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Canacol Energy (TSX: CNE) Posts $31.8M Q1 2025 Net Income Amid 14% Decline in Gas Sales Volumes
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Highlights
Canacol Energy Ltd. (TSX: CNE; OTCQX: CNNEF; BVC: CNEC) reported net income of $31.8 million for the first quarter ended March 31, 2025, a significant increase from $3.7 million in the same period last year. This jump was primarily attributed to a non-cash deferred income tax recovery of $19.5 million, compared to a $0.5 million expense in Q1 2024.
Despite higher net income, the company saw declines across several operational metrics. Realized contractual natural gas and LNG sales volumes fell 14% to 128.7 million cubic feet per day (MMcfpd), down from 150.4 MMcfpd in the previous year. As a result, total revenues net of royalties and transportation dropped 6% to $72.7 million.
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