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Image source: Company update
Highlights
- Frontera’s Q2 2024 saw net sales price rise to USD 72.85/boe, driven by higher Brent prices
- Despite higher prices, revenue fell 3.6% year-over-year due to reduced production
- Net income dropped to a loss of USD 3.1 million, primarily due to increased taxes
- Frontera plans to boost production to 40,000-42,000 boe/d and achieve EBITDA of USD 400-450 million
Frontera Energy Corporation (TSX: FEC), based in Canada, specializes in the business of crude oil and natural gas production and exploration in South America.
In the second quarter of 2024 (Q2FY24), the company's net realised sales price improved to USD 72.85/boe, up from USD 70.80/boe in the previous quarter and significantly higher than USD 64.09/boe in the same period last year. This positive shift was largely driven by an increase in the Brent benchmark oil price and more favourable oil price differentials.
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