07:52 AM EST, 11/17/2025 (MT Newswires) -- Colombia-focused Canacol Energy ( CNNEF ) reported Monday an 80% increase in net income for the third quarter.

The natural gas exploration and production company booked a net income and comprehensive income of US$18.7 million, or $0.55 per share, in the three months ended Sept. 30, rising from $10.3 million, or $0.30 per share, recorded a year ago.

Analysts polled by FactSet forecast Canacol's earnings at $0.61 per share.

The company attributed the increase to a noncash deferred income tax recovery of $5.4 million, compared to a non-cash deferred income tax expense of $5.3 million last year.

Revenue dropped 21% to $69.5 million from $87.9 million due to lower realized natural gas and LNG sales volumes. The company's revenue missed the analyst sales consensus forecast of $77.9 million compiled by FactSet.

The company's total production fell 22% to 23,687 barrels of oil equivalent per day.

Canacol's share price fell 8.6% on Friday to C$1.81 on the Toronto Stock Exchange.