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