06:31 AM EDT, 05/10/2024 (MT Newswires) -- Canacol Energy ( CNNEF ) overnight Thursday reported a 78% drop in first-quarter net income despite an increase in revenue.

First-quarter net income came in at US$3.7 million, or US$0.11 per share, down from US$16.9 million, or US$0.49 per share. Total revenues, meanwhile, rose 5% to US$77.7 million from US$73.9 million.

Canacol attributed the revenue increase to higher average sales price, net of transportation expenses, offset by lower realized natural gas and liquefied natural gas sales volume. The net income decrease was due to a non-cash deferred income tax expense.

The company produced 28,430 barrels of oil equivalent per day (boe/d) in the first quarter, down 15% from 33,615 boe/d in last year's first quarter..