Trinity Exploration Reports Decrease in Sales Volumes

Trinity Exploration & Production disclosed on Thursday that its sales volumes experienced a decline during the second quarter, while also reiterating its full-year guidance.

The oil company, which primarily operates in Trinidad & Tobago, highlighted its consistent production performance during the second quarter. However, it noted a slight decrease in sales volumes, averaging 2,824 oil barrels per day. This figure fell from 2,899 barrels in the preceding quarter and 3,019 barrels in the same period last year.

Furthermore, Trinity Exploration & Production reported a decline in the average oil price realized, which dropped to $63.7 per barrel in the second quarter. This is in comparison to $67.9 per barrel in the first quarter and $96.8 per barrel from a year earlier.

In terms of financials, the company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) for the second quarter declined to $4.5 million from $11.2 million in the same period the previous year. Meanwhile, as of June 30, Trinity Exploration & Production possessed a cash balance of $11.3 million, slightly lower than the $11.4 million recorded at the end of March.

Moving forward, the company has reaffirmed its full-year sales guidance, indicating an expected range of 2,800 to 3,100 oil barrels per day.