06:26 AM EDT, 08/08/2024 (MT Newswires) -- Frontera Energy ( FECCF ) late on Wednesday said it swung to a net loss in the second quarter as production declined.

The second-quarter net loss came in at US$2.8 million, or US$0.03 per diluted share, down from a profit of US$80.2 million, or US$0.92 per diluted share.

Net sales edged higher to US$209 million from US$208.8 million. Operating EBITDA fell to US$110.3 million from US$116.5 million.

The company produced 39,912 barrels of oil equivalent per day (boe/d), down from 42,049 boe/d.

"Despite some inflationary pressure on our costs, we remain on track to achieve our 2024 capital, production and EBITDA guidance," said Frontera CEO Orlando Cabrales.

Frontera also said it will begin a substantial issuer bid (SIB) under which it will offer to buy $30 million of its common shares for cancellation at a fixed price per share. The SIB is scheduled for completion in October.

The company's board declared a dividend of $0.0625 per common share, to be paid Oct. 16 to shareholders of record at the close of business Oct. 2.