prospects, leveraging strong commodity pricing and strategic exploration activities to enhance its market position in 2025.