11:38 AM EDT, 08/08/2024 (MT Newswires) -- Frontera Energy ( FECCF ) late on Wednesday said it swung to a loss in the second quarter as production declined.

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

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, down 5.1% 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 chief executive 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 share, to be paid Oct. 16 to shareholders of record on Oct. 2.

Frontera shares were last seen up $0.93 to $8.24 on the Toronto Stock Exchange.

Price: 8.28, Change: +0.97, Percent Change: +13.27