Canacol Energy Ltd. (TSX: CNE) announced on Thursday its financial results for Q3 2021, recording US$81.9 million in revenue. This is an increase from Q3 2020’s revenue of US$64.5 million.
The company attributes the revenue increase mainly to the “increase in natural gas demand as the COVID-19 pandemic restrictions are being gradually lifted.”
Further down the line, the financials recorded a net income of US$8.8 million for the quarter, an improvement from last year’s net income of US$2.6 million. The quarter’s net income translates to a US$0.05 per share.
On the production side, the firm had 34,149 boe/day average total daily production for the quarter. This is an increase from last year’s 28,740 boe/day. The realized contractual sales for the quarter came in at 33,598 boe/day, up from last year’s 28,941 boe/day. Lastly, operating netback came in at US$19.96/boe, marginally up from US$19.76/boe last year.
The company ended the quarter with US$43.1 million in cash and cash equivalents, making the balance of current assets come at US$118.1 million. Current liabilities came in at US$103.4 million.
Canacol Energy Ltd. last traded at $3.70 on the TSX.
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