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BRIEF-Frontera Reports Q1 Results

Published 2019-05-09, 07:23 a/m
BRIEF-Frontera Reports Q1 Results
FEC
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May 9 (Reuters) - Frontera Energy Corp FEC.TO :

* FRONTERA ANNOUNCES STRONG FIRST QUARTER 2019 RESULTS

* QTRLY EARNINGS PER SHARE $0.47

* QTRLY PRODUCTION AVERAGED 67,974 BOE/D, A DECREASE OF 5% COMPARED TO Q4 OF 2018

* QTRLY COLOMBIA PRODUCTION INCREASED 4% COMPARED TO Q4 OF 2018

* OPERATING NETBACK DURING Q1 WAS $30.23/BOE, 28% HIGHER THAN IN Q4 OF 2018

* QTRLY PRODUCTION COSTS OF $70 MILLION WERE 17% LOWER THAN Q4 OF 2018

* QTRLY TRANSPORTATION COSTS OF $72 MILLION WERE 5% LOWER THAN BOTH Q4 OF 2018 AND Q1 OF 2018

* QTRLY REVENUE $378 MILLION VERSUS $284 MILLION

* BRENT OIL BENCHMARK PRICE AVERAGED $63.83/BBL DURING Q1 VERSUS $68.60/BBL IN Q4 2018

* FRONTERA ENERGY - REITERATES ANNUAL GUIDANCE METRICS FOR PRODUCTION BETWEEN 65,000 TO 70,000 BOE/D

* ALSO REITERATES ANNUAL GUIDANCE METRICS FOR OPERATING EBITDA AND CAPITAL EXPENDITURES

* Q1 EARNINGS PER SHARE VIEW $0.39, REVENUE VIEW $402.5 MILLION -- REFINITIV IBES DATA

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