05:20 PM EST, 12/17/2024 (MT Newswires) -- Alvopetro Energy ( ALVOF ) after close of trade Tuesday released its November 2024 sales volumes, an update to their long-term natural gas sales agreement and the Q4 2024 dividend.

The Brazilian oil and gas producer said its November sales volumes averaged 1,465 barrels of oil equivalent per day, down from 1,912 boepd a month earlier.

The company said sales were impacted by reduced demand in the state of Bahia due to facility turnarounds. Alvopetro also shut in all production for a 2-day period to complete mandatory turnaround and inspection works at all facilities.

The company and Bahiagas agreed to update their long-term gas sales agreement to increase Alvopetro's share of Bahiagas' supply and better align the contract with prevailing market conditions.

The company declared a quarterly dividend of US$0.09 per share, payable Jan. 15 to shareholders of record on Dec. 31.

Alvo shares closed down $0.08 to $4.96 on the TSX Venture Exchange.