Alvopetro Sees Massive Surge in Natural Gas Sales
- Alvopetro Energy Ltd. reported its Q3 2024 operational and financial results on November 6, 2024.
- October 2024 natural gas sales from the Murucututu field increased by 187% compared to Q3 2024 sales.
- Despite the sales increase, the company's operating netback fell due to lower realized sales prices per barrel of oil equivalent.
On November 6, 2024, Alvopetro Energy Ltd. reported its operational and financial results for the third quarter of 2024. The company experienced a significant rise in natural gas sales from the Murucututu field, which increased by 187% in October 2024, aided by the new well that came online in September. Despite the sales increase, the firm's operating netback dropped to $59.19 per barrel of oil equivalent, largely due to a decrease in the realized sales price per boe compared to Q3 2023. The financial results highlight a decrease in cash flows from operating activities per share, with $0.29 for Q3 2024, compared to $0.34 in Q3 2023. This despite the increased sales volume signifies challenges in pricing and cost control for the company moving forward, warranting investor attention and possible strategic adjustments.