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Canacol Energy (TSE:CNE)
TSX:CNE
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Earnings Data
Report Date
Mar 20, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
C$1.24Last Year’s EPS
C$0.88Same Quarter Last Year
Based on 0 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Nov 07, 2024
|% Change Since: 20.90%
|Next Earnings Date:Mar 20, 2025
Earnings Call Sentiment|Positive
The earnings call highlighted Canacol's strong financial performance with record EBITDAX, increased natural gas prices, and a favorable arbitration ruling enhancing results. The positive outcomes were partially offset by non-commercial results from the Cardamomo-1 well and an increase in deferred tax expense. Overall, the sentiment remains positive, driven by efficient operations and strategic market positioning.Company Guidance
During the Canacol Energy Q3 2024 earnings call, several key metrics and guidance were provided. The company's EBITDAX reached a record high of $86 million, driven by a 24% increase in realized natural gas prices to $6.69 per Mcf, resulting in a netback of $5.25 per Mcf and maintaining a strong operational margin of 78%. Total revenues net of royalties and transportation expenses were reported at $87.9 million, a 15% increase from the same period in 2023. The company also achieved a significant improvement in adjusted EBITDAX, which rose by 38% to $85.8 million, and adjusted funds from operations increased by 18% to $57.9 million. Capital expenditures for the quarter were $23.9 million, reflecting a reduction from the previous year, while the company also secured a 24-month $75 million senior secured term loan facility to bolster its financial position. Looking ahead, Canacol expects to maintain a reserve replacement ratio of approximately 120% for the full year 2024, with plans for additional drilling activities and strategic investments in Bolivia slated for the second half of 2025.Record EBITDAX Achievement
The third quarter of 2024 was a record-breaking one for Canacol with EBITDAX reaching a new high of $86 million, representing a 38% increase from the same period in 2023.
Increase in Realized Natural Gas Prices
Realized natural gas prices for the quarter were $6.69 per Mcf, a 24% increase compared to the same period in 2023.
Strong Operational Margins
Canacol maintained strong operational margins of 78% with a 27% increase in netbacks to $5.25 per Mcf compared to Q3 2023.
Favorable Arbitration Ruling
Canacol received a $14.2 million ruling in its favor from an arbitration process with Promigas, a gas transportation company, contributing to the quarter's financial success.
Improved Net Income
Reported net income of $10.3 million for Q3 2024, a substantial improvement from the net loss of $0.5 million in the same period in 2023.
Strong Liquidity Position
Canacol ended the quarter with $67.1 million in cash and cash equivalents and a working capital surplus of $62.1 million, marking its strongest cash position since Q1 2023.
Successful Well Drilling
Drilled Chontaduro 3 and Nispero-2, which successfully produced gas, contributing to production stabilization and growth.
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TSE:CNE Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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TSE:CNE Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Nov 07, 2024 | C$3.11 | C$3.09 | -0.64% |
| Aug 08, 2024 | C$4.21 | C$4.32 | +2.61% |
| May 09, 2024 | C$4.90 | C$4.97 | +1.43% |
| Mar 21, 2024 | C$6.00 | C$4.86 | -19.00% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Canacol Energy (TSE:CNE) report earnings?
Canacol Energy (TSE:CNE) is schdueled to report earning on Mar 20, 2025, TBA Not Confirmed.
What is Canacol Energy (TSE:CNE) earnings time?
Canacol Energy (TSE:CNE) earnings time is at Mar 20, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is TSE:CNE EPS forecast?
TSE:CNE EPS forecast for the fiscal quarter 2024 (Q4) is C$1.24.
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