Alvopetro Energy announces November sales, updated long-term gas agreement, and Q4 dividend

Proactive - Interviews for investors

Alvopetro Energy CEO Corey Ruttan joined Steve Darling from Proactive to announce the company’s November 2024 sales results, an update to its long-term natural gas sales agreement, and the declaration of a quarterly dividend for Q4 2024. Ruttan highlighted that 2024 was a pivotal year for Alvopetro, as the company increased its productive capacity at the Caburé field and achieved notable success at the Murucututu project. These developments have positioned Alvopetro to commit to higher base firm sales volumes starting in 2025, further reinforcing its disciplined capital allocation model and long-term growth strategy. In November 2024, the company reported average sales volumes of 1,465 barrels of oil equivalent per day (boepd), including 8.1 million cubic feet per day (MMcfpd) of natural gas sales, 110 barrels of oil per day (bopd) of natural gas liquids (condensate), and 9 bopd of oil sales, based on field estimates. The November sales figures were impacted by reduced demand in Bahia, primarily due to facility turnarounds within the region. Alvopetro also conducted a mandatory 2-day shutdown of all production operations to complete inspection and turnaround activities at its facilities. However, the company noted strong recovery in December, with natural gas sales volumes averaging 11.6 MMcfpd based on field estimates to date. Alvopetro and Bahiagás have reached an agreement to update their long-term gas sales contract, aligning the terms with prevailing market conditions. Key updates include a 33% increase in Alvopetro's contracted firm volumes, starting January 1, 2025, raising the base committed supply to 400 e3m³/day. The company also declared a Q4 dividend of USD $0.09 per common share, emphasizing Alvopetro’s ongoing commitment to returning value to shareholders while pursuing growth opportunities. #proactiveinvestors #alvopetroenergyltd #tsxv #alv #otcqx #alvof #OilAndGas #BrazilNaturalGas #EnergyProduction #CEOInterview #Q32024 #ProactiveInvestors #GasPlantCapacity #OrganicGrowth #EnergyStocks #investment #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews