08:39 AM EDT, 03/21/2025 (MT Newswires) -- Highwood Asset Management (HAM.V) reported Friday that its income slumped 96% in the fourth quarter of 2024.

The company booked an income of $1.9 million, plunging from $47.8 million. Total revenue fell 29% to $21.2 million from $29.9 million.

Adjusted EBITDA jumped 85% to $19.0 million from $10.3 million.

During the first quarter or 2025, Highwood said the company's oil production has been impacted by long periods of severe cold weather, third party outages and delays in bringing new drills online.

As a result, the company expects to produce 5,100 to 5,300 barrels of oil equivalent per day (boe/d) in the first quarter production. It still expects to achieve 2025 average production of 6,200-6,400 boe/d.

Highwood also outlined its yearend 2024 reserves update. The company said its proved developed producing reserves increased 14% to 18.2 million barrels of oil equivalent (boe).

Total proved reserves rose 16% to 36.9 million boe, while proved plus probable reserves climbed 16% to 61.2 million boe.