07:24 AM EDT, 03/10/2025 (MT Newswires) -- Frontera Energy ( FECCF ) on Monday said it swung to net loss in the fourth quarter as sales fell.

The company booked a net loss of US$29.4 million, or US$0.36 per share, reversing the previous year's net income of US$92.0 million, or US$1.04 per share.

Frontera said its loss included an income tax expense of US$33.4 million, finance expenses of US$21.8 million, US$8.9 million related to loss on risk management contracts, and foreign exchange loss of US$1.8 million.

Net sales fell to US$213.7 million from US$232.2 million while operating EBITDA sank to US$113.5 million from US$121.0 million.

Total production rose to 42,406 barrels of oil equivalent per day (boe/d) from 39,267 boe/d.

Frontera declared a quarterly dividend of $0.0625 per share, or $3.4 million in total, payable around April 16.

Frontera also announced a yearend 2024 reserves update. The company outlined a net present value of its 2P reserves, discounted at 10% before tax, at US$3.4 billion, compared to US$3.5 billion a year ago.

For the first quarter, Frontera said its production to date has reached 40,400 boe/d, mainly due to unexpected well failures within the light and medium assets occurring near the end of 2024.

The company said it remains confident it will achieve its 2025 production guidance.