12:14 PM EDT, 03/21/2024 (MT Newswires) -- PetroTal Corp. ( PTALF ) on Thursday rose 1.3% on last look after reporting fourth-quarter net income of US$21.5 million ($29.1 million), down from US$37.2 million a year earlier.

Funds flow provided by operations for the quarter ended Dec. 31, 2023, were US$53.8 million, down from US$59.4 million a year earlier.

Oil revenue for Q4 was US$84 million, up from US$63.8 million a year earlier.

For Q4, the company reported average sales and production of 15,033 and 14,865 barrels of oil per day, respectively, impacted by a severe dry season and consequent low river levels that limited barge transport and tanker unloading capacity at Manaus.

The company also reported average 2023 sales and production of 14,421 bbls and 14,248 bopd, respectively, within the guidance range for the year and generating a production growth rate of 17% over 2022.

Net operating income for Q4 was US$59.4 million, up from US$48.4 million a year earlier.

Price: 0.79, Change: +0.01, Percent Change: +1.28