Frontera Energy Corporation Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 08, 2023
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Frontera Energy Corporation reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported revenue was USD 308.87 million compared to USD 354.55 million a year ago. Net income was USD 32.58 million compared to net loss of USD 26.89 million a year ago. Basic earnings per share from continuing operations was USD 0.38 compared to basic loss per share from continuing operations of USD 0.3 a year ago. Diluted earnings per share from continuing operations was USD 0.37 compared to diluted loss per share from continuing operations of USD 0.3 a year ago.
For the nine months, revenue was USD 849.1 million compared to USD 953.19 million a year ago. Net income was USD 101.46 million compared to USD 88.82 million a year ago. Basic earnings per share from continuing operations was USD 1.19 compared to USD 0.96 a year ago. Diluted earnings per share from continuing operations was USD 1.16 compared to USD 0.94 a year ago.
Frontera Energy Corporation is a Canada-based oil and gas company. The Company is involved in the exploration, development, production, transportation, storage, and sale of oil and natural gas in South America, including related investments in both upstream and midstream facilities. The Company has a diversified portfolio of assets with interests in 27 exploration and production blocks in Colombia, Ecuador, and Guyana, and pipeline and port facilities in Colombia. The Companyâs segments include Colombia, Ecuador, Guyana, Midstream Colombia, and Canada & Others. Colombia includes all upstream business activities of exploration and production in Colombia. Ecuador includes all upstream business activities of exploration and production in Ecuador. Guyana includes exploration and infrastructure. Midstream Colombia includes the Companyâs investments in pipelines, storage, port, and other facilities relating to the distribution and exportation of crude oil products in Colombia.