Canacol Energy Reports Strong Q1 Financials

Canacol Energy Ltd. (TSE:CNE) has released an update.

Canacol Energy Ltd. has reported a significant boost in financial performance for Q1 2024, with a 22% increase in natural gas and LNG operating netback and a slight rise in adjusted EBITDAX to $61 million. Despite a 19% drop in sales volume, the firm saw a 29% increase in adjusted funds from operations due to higher average sales prices and reduced current income tax expenses. However, net income fell to $3.7 million, attributed to a non-cash deferred income tax expense.

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