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PetroTal (TAL) investor relations material
PetroTal Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Q3 2025 production averaged 18,414 bopd, up 21% year-over-year, but down 12% sequentially due to unscheduled downtime at the Bretana field; sales averaged 18,028 bopd, with 98.6% exported via Brazil.
Adjusted EBITDA was $31.6 million ($19.03/bbl), and free funds flow was $12.1 million ($8.19/bbl); net income was $3.6 million, down $13.9 million from Q2 2025.
Capital expenditures totaled $19.7 million, mainly for drilling, facility expansion, and erosion control at Bretana.
The Board suspended the quarterly dividend to preserve liquidity amid delays in development drilling and weaker oil prices.
Operational challenges included pump failures, tubing leaks, and maxed-out water handling capacity, with contingency plans in place for 2026.
Financial highlights
Oil revenue for Q3 2025 was $71.9 million at a net realized price of $43.33/bbl, down from $80.1 million in Q2 2025.
Operating expenses were $13.8 million ($8.34/bbl), and erosion control expenses rose to $6.5 million ($3.91/bbl).
Net operating income was $44.5 million ($26.83/bbl), and adjusted EBITDA was $31.6 million.
Total cash at quarter-end was $141.5 million, with $108.8 million unrestricted and $25 million restricted for the COFIDE/BanBif loan.
Free cash flow for Q3 exceeded $12 million, with year-to-date free cash flow surpassing $87 million.
Outlook and guidance
Production is expected to decline in H1 2026 due to delays in resuming development drilling; 2026 average production is forecast at 12,000–15,000 bopd, depending on drilling restart timing.
Best-case 2026 scenario: rig arrives mid-year, enabling three new wells and potential exit production above 20,000 bbl/day.
Low-case scenario: no new drilling in 2026, with focus on water handling investments and preparing for 2027 oil price recovery.
The Board will prioritize cash preservation and may draw on reserves to fund the 2026/27 development program.
2026 budget and development plan to be finalized and disclosed in January.
What is the expected timeline for Bretana well repairs?
Detail the optimal Bretana development plan
Explain the Q3 transportation cost increase
Impact of drilling rig contractor change?
Water handling expansion timeline and cost?
What cash balance is needed for liquidity?
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Frequently asked questions
PetroTal Corp. engages in the exploration, appraisal and development of crude oil and natural gas in Peru, South America. It operates through two segments, Exploration and Production. The company was established by executives who have extensive international experience in the global oil and gas industry.
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