Production Exceeds Guidance
Pro forma consolidated production averaged 36,000 barrels a day, exceeding the base case guidance of 35,000 barrels a day, driven by stable output in Colombia and Ecuador, and record production from new Argentina assets.
Record Production from Argentina's Vaca Muerta
The Vaca Muerta blocks in Argentina achieved a record high production of over 17,000 barrels a day in February.
Strong Financial Performance
Adjusted EBITDA increased by 13% from the previous quarter to $88 million, with operating costs decreasing to $12.3 per barrel.
Net Leverage and Cash Position
Net leverage ratio stands at 0.9x, and the company closed the quarter with over $308 million in cash.
Operational Efficiency Improvements
New drilling efficiencies reduced cycle times by 20% in Llanos 34, and a new well was drilled in record time of 4.5 days.