Canacol Energy Reports Profitable Year, Ends Dividend

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

Canacol Energy Ltd. reported a solid year with a net income of $86.2 million, bolstered by an 11% increase in adjusted EBITDAX and a significant 34% rise in 2P after-tax NPV-10. Despite a slight decrease in natural gas sales volumes, the company saw higher average sales prices which contributed to increased revenues and funds from operations. Canacol is terminating its quarterly dividend to improve its balance sheet and is focusing on strategic growth, including drilling new wells and seizing market opportunities in 2024.

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