Canacol Energy - Reduced gas sales but strong underlying results
Canacol’s Q220 results confirm the financial impact of the reduced production and sales in Q2 as previously announced. While sales and production are down c 25% over Q120, the underlying message is that production continues to improve from an April low following the COVID-19 outbreak, while netbacks also improve with additional sales. EBTIDAX and earnings remain strong, further exemplifying the company’s lean operations and majority (c 80%) take-or-pay offtake contracts denominated in US dollars that protect the company from macro fluctuations.Canacol Energy is engaged in core petroleum and natural gas exploration and development activities in Colombia, Brazil and Guyana.
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