Arrow Exploration Reports Record Second Quarter Performance
Arrow Exploration Corp reported its best quarter yet in the second quarter, with adjusted EBITDA surging by 300% year on year to US$25.1 million and revenue more than doubling. The company's net revenue after royalties rose 116% to US$34.2 million, while average production increased significantly due to new fields in Colombia. The growth was driven by the Mateguafa Attic and Icaco fields within Colombia’s Tapir block. Higher crude prices and reduced operating costs per barrel contributed to a rise in corporate operating netback from US$27.36 to US$63.42 per barrel of oil equivalent. Arrow also reported strong financial results, including a shift from a loss to a profit with net income reaching US$10.4 million and ending the quarter with $28.5 million in cash and no debt.
Topics: ebitda growth energy production oil revenue increase