PetroTal reported Adjusted EBITDA of $43.5 million and free funds flow of $32.4 million for the three months ended June 30, 2026, as production held above the company's internal budget. The Peru-focused upstream oil and gas producer posted net income of $4.8 million for the quarter, after a $10.2 million impairment charge tied to the sale of its Amazonia-1 drilling rig.
Second-quarter results
PetroTal's average Q2 2026 production was 12,557 barrels of oil per day (bopd), with sales averaging 11,969 bopd. For the first half of 2026, production averaged 13,726 bopd, 3% ahead of budget expectations. Adjusted EBITDA for H1 2026 totaled $78.7 million ($33.05 per barrel), and free funds flow reached $58.1 million ($24.41 per barrel).
| Metric | Q2 2026 | H1 2026 |
|---|---|---|
| Production | 12,557 bopd | 13,726 bopd |
| Sales | 11,969 bopd | - |
| Adjusted EBITDA | $43.5 million ($39.98/bbl) | $78.7 million ($33.05/bbl) |
| Free funds flow | $32.4 million ($29.72/bbl) | $58.1 million ($24.41/bbl) |
Capital expenditures were $8.0 million in the quarter, bringing year-to-date 2026 capital investment to $15.6 million. Unrestricted cash stood at $105.4 million, up $6.1 million from a year earlier.
President and CEO Manuel Pablo Zuniga-Pflucker said the quarter's results reflected "stronger realized pricing and continued cost discipline." He said production of 12,557 bopd tracked slightly ahead of the company's internal plan, putting PetroTal in position to meet its annual production and EBITDA guidance.
Bretana workover and drilling plans
PetroTal recently started a pulling campaign at its Bretana field to replace tubing and pumps on up to five wells. Zuniga-Pflucker said the work will help offset forecast production declines in the second half of the year.
The Estrella drilling rig has arrived in Peru, and Zuniga-Pflucker said the company has increasing confidence that its development drilling campaign will resume on an October target date. He said the milestones reflect strong execution by PetroTal's operations and drilling teams and lay the groundwork for a return to production growth in 2027, adding that the company remains focused on disciplined capital allocation as it advances the drilling campaign.
