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Highlights
- Net income rose to $31.8 million, aided by $19.5 million tax recovery
- Natural gas sales volumes dropped 14% to 128.7 MMcfpd in Q1 2025
- Adjusted EBITDAX declined 8% to $56.3 million compared to Q1 2024
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.
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