Frontera Energy Corp (OTC) ( (FECCF) ) has released its Q3 earnings. Here is a breakdown of the information Frontera Energy Corp (OTC) presented to its investors.
Frontera Energy Corporation is a Canadian company engaged in the exploration, development, and production of oil and natural gas in South America, with a focus on Colombia, Ecuador, and Guyana. It operates in both upstream and midstream sectors, including infrastructure facilities like pipelines and ports.
In the third quarter of 2024, Frontera Energy Corporation reported a net income of $16.6 million, marking a notable recovery from a net loss in the previous quarter. The company also saw a rise in average daily production to 40,616 barrels of oil equivalent per day (boe/d), up by 2% from the prior quarter. Additionally, the corporation declared a quarterly dividend, reflecting its commitment to returning capital to shareholders.
Key financial metrics for the quarter included an operating EBITDA of $103.2 million and cash provided by operating activities totaling $124.1 million. The company also highlighted strategic initiatives such as the advancement of the Reficar connection project, expected to commence operations by December 2024, and the initiation of another substantial issuer bid for up to $30 million. Frontera remains focused on its infrastructure and exploration projects in Colombia and Guyana, despite facing challenges like social issues impacting drilling activities.
Looking forward, Frontera Energy aims to enhance shareholder value through strategic investments and initiatives, such as potential additional dividends and bond buybacks. The company is optimistic about increasing its production capacity and infrastructure development, particularly through its ongoing projects in South America. Management remains committed to achieving its 2024 production and EBITDA guidance, while navigating market challenges and capitalizing on new opportunities.
