PetroTal Corp. (TSX: TAL) (AIM: PTAL) (OTCQX: PTALF) reported its financial and operating results for the third quarter of 2026, highlighting strong performance despite a net loss. The company achieved average sales and production of 11,446 and 11,797 barrels of oil per day (bopd), respectively. Year-to-date production averaged 13,076 bopd, tracking 3% ahead of budget. Adjusted EBITDA and Free Funds Flow for the quarter were $33.7 million ($31.96/bbl) and $21.2 million ($20.15/bbl), respectively. However, a net loss of $5.5 million ($5.27/bbl) was reported, primarily due to a $14.9 million commodity price derivative loss.
Capital expenditures for the quarter amounted to $11.8 million, bringing the year-to-date total to $27.4 million. The company ended the quarter with unrestricted cash of $115.6 million, an increase of 9.6%. Post-quarter events included the repayment of a $36.6 million loan and the award of a Technical Evaluation Agreement (TEA) in Area CXVII.
Manuel Pablo Zuniga-Pflucker, President and CEO, commented on the results: "PetroTal delivered a solid third quarter, with Adjusted EBITDA of $33.7 million and Free Funds Flow of $21.2 million reflecting higher year-on-year pricing and continued cost discipline." He also highlighted the commencement of the drilling of development well 25-H and the company's focus on disciplined capital allocation and advancing its drilling campaign.
The company's Block 95 update revealed average production of 11,465 bopd from the Bretaña field, with efforts ongoing to increase water injection capacity. The erosion control project is also progressing, with PetroTal securing a significant portion of the required equipment and resources.