07:33 AM EST, 03/08/2024 (MT Newswires) -- Frontera Energy Corp. ( FECCF ) reported overnight Thursday a diluted EPS of US$1.04 in the fourth quarter of 2023, falling year over year from US$2.25.

Net sales dropped to US$232.2 million from US$237.6 million as total production was down to 39,267 barrels of oil equivalent per day (boe/d) from 41,806 boe/d.

For full-year 2023, diluted EPS sank to US$2.19 from US$3.08 as net sales slid to US$858.4 million from US$996.1 million. Production inched down to 40,919 boe/d from 41,382 boe/d.

Frontera declared a quarterly dividend of $0.0625 per share, payable on April 16, as part of the company's recent decision to initiate a quarterly payout.

"The company will continue to consider future shareholder value enhancement initiatives in 2024 and beyond, including potential additional dividends, distributions, or bond buybacks, based on the overall results of our businesses and strategic goals," Chairman Gabriel de Alba said.

"As we turn now to 2024, we remain focused on executing our recently announced 2024 plan and continuing to deliver sustainable value-focused production, strong operational and financial results, and driving shareholder returns," CEO Orlando Cabrales said.