Canacol Energy Reports Q4 and Year-End Financial Results for 2024
Calgary, Alberta, March 20, 2025 – Canacol Energy Ltd. (Canacol or the Corporation), a leading independent upstream energy company focused on exploration, production, and development of natural gas and oil in Colombia, is pleased to announce its financial and operating results for the three months and year ended December 31, 2024. All dollar amounts are expressed in United States dollars, with the exception of Canadian dollar unit prices (C$) where indicated.
Financial Highlights
For the year ended December 31, 2024, Canacol reported total revenue of $278.2 million, a 31% increase compared to the previous year. The Corporation’s net loss for the year was $16.3 million, a significant improvement from the net loss of $54.6 million in 2023. Adjusted EBITDA for 2024 was $71.5 million, a 43% increase compared to the previous year.
Operating Highlights
During the fourth quarter of 2024, Canacol achieved an average daily production of 14,718 barrels of oil equivalent per day (BOE/d), a 17% increase compared to the same period in 2023. The Corporation’s Colombian production averaged 13,348 BOE/d, a 16% increase compared to the fourth quarter of 2023. Canacol’s Colombian operations accounted for 92% of the Corporation’s total production.
Impact on Individuals
The improved financial and operating results of Canacol Energy could potentially lead to several positive impacts for individuals. The Corporation’s increased production levels may result in job creation and economic growth in the areas where its operations are located, particularly in Colombia. Additionally, the higher revenue and adjusted EBITDA may lead to increased investor confidence and potentially higher stock prices, benefiting those who hold shares in the company.
Impact on the World
On a larger scale, Canacol Energy’s strong financial and operating performance contributes to the global energy sector’s ongoing efforts to meet the world’s growing energy demand. The Corporation’s focus on natural gas production aligns with the global trend towards cleaner energy sources, as natural gas emits fewer greenhouse gases compared to coal and oil. Furthermore, the increased production levels may help to stabilize global energy prices and reduce dependence on geopolitically volatile regions.
Conclusion
Canacol Energy’s strong financial and operating performance in 2024 represents a significant step forward for the Corporation. The Corporation’s continued growth in production and revenue, along with its focus on cleaner energy sources, positions it well to contribute to both local and global energy needs. As the world continues to seek sustainable energy solutions, companies like Canacol Energy will play an essential role in meeting the demand for cleaner energy sources while supporting economic growth and job creation.
- Canacol Energy reports improved financial and operating results for 2024
- Total revenue increased by 31% to $278.2 million
- Net loss improved significantly to $16.3 million
- Adjusted EBITDA increased by 43% to $71.5 million
- Average daily production increased by 17% to 14,718 BOE/d
- Positive impacts for individuals include job creation and increased investor confidence
- Positive impacts on the world include contributing to global energy demand and reducing dependence on geopolitically volatile regions
