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Canacol Energy Ltd. Reports Record Adjusted EBITDAX of $296 Million for the Year Ended December 31, 2024

CALGARY, Alberta, March 20, 2025 (GLOBE NEWSWIRE) — Canacol Energy Ltd. (“Canacol” or the “Corporation”) (TSX:CNE; OTCQX:CNNEF; BVC:CNEC) is pleased to report its financial and operating results for the three months and year ended December 31, 2024. Dollar amounts are expressed in United States dollars, with the exception of Canadian dollar unit prices (“C$”) where […]



Canacol Energy Ltd. reported a record adjusted EBITDAX of $296 million for the year ended December 31, 2024, a 25% increase compared to 2023. Adjusted funds from operations increased 43% to $209.4 million. Natural gas and LNG operating netback rose 32% to $5.41 per Mcf. Total revenues increased 16% to $352.3 million, driven by higher average sales prices. However, realized natural gas sales volume decreased by 12%. The Corporation reported a net loss of $32.7 million, attributed to a non-cash deferred income tax expense. Net cash capital expenditures were $122.3 million. Canacol plans to focus on maintaining and growing EBITDA, exploring gas opportunities, reducing debt, and commencing operations in Bolivia in 2026.

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