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The conference opened with a powerhouse Keynote panel Pharmacists Today…5 ...
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Source: https://usanewshour.com/feed/

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<title>SK hynix Develops Next-Generation Mobile NAND Solution ZUFS 4.0 | USA Newshour</title>
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<title>SK hynix Develops Next-Generation Mobile NAND Solution ZUFS 4.0</title>
<link>https://usanewshour.com/sk-hynix-develops-next-generation-mobile-nand-solution-zufs-4-0/210196/</link>
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<description><![CDATA[Mass production of industry’s best-performing product for on-device AI smartphones to begin in 3Q Performance degradation over time improved, while lifetime increased by 40% SK hynix to expand leadership in AI memory space with strong presence in NAND solutions following success of HBM SEOUL, South Korea, May 8, 2024 /PRNewswire/ — SK hynix Inc. (or […]]]></description>
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<li>Mass production of industry’s best-performing product for on-device AI smartphones to begin in 3Q</li>
<li>Performance degradation over time improved, while lifetime increased by 40%</li>
<li>SK hynix to expand leadership in AI memory space with strong presence in NAND solutions following success of HBM</li>
</ul>
SEOUL, South Korea, May 8, 2024 /PRNewswire/ — SK hynix Inc. (or “the company”, www.skhynix.com) announced today that it has developed the Zoned UFS, or ZUFS* 4.0, a mobile NAND solution product for on-device** AI applications.
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*Zoned Universal Flash Storage(ZUFS): a NAND Flash product that improves efficiency of data management. The product optimizes data transfer between an operating system and storage devices by storing data with similar characteristics in the same zone of the UFS, a flash memory product for various electronic devices such as digital camera and mobile phone.
*On-Device AI: a technology that implements AI functions on the device itself, instead of going through computation by a physically separated server. A smartphone’s direct collection and computation of information allows fast reactions of the AI performance, while promising an improved customized AI service.
SK hynix said that the ZUFS 4.0, optimized for on-device AI from mobile devices such as smartphones, is the industry’s best of its kind. The company expects the latest product to help expand its AI memory leadership to the NAND space, extending its success in the high-performance DRAM represented by HBM.
The ZUFS is a differentiated technology that classifies and stores data generated from smartphones in different zones in accordance with characteristics. Unlike a conventional UFS, the latest product groups and stores data with similar purposes and frequencies in separate zones, boosting the speed of a smartphone’s operating system and management efficiency of the storage devices.
The ZUFS also shortens the time required to run an application from a smartphone in long hours use by 45%, compared with a conventional UFS. With the issue of degradation of read and write performance improved by more than four times, the lifetime of the product also increased by 40%.
The development of the technology dates back to 2019, before the arrival of the AI boom, when SK hynix started collaboration with a global platform service company on expectations for an increased demand for high-performance NAND solutions.
Following provision of the prototypes of ZUFS, SK hynix and the customer jointly developed the 4.0 product that qualifies the specifications by the Joint Electron Device Engineering Council, or JEDEC. SK hynix will commence mass production of the ZUFS 4.0 in the third quarter with an aim to provide to various on-device AI smartphones by global companies.
Ahn Hyun, Head of the N-S Committee at SK hynix, said that customers are requiring better memory options as big tech companies focus on development of the on-device products adopting their own generative AI applications. “SK hynix will continue to work toward strengthening its leadership as the global top AI memory provider by supplying high-performance NAND solutions that meet such higher requirements at a right time, while building up stronger partnership with leading ICT companies.”
About SK hynix Inc. SK hynix Inc., headquartered in Korea, is the world’s top tier semiconductor supplier offering Dynamic Random Access Memory chips (“DRAM”), flash memory chips (“NAND flash”) and CMOS Image Sensors (“CIS”) for a wide range of distinguished customers globally. The Company’s shares are traded on the Korea Exchange, and the Global Depository shares are listed on the Luxemburg Stock Exchange. Further information about SK hynix is available at www.skhynix.com, news.skhynix.com.
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SOURCE SK hynix Inc.
 <img decoding="async" alt="" src="https://rt.prnewswire.com/rt.gif?NewsItemId=CN08906&Transmission_Id=202405082000PR_NEWS_USPR_____CN08906&DateId=20240508" style="border:0px; width:1px; height:1px;"></img> Disclaimer: The above press release comes to you under an arrangement with PR Newswire. USA Newshour takes no editorial responsibility for the same.
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<title>Head-to-head Superiority to High-dose Dulaglutide: Innovent’s First Phase 3 Clinical Trial of Mazdutide in Chinese Patients with Type 2 Diabetes Met Study Endpoints</title>
<link>https://usanewshour.com/head-to-head-superiority-to-high-dose-dulaglutide-innovents-first-phase-3-clinical-trial-of-mazdutide-in-chinese-patients-with-type-2-diabetes-met-study-endpoints/210195/</link>
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<pubDate>Thu, 09 May 2024 00:00:00 +0000</pubDate>
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<description><![CDATA[SAN FRANCISCO and SUZHOU, China, May 8, 2024 /PRNewswire/ — Innovent Biologics, Inc. (Innovent) (HKEX: 01801), a world-class biopharmaceutical company that develops, manufactures and commercializes high-quality medicines for the treatment of oncology, autoimmune, cardiovascular and metabolic, ophthalmology and other major diseases, announces that the Phase 3 clinical trial (DREAMS-2) of mazdutide (Innovent R&D code: IBI362), a […]]]></description>
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SAN FRANCISCO and SUZHOU, China, May 8, 2024 /PRNewswire/ — Innovent Biologics, Inc. (Innovent) (HKEX: 01801), a world-class biopharmaceutical company that develops, manufactures and commercializes high-quality medicines for the treatment of oncology, autoimmune, cardiovascular and metabolic, ophthalmology and other major diseases, announces that the Phase 3 clinical trial (DREAMS-2) of mazdutide (Innovent R&D code: IBI362), a glucagon-like peptide-1 receptor (GLP-1R) and glucagon receptor (GCGR) dual agonist, in Chinese subjects with type 2 diabetes (T2D) met the primary endpoint. The study results suggested that mazdutide was superior compared with dulaglutide for glycaemic control, and mazdutide also showed multiple cardiometabolic benefits in T2D patients including weight loss, blood lipid, blood pressure, serum uric acid, liver enzymes, etc.
DREAMS-2 (ClinicalTrials.gov, NCT05606913) is a multi-center, randomized Phase 3 clinical study to compare the efficacy and safety of mazdutide and dulaglutide in Chinese subjects with T2D who have inadequate glycemic control with metformin monotherapy or combination therapy of metformin with other oral drugs. The study enrolled 731 subjects to receive either mazdutide 4.0 mg, mazdutide 6.0 mg or dulaglutide 1.5 mg for 28 weeks. The primary endpoint was the change from baseline to week 28 in glycated hemoglobin (HbA1c) levels. The study used a non-inferiority design, and further superiority testing was performed after non-inferiority was achieved.
The primary endpoint was successfully met, showing a robust glucose-lowering efficacy of mazdutide
After 28 weeks of treatment, mazdutide 4.0 mg and mazdutide 6.0 mg showed non-inferiority to dulaglutide 1.5 mg in terms of improvement in HbA1c level from baseline. Based on these results, the superiority test was further performed, and both mazdutide 4.0 mg and 6.0 mg achieved superiority to dulaglutide 1.5 mg.
The key secondary endpoints showed mazdutide’s superior benefits in both glucose-lowering and weight loss
Statistical superiority was achieved in the following endpoints in both mazdutide 4.0 mg and mazdutide 6.0 mg groups after 28 weeks of treatment, including the change from baseline in HbA1c (superiority), percent change from baseline in body weight, proportion of subjects with HbA1c < 7.0% and weight loss of ≥ 5%, and proportion of subjects with HbA1c < 7.0%*.
Mazdutide showed comprehensive benefits beyond glucose-lowering and weight loss in multiple cardiometabolic indicators (blood pressure, blood lipids, serum uric acid, and liver enzymes) 
Mazdutide also showed significant advantages compared with dulaglutide in various indicators, including the proportion of subjects with HbA1c ≤ 6.5%, changes in fasting blood glucose and seven-point fingerstick blood glucose from baseline, the proportion of subjects with body weight loss of ≥ 5% and ≥ 10%, absolute change in body weight from baseline, waist circumference, body mass index (BMI), systolic blood pressure (SBP), triglyceride (TG), serum uric acid (UA), alanine aminotransferase (ALT) and aspartate aminotransferase (AST), etc.
Favorable safety and tolerability profile 
<ul type="disc">
<li>Gastrointestinal adverse reactions were the most common adverse events, most were mild to moderate in severity , transient, and mainly occurred during the first 12-week titration period.</li>
<li>No severe hypoglycemia occurred; the incidence of moderate or severe hypoglycemia was comparable to that of dulaglutide; and the incidence of hypoglycemia was lower in indirect comparison to reported in registrational studies of other GLP-1 drugs.</li>
<li>No signal of increased cardiovascular risk throughout the treatment period, similar to dulaglutide.</li>
<li>The overall safety profile was consistent with that observed in previous clinical studies of mazdutide and no new safety signals observed.</li>
</ul>
Mazdutide is the first GLP-1R/GCGR dual agonist in the regulatory review status, with the first new drug application (NDA) for chronic weight management under review by the Center for Drug Evaluation (CDE) of the National Medical Products Administration (NMPA). DREAMS-2, as one of the registrational clinical studies of mazdutide, will provide high-quality evidence of mazdutide for Chinese population with T2D. Innovent plans to read out the results of another DREAMS-1 Phase 3 clinical study in mid-2024 and submit to the CDE an NDA for the treatment of T2D with mazdutide. Detailed data from the DREAMS-1 and DREAMS-2 studies will be further analyzed and published at academic congresses or in clinical journals.
Professor Lixin Guo, the principal investigator of the clinical study, Department of Endocrinology in Beijing Hospital, said: “In China, T2D patients often have a variety of chronic diseases as comorbidities, such as obesity, hyperlipidemia, coronary heart disease, hypertension and so on. Therefore, the management of T2D should take into consideration the improvements in blood glucose, blood lipid, blood pressure and other aspects. In endocrine and CVM areas, GLP-1-based drugs are the hotspot of research and development for the healthcare industry as well as for clinicians, especially multi-target drugs that are potentially more efficacious and can provide more metabolic benefits. DREAMS-2 is the first Phase 3 clinical study head-to-head with dulaglutide in China, which has high clinical significance and academic value. The results of this study showed that mazdutide, compared with dulaglutide, has a stronger glycaemic lowering effect and favorable safety profile. More importantly, mazdutide provided more comprehensive benefits in weight loss, blood lipid, blood pressure, blood uric acid, liver enzymes and other aspects. I look forward to the NDA submission of mazdutide in T2D, and wish it to benefit hundreds of millions of diabetic patients in China.”
Professor Yang Wenying, the principal investigator of the clinical study, Department of Endocrinology in China Japan Friendship Hospital, said: “China has the largest number of T2D patients in the world, and the prevalence of T2D among adults in China has reached 11.9%. Together with other investigators of the DREAMS-2 study, I am pleased to see that mazdutide, as a new generation of GLP-1R/GCGR dual target agonist, has met the primary endpoint and demonstrated superiority in change from baseline in HbA1c and multiple metabolic benefits compared with dulaglutide. DREAMS-2 is a landmark study as it is the first successful registrational study of a GLP-1R/GCGR dual target agonist in T2D. I believe that in the near future, mazdutide will provide a new and better choice for the treatment of type 2 diabetes in China.”
Dr. Lei Qian, Vice President of Clinical Development of Innovent, said: “There is a huge population of diabetes in China. Innovative drugs that are more effective, safer and more convenient are urgently needed. In the DREAMS-2 study, mazdutide showed comprehensive superiority to dulaglutide, one of the most-described glucose-lowering drugs in the world. We will further analyze the study data, and strive to submit an NDA for T2D as soon as possible this year, so as to help more Chinese T2D patients to achieve target blood glucose levels and acquire metabolic benefits. At the same time, we look forward to the performance of mazdutide in the DREAMS-3 study, a head-to-head study with semaglutide.”
About Diabetes
According to the global overview of diabetes published by the International Diabetes Federation in 2021, China ranks first in the number of patients with diabetes globally, with an estimated number of more than 140 million in 2021 and 174 million in 2045 [1]. Poor glycemic control can lead to irreversible microvascular and macrovascular complications, such as decreased visual acuity, blindness, renal dysfunction, peripheral neuropathy, myocardial infarction, stroke and amputation [2]. The high incidence of diabetes, with serious complications, are of serious threat to human health. At present, there are many therapeutic regimens for diabetes. In addition to effectively controlling blood glucose, the development of new hypoglycemic drugs has begun to include the additional benefits of weight loss, cardiovascular risk reduction and kidney protection for patients with diabetes [3].
About Mazdutide (IBI362)
Innovent entered into an exclusive license agreement with Eli Lilly and Company (Lilly) for the development and potential commercialization of OXM3 (also known as mazdutide), a GLP-1R and GCGR dual agonist, in China. As a mammalian oxyntomodulin (OXM) analogue, in addition to the effects of GLP-1 receptor agonists on promoting insulin secretion, lowering blood glucose and reducing body weight, mazdutide may also increase energy expenditure and improve hepatic fat metabolism through the activation of glucagon receptor. Mazdutide has demonstrated robust weight loss and glucose-lowering effects in clinical studies, as well as multiple cardio-metabolic benefits, including reducing waist circumference, blood lipids, blood pressure, blood uric acid, liver enzymes, liver fat content and improving insulin sensitivity. Currently, a total of five Phase 3 registrational studies are underway, including GLORY-1 (4 mg and 6 mg) in Chinese overweight or obese subjects, GLORY-2 (9 mg) in Chinese obese subjects, DREAMS-1, DREAMS-2, and DREAMS-3 (mazdutide in subjects with type 2 diabetes). Among them, GLORY-1 study and DREAMS-2 study have reached the endpoints.
About Innovent
Innovent is a leading biopharmaceutical company founded in 2011 with the mission to provide high-quality biologics that are affordable to all. The company discovers, develops, manufactures and commercializes innovative medicines that treat some of the most intractable diseases. Its pioneering therapies treat cancer, cardiovascular and metabolic, autoimmune and eye diseases. Innovent has 10 products in the market, 3 new drug applications under the NMPA review, 5 assets in Phase III or pivotal clinical trials and 18 more molecules in early clinical stage. Innovent partners with over 30 global healthcare leaders, including Eli Lilly, Roche, Sanofi, Adimab, Incyte and MD Anderson Cancer Center.
Guided by the motto, “Start with Integrity, Succeed through Action,” Innovent maintains the highest standard of industry practices and works collaboratively to advance the biopharmaceutical industry so that first-rate pharmaceutical drugs can become widely accessible. For more information, visit www.innoventbio.com, or follow Innovent on Facebook and LinkedIn.
Statement: Innovent does not recommend the use of any unapproved drug (s)/indication (s).
* Note: This is based on efficacy estimand. The study used efficacy estimand and treatment-regimen estimand for statistical analysis, and they showed a high degree of concordance in the conclusions.
Forward-looking statement
This news release may contain certain forward-looking statements that are, by their nature, subject to significant risks and uncertainties. The words “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to Innovent Biologics (“Innovent”), are intended to identify certain of such forward-looking statements. The Company does not intend to update these forward-looking statements regularly.
These forward-looking statements are based on the existing beliefs, assumptions, expectations, estimates, projections and understandings of the management of the Company with respect to future events at the time these statements are made. These statements are not a guarantee of future developments and are subject to risks, uncertainties and other factors, some of which are beyond the Company’s control and are difficult to predict. Consequently, actual results may differ materially from information contained in the forward-looking statements as a result of future changes or developments in our business, the Company’s competitive environment and political, economic, legal and social conditions.
The Company, the Directors and the employees of the Company assume (a) no obligation to correct or update the forward-looking statements contained in this site; and (b) no liability in the event that any of the forward-looking statements does not materialise or turn out to be incorrect.
References:
[1]. Sun H, Saeedi P, Karuranga S, et al. IDF Diabetes Atlas: Global, regional and country-level diabetes prevalence estimates for 2021 and projects for 2045 [published correction appeals in Diabetes Res Clin Pract. 2023 Oct; 204: 110945]. Diabetes Res Clin Pract. 2022; 183: 109119. doi: 10.1016/j.diabres.2021. 109119
[2]. Gregg EW, Sattar N, Ali MK. The changing face of diabetes complications. Lancet Diabetes Endocrinol. Published online 2016. doi: 10.1016/S2213-8587 (16) 30010-9
[3]. Nauck MA, Quast DR, Wefers J, Meier JJ. GLP-1 receptor agonists in the treatment of type 2 diabetes-state-of-the-art. Mol Metab. Published online 2020. doi: 10.1016/j.molmet.2020. 101102
 
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SOURCE Innovent Biologics
 <img decoding="async" alt="" src="https://rt.prnewswire.com/rt.gif?NewsItemId=CN08964&Transmission_Id=202405082000PR_NEWS_USPR_____CN08964&DateId=20240508" style="border:0px; width:1px; height:1px;"></img> Disclaimer: The above press release comes to you under an arrangement with PR Newswire. USA Newshour takes no editorial responsibility for the same.
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<title>New Research Finds Bay Area Needs $7.6 Billion To ‘Unlock’ 40,000 Affordable Homes in Predevelopment Pipeline</title>
<link>https://usanewshour.com/new-research-finds-bay-area-needs-7-6-billion-to-unlock-40000-affordable-homes-in-predevelopment-pipeline/210198/</link>
<dc:creator><![CDATA[PR Newswire]]></dc:creator>
<pubDate>Wed, 08 May 2024 23:59:00 +0000</pubDate>
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<description><![CDATA[Proposed Regional Bond Measure Seen as Way to Close the Gap SAN FRANCISCO, May 8, 2024 /PRNewswire/ — Enterprise Community Partners (Enterprise) and the Bay Area Housing Finance Authority (BAHFA) today released the Bay Area Affordable Housing Pipeline 2024 Report, which analyzes affordable housing projects in various stages of predevelopment and identifies solutions for moving them […]]]></description>
<content:encoded><![CDATA[
Proposed Regional Bond Measure Seen as Way to Close the Gap
SAN FRANCISCO, May 8, 2024 /PRNewswire/ — Enterprise Community Partners (Enterprise) and the Bay Area Housing Finance Authority (BAHFA) today released the Bay Area Affordable Housing Pipeline 2024 Report, which analyzes affordable housing projects in various stages of predevelopment and identifies solutions for moving them toward completion. The updated research reveals there are now 433 projects in various stages of predevelopment that would create more than 40,896 affordable homes across the nine-county Bay Area. These would account for nearly a quarter of the 180,000 affordable homes the state’s Regional Housing Needs Allocation (RHNA) Plan determined are needed in the Bay Area by 2031.
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Affordable housing developments typically are supported by a capital “stack” investment that includes a commercial mortgage; Low-Income Housing Tax Credits; tax-exempt bonds; and additional local, regional and state dollars that fill the gap between the cost of the development and the financing secured through debt and equity. The new report calculates that the hundreds of Bay Area projects now in the predevelopment pipeline need $9.7 billion in public funds to move forward, and that a $20 billion regional bond measure proposed for the ballot in Bay Area counties this fall would help close this gap.
“We’ve been stuck in an affordable housing crisis that has overwhelmed the region. The November ballot presents an opportunity to unlock thousands of affordable homes for Bay Area residents,” said Heather Hood, VP and Northern California Market Leader at Enterprise. “We expect voters to have a chance to end our housing crisis and deliver the dignified, healthy homes the Bay Area community needs and deserves.” 
The predevelopment pipeline includes projects in all nine Bay Area counties. These include more than 10,000 units in both Alameda and Santa Clara counties, with another 8,400 affordable homes pending development in San Francisco and more than 3,000 units in both San Mateo and Sonoma counties. Project pipelines in other Bay Area counties range from over 300 affordable homes in Solano County to 1,173 units in Marin County; nearly 1,500 homes in Napa County; and over 2,500 units in Contra Costa County. Each Bay Area city, town or county currently is working on its own to meet the challenges of housing affordability and homelessness.
“The need for affordable housing transcends jurisdictional boundaries. BAHFA’s proposed bond measure would finally allow our Bay Area to take a regional approach to a regional problem,” said BAHFA Director Kate Hartley. “With significant new resources for every county, we can build at scale, deliver equitable solutions, and create a better way to deliver the affordable homes Bay Area residents need.
The updated Bay Area Housing Pipeline research brief was presented at today’s regularly scheduled meeting of the Metropolitan Transportation Commission’s Bay Area Housing Finance Authority Oversight Committee.
About Enterprise Community Partners Enterprise is a national nonprofit that exists to make a good home possible for the millions of families without one. We support community development organizations on the ground, aggregate and invest capital for impact, advance housing policy at every level of government, and build and manage communities ourselves. Since 1982, we have invested $54 billion and created 873,000 homes across all 50 states – all to make home and community places of pride, power and belonging.
About the Bay Area Housing Finance Authority Established by the state legislature in 2019, BAHFA’s mandate is to create regional solutions that meet the Bay Area’s affordable housing needs. It is the first regional housing finance authority in California. BAHFA works together with the Metropolitan Transportation Commission (MTC) and Association of Bay Area Governments (ABAG).
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SOURCE Metropolitan Transportation Commission
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<title>FRONTERA ANNOUNCES FIRST QUARTER 2024 RESULTS</title>
<link>https://usanewshour.com/frontera-announces-first-quarter-2024-results/210197/</link>
<dc:creator><![CDATA[PR Newswire]]></dc:creator>
<pubDate>Wed, 08 May 2024 23:59:00 +0000</pubDate>
<category><![CDATA[Brand Post]]></category>
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<description><![CDATA[Recorded Net Loss of $8.5 Million Generated Operating EBITDA of $97.2 Million Generated Adjusted Infrastructure EBITDA of $25.7 Million and Segment Income of $12.6 Million Delivered Average Daily Production of 38,193 Boe/d, Affected by Light & Medium Oil Performance, Partially Offset by Resilient Heavy Oil Operations Despite Community Blockades and Delays Related to Strategic Water […]]]></description>
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Recorded Net Loss of $8.5 Million
Generated Operating EBITDA of $97.2 Million
Generated Adjusted Infrastructure EBITDA of $25.7 Million and Segment Income of $12.6 Million 
Delivered Average Daily Production of 38,193 Boe/d, Affected by Light & Medium Oil Performance, Partially Offset by Resilient Heavy Oil Operations Despite Community Blockades and Delays Related to Strategic Water Disposal Initiatives
Achieved Record Average Daily Production of 6,228 bbl/d at CPE-6
Achieved an Agreement in Principle with Ecopetrol Related to SAARA for a 2-year Water Treatment Contract for the Quifa Block
ODL Declared $179.6 million in Capital Distributions ($62.8 million, Net to Frontera), a 99% 2023 Payout Ratio, Payable in 2024
Announces Strategic Alternatives Process for Infrastructure Business
Declared Quarterly Dividend of CAD$0.0625 Per Share, or $3.9 Million in Aggregate, Payable on July 17, 2024
Recognized for Fourth Time by Ethisphere As One of the World’s Most Ethical Companies 
CALGARY, AB, May 8, 2024 /PRNewswire/ – Frontera Energy Corporation (TSX: FEC) (“Frontera” or the “Company“) today reported financial and operational results for the first quarter ended March 31, 2024. All financial amounts in this news release are in United States dollars, unless otherwise stated.
Gabriel de Alba, Chairman of the Board of Directors, commented:
“Frontera’s focus remains centered on delivering on its strategic objectives and generating value for its stakeholders. Operationally, the Company generated $97.2 million in quarterly Operating EBITDA, produced $25.7 million of Adjusted Infrastructure EBITDA, and maintained a robust balance sheet, finishing the quarter with a total cash balance of $182 million. 
During the quarter, ODL declared a $157 million dividend ($54.9 million, net to Frontera), highlighting the strong cash generation capacity of this strategic infrastructure investment. The Company also achieved an agreement in principle with Ecopetrol for the use of the Company’s reverse osmosis water treatment facility (“SAARA“) under a two-year contract, a significant ESG and strategic milestone, for driving greater water disposal and crude oil production capacity at the Quifa block.
So far this year, the Company has returned nearly $13 million of capital to our stakeholders, including $7.8 million in declared dividends, $4.1 million of common share repurchases and $1.5 million in buybacks of its 2028 unsecured notes. Moreover, the Company, with support from Goldman Sachs, has launched a strategic alternatives process for its standalone and growing Colombian Infrastructure business, which may include a spin-off, a total or partial sale or other business combination.
The Company will continue to consider future shareholder initiatives in 2024 and beyond, including potential additional dividends, distributions, or bond buybacks, based on the overall results of our businesses and the Company’s strategic goals.”
Orlando Cabrales, Chief Executive Officer (CEO), Frontera, commented:
“Frontera’s first quarter results were in-line with our expectations despite some unforeseen challenges. First quarter production declined approximately 3% on a quarter over quarter basis, impacted primarily by natural declines and well failures in our light and medium, and natural gas assets, temporary community blockades and delays related to strategic water disposal initiatives in the heavy oil assets partially offset by positive performance from our heavy oil assets.
Supported by another average daily production record at the CPE-6 block, we grew our heavy crude oil production during the quarter to approximately 23,400 bbls/d, a 2% increase over the prior quarter. Our heavy asset growth was driven primarily by higher field activity and investment as well as increasing oil production and water disposal capacity at both our Quifa and CPE-6 blocks and it could have been higher if community blockades and delays related to our strategic water disposal initiatives, including SAARA, had not taken place.
On the exploration side, we are excited about the spudding of our high impact Hydra-1 prospect on the VIM-1 block scheduled for June 2024.
We reiterate our production and capital guidance for 2024. Our 2024 drilling campaign started strong and continues to meet expectations. We expect improved production and profitability throughout the rest of the year as we advance our development portfolio in Colombia and Ecuador and increase water-handling infrastructure and facilities in CPE-6, as well as in Quifa after the agreement reached with Ecopetrol on SAARA.”
First Quarter 2024 Operational and Financial Summary:
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen5" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen6" colspan="1" nowrap="nowrap" rowspan="1">
Q1 2024
</td>
<td class="prngen6" colspan="1" nowrap="nowrap" rowspan="1">
Q4 2023
</td>
<td class="prngen6" colspan="1" nowrap="nowrap" rowspan="1">
Q1 2023
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Operational Results
</td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Heavy crude oil production (1)
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
(bbl/d)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
23,398
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
23,002
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
22,270
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Light and medium crude oil combined production (1)
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
(bbl/d)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
12,580
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
13,795
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
16,518
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Total crude oil production
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
(bbl/d)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
35,978
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
36,797
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
38,788
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Conventional natural gas production (1)
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
(mcf/d) 
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
3,283
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
4,760
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
8,590
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Natural gas liquids production (1)
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
(boe/d)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
1,639
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
1,635
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
1,291
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Total production (2)
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
(boe/d) (3)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
38,193
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
39,267
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
41,586
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Total inventory balance
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
(bbl)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
1,278,763
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
1,076,394
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
1,611,201
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Brent price reference
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
($/bbl)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
81.76
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
82.85
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
82.10
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Oil and gas sales, net of purchases (4)
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
($/boe)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
73.71
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
75.76
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
69.07
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Premiums paid on oil price risk management contracts (5)
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
($/boe)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(1.27)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(0.69)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(1.16)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Royalties (5)
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
($/boe)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(1.64)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(1.79)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(3.36)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Net sales realized price (4)
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
($/boe)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
70.80
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
73.28
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
64.55
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
 Production costs (excluding energy cost), net of realized FX hedge impact (4)
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
($/boe)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(10.21)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(9.69)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(8.12)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Energy costs, net of realized FX hedge impact (4)
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
($/boe)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(5.29)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(5.06)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(3.95)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Transportation costs, net of realized FX hedge impact (4)
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
($/boe)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(11.33)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(11.02)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(11.20)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Operating netback per boe (4)
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
($/boe)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
43.97
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
47.51
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
41.28
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Financial Results
</td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Oil & gas sales, net of purchases (6) 
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
($M)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
202,469
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
240,105
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
189,120
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Premiums paid on oil price risk management contracts
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
($M)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(3,489)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(2,198)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(3,175)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Royalties
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
($M)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(4,506)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(5,683)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(9,213)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Net sales (6)
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
($M)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
194,474
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
232,224
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
176,732
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Net (loss) income (7)
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
($M)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(8,503)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
92,038
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(11,330)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Per share – basic
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
($)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(0.10)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
1.08
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(0.13)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Per share – diluted
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
($)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(0.10)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
1.04
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(0.13)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
General and administrative
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
($M)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
13,556
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
16,891
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
12,669
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prnpr2 prnpl2 prnvam prnsbtb1 prnrbrb1 prnsbbb1 prnsblb1" colspan="1" nowrap="nowrap" rowspan="1">
Outstanding Common Shares
</td>
<td class="prnpr2 prnpl2 prnvam prntac prnsbtb1 prnrbrb1 prnsbbb1 prnsblb1" colspan="1" nowrap="nowrap" rowspan="1">
Number of Shares
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1">
84,693,416
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1">
85,151,216
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1">
85,188,573
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Operating EBITDA (6) 
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
($M)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
97,248
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
121,036
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
91,922
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Cash provided by operating activities 
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
($M)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
65,616
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
73,432
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
845
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Capital expenditures (6)
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
($M)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
69,381
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
82,292
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
131,452
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Cash and cash equivalents – unrestricted
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
($M)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
154,907
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
159,673
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
162,272
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Restricted cash short and long-term (8)
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
($M)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
27,058
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
30,300
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
30,877
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Total cash (8)
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
($M)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
181,965
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
189,973
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
193,149
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Total debt and lease liabilities (8)
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
($M)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
537,151
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
536,822
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
519,471
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Consolidated total indebtedness (excluding Unrestricted Subsidiaries) (9)
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
($M)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
429,556
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
430,170
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
400,361
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Net debt (excluding Unrestricted Subsidiaries) (9)
</td>
<td class="prngen6" colspan="1" nowrap="nowrap" rowspan="1">
($M)
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
305,821
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
318,092
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
279,843
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
</table>
</div>
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen14" colspan="1" rowspan="1">
(1) References to heavy crude oil, light and medium crude oil combined, conventional natural gas and natural gas liquids in the above table and elsewhere in the press release refer to the heavy crude oil, light crude oil and medium crude oil combined, conventional natural gas and natural gas liquids, respectively, product types as defined in National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities.
</td>
</tr>
<tr>
<td class="prngen14" colspan="1" rowspan="1">
(2) Represents W.I. production before royalties. Refer to the “Further Disclosures” section on page 38 of the Company’s management’s discussion and analysis for the three months ended March 31, 2024 (“MD&A”).
</td>
</tr>
<tr>
<td class="prngen14" colspan="1" rowspan="1">
(3) Boe has been expressed using the 5.7 to 1 Mcf/bbl conversion standard required by the Colombian Ministry of Mines & Energy. Refer to the “Further Disclosures – Boe Conversion” section on page 38 of the MD&A.
</td>
</tr>
<tr>
<td class="prngen14" colspan="1" rowspan="1">
(4) Non-IFRS ratio (equivalent to a “non-GAAP ratio”, as defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (“NI 52-112“). Refer to the “Non-IFRS and Other Financial Measures” section on page 24 of the MD&A.
</td>
</tr>
<tr>
<td class="prngen14" colspan="1" rowspan="1">
(5) Supplementary financial measure (as defined in NI 52-112). Refer to the “Non-IFRS and Other Financial Measures” section on page 23 of the MD&A.
</td>
</tr>
<tr>
<td class="prngen14" colspan="1" rowspan="1">
(6) Non-IFRS financial measure (equivalent to a “non-GAAP financial measure”, as defined in NI 52-112). Refer to the “Non-IFRS and Other Financial Measures” section on page 24 of the MD&A.
</td>
</tr>
<tr>
<td class="prngen14" colspan="1" rowspan="1">
(7) Net (loss) income attributable to equity holders of the Company.
</td>
</tr>
<tr>
<td class="prngen14" colspan="1" rowspan="1">
(8) Capital management measure (as defined in NI 52-112). Refer to the “Non-IFRS and Other Financial Measures” section on page 24 of the MD&A.
</td>
</tr>
<tr>
<td class="prngen14" colspan="1" rowspan="1">
(9) “Unrestricted Subsidiaries” include CGX, listed on the TSX Venture Exchange under the trading symbol “OYL”, Frontera ODL Holding Corp., including its subsidiary Pipeline Investment Ltd. (“PIL”), Frontera BIC Holding Ltd. and Frontera Bahía Holding Ltd. (“Frontera Bahia”), including Puerto Bahia. On April 11, 2023, Frontera Energy Guyana Holding Ltd. and Frontera Energy Guyana Corp. were designated as unrestricted subsidiaries. Refer to the “Liquidity and Capital Resources” section on page 30 of the MD&A.
</td>
</tr>
</table>
</div>
First Quarter Operational and Financial Results:
<ul type="disc">
<li>The Company recorded a net loss of $8.5 million or $0.10/share in the first quarter of 2024, compared to net income of $92.0 million or $1.08/share in the prior quarter and a net loss of $11.3 million or $0.13/share in the first quarter of 2023. The Company recorded $29.7 million in operating income, and $13.9 million from share of income from associates (Oleoducto de los Llanos Orientales (“ODL”)) offset by a $26.6 million in income tax expenses (which assumed an income tax rate of 50%, inclusive of the 15% surtax associated to the 2022 Colombian tax reform and included $21.6 million of deferred income tax expenses primarily due to the impact of non-deductible expenses and foreign currency fluctuations), $17.3 million in finance expenses and $8.8 million in losses related to risk management contracts. </li>
<li>Production averaged 38,193 boe/d in the first quarter of 2024 (consisting of 23,398 bbl/d of heavy crude oil, 12,580 bbl/d of light and medium crude oil combined, 3,283 mcf/d of natural gas and 1,639 boe/d of natural gas liquids) compared to 39,267 boe/d in the prior quarter and 41,586 boe/d in the first quarter of 2023. Production declined approximately 3% on a quarter over quarter basis, primarily as a result of natural field declines and well failures at the Company’s light and medium, and natural gas assets, as well as community blockades and delays associated with our strategic water disposal initiatives (including SAARA) in our heavy oil assets. These declines were partially offset by positive performance in our heavy assets due to higher activity and production. </li>
<li>Operating EBITDA was $97.2 million in the first quarter of 2024 compared to $121.0 million in the prior quarter and $91.9 million in the first quarter of 2023. The decrease in operating EBITDA quarter-over-quarter was mainly due to lower sales volumes and higher energy and production costs. </li>
<li>Cash provided by operating activities in the first quarter of 2024 was $65.6 million, compared to $73.4 million in the prior quarter and $0.8 million in the first quarter of 2023. The decrease in cash provided by operating activities quarter over quarter was primarily due to changes in working capital related to lower sales volumes offset partially by lower income taxes withheld. </li>
<li>The Company reported a total cash position of $182.0 million on March 31, 2024, compared to $190.0 million on December 31, 2023, and $193.1 million on March 31, 2023. During the quarter, the Company invested $69.4 million in capital expenditures, $2.7 million in share buybacks through its normal course issuer bid program (“NCIB“) and $1.2 million in repurchases of its senior unsecured notes due in 2028 (the “2028 Unsecured Notes”). </li>
<li>As of March 31, 2024, the Company had total crude oil inventory balances of 1,278,763 bbls compared to 1,076,394 bbls on December 31, 2023. As of March 31, 2024, the Company had a total inventory balance in Colombia of 683,335 barrels, including 353,226 crude oil barrels and 330,109 barrels of diluent and others. This compares to 551,715 barrels on December 31, 2023, and 1,032,876 barrels on March 31, 2023. Inventory balances in the first quarter related to Ecuador and Peru were 115,228 barrels and 480,200 barrels, respectively. </li>
<li>Capital expenditures were approximately $69.4 million in the first quarter of 2024, compared to $82.3 million in the prior quarter and $131.5 million in the first quarter of 2023, which included investments in the Guyana Wei-1 well. During the first quarter of 2024, the Company drilled 21 development wells at its Quifa, Cajua, CPE-6 and Perico blocks. </li>
<li>The Company’s net sales realized price was $70.80/boe in the first quarter of 2024, compared to $73.28/boe in the prior quarter and $64.55/boe in the first quarter of 2023. The decrease in the Company’s quarter-over-quarter net sales realized price was due to a decrease in the Brent benchmark oil price, higher oil price differentials and higher premiums paid on crude oil risk management contracts, partially offset by lower royalties. </li>
<li>The Company’s operating netback was $43.97/boe in the first quarter of 2024, compared to $47.51/boe in the prior quarter and $41.28/boe in the first quarter of 2023. The Company’s operating netback decreased quarter-over-quarter mainly due to the Company’s lower net sales realized price and higher energy and production costs, net of realized FX hedging impacts, as well as higher transportation costs. </li>
<li>Production costs (excluding energy costs), net of realized FX hedging impacts, averaged $10.21/boe in the first quarter of 2024, compared to $9.69/boe in the prior quarter and $8.12/boe in the first quarter of 2023. The increase quarter over quarter was primarily driven by higher well service activity, inflationary pressures on services and wage indexation. </li>
<li>Energy costs, net of realized FX hedging impacts, averaged $5.29/boe in the first quarter of 2024, compared to $5.06/boe in the prior quarter and $3.95/boe in the first quarter of 2023. The increase during the quarter was due to sustained high energy prices and higher activity in the heavy oil assets. </li>
<li>Transportation costs, net of realized FX hedging impacts, averaged $11.33/boe in the first quarter of 2024, compared to $11.02/boe in the prior quarter and up from $11.20/boe in the first quarter of 2023. The increase in transportation costs quarter over quarter was primarily due to annual transportation tariff increases. </li>
<li>Total ODL volumes transported during the first quarter of 2024 were 246,042 bbl/d compared to 252,810 bbl/d in the prior quarter and 225,792 bbl/d in the first quarter of 2023. </li>
<li>During the first quarter 2024, ODL declared $157.0 million in dividends ($54.9 million net to Frontera), and a return of capital of $22.6 million ($7.9 million net to Frontera), payable in installments during 2024. In April 2024, PIL received the first installment equal to 50% of the total capital distributions declared for the year. </li>
<li>Total Puerto Bahia liquids volumes handled during the first quarter of 2024 were 53,360 bbl/d compared to 52,754 bbl/d in the prior quarter and 63,008 bbl/d in the first quarter of 2023. Puerto Bahia liquids revenues were $7.1 million during the first quarter of 2024, compared to $6.8 million in the prior quarter and $7.2 million during the first quarter of 2023. For the general cargo terminal sales decreased to $2.6 million in the first quarter versus $3.4 million in the previous quarter. </li>
<li>Adjusted Infrastructure EBITDA in the first quarter of 2024 was $25.7 million, compared with $27.3 million in the prior quarter and $27.4 million during the first quarter of 2023. The quarter over quarter change resulted from lower Puerto Bahía’s general cargo revenues, lower ProAgrollanos palm oil sales for the Company’s palm oil Plantation, Promotora Agricola de Los Llanos S.A (“Proagrollanos”) as a result of lower palm oil prices and higher Puerto Bahia operating costs, due to inflationary pressures on services and negative impact from foreign exchange rates. </li>
<li>During the first quarter of 2024, the Company repurchased 457,800 common shares for cancellation at a cost of approximately $2.7 million. The Company also repurchased $1.2 million of its 2028 Unsecured Notes.</li>
</ul>
Frontera’s Sustainability Strategy
During the first quarter of 2024, Frontera offset nearly 50% of its CO2 emissions from the production and consumption of energy in our operations through carbon credits.
The Colombian Safety Council recognized the Company with its Culture Award for the Company’s extensive and robust model of safety and health culture. During the first quarter of 2024, the company also achieved a Total Recordable Incident Rate (“TRIR”) of 0.72 and reused 20% of its water production and 37% of its operating waste.
The Company also invested $0.5 million in social projects in communities near its operations in Colombia, Ecuador and Guyana.
On February 22, 2024, Frontera was recognized by Ethisphere as one of the World’s Most Ethical Companies. This is the fourth consecutive year that the Company has received this distinction from Ethisphere, a global leader in defining and advancing the standards of ethical business practices. In 2024, 136 honorees were recognized from 20 countries and 44 industries. Frontera was one of only two honorees from the oil and gas industry.
Frontera was also recognized for the second time as one of the 20 Best Workplaces for Women in Colombia by the Great Place to Work® Institute (“GPTW”).
Enhancing Shareholder Returns
NCIB 
Under the Company’s current NCIB, Frontera is authorized to repurchase up to 3,949,454 common shares for cancellation during the twelve-month period commencing on November 21, 2023, and ending on November 20, 2024. As of May 8, 2024, the Company has repurchased approximately 949,600 common shares for cancellation for approximately $5.8 million.
Dividends 
On March 7, 2023, Frontera’s Board of Directors (the “Board”) approved the declaration and payment of a CAD$0.0625 per share dividend, for a total of approximately $3.9 million, which was paid on April 16, 2024.
Additionally, pursuant to Frontera’s dividend policy, the Board has declared a dividend of CAD$0.0625 per common share to be paid on or around July 17, 2024, to shareholders of record at the close of business on July 3, 2024. This dividend payment to shareholders is designated as an “eligible dividend” for purposes of the Income Tax Act (Canada). This dividend is eligible for the Company’s Dividend Reinvestment Plan to provide shareholders of Frontera who are resident in Canada with the option to have the cash dividends declared on their common shares reinvested automatically back into additional common shares, without the payment of brokerage commissions or services charges.
Bond Buybacks 
During the three months ended March 31, 2024, the Company repurchased in the open market $1.5 million of its 2028 Unsecured Notes for a cash consideration of $1.2 million including interest payable of $0.1 million. As a result, the Company recognized a gain of $0.3 million. The outstanding balance for the 2028 Unsecured Notes as of March 31, 2024, is $398.5 million.
The Company will continue to consider future shareholder initiatives in 2024 and beyond, including potential additional dividends, distributions, or bond buybacks, based on the overall results of our businesses and the Company’s strategic goals.
Strategic Review Processes
In May 2024, the Company launched a strategic alternatives review for its standalone and growing Colombian Infrastructure Business, which could result in a potential spin-off to Frontera shareholders, a total or partial sale or other business combination of Frontera’s Colombian Infrastructure Business, and/or a strategic investment, therein by a third party. Frontera has retained Goldman Sachs & Co. LLC as financial advisor and may retain other advisors to assist the Board in evaluating the various strategic, business, and financial alternatives.
The Company, with support from Houlihan Lokey, continues to actively pursuing strategic alternatives for its interests in the Corentyne block in Guyana, including a possible farm down.
These processes are central to the Company’s efforts to streamline the business and unlock the value from sum of its parts. Frontera believes the value of these assets is not reflected in the current stock price and these processes aim to drive value for shareholders. There can be no guarantee that these strategic review processes will result in a transaction.
Frontera’s Three Core Businesses
Frontera’s three core businesses include: (1) its Colombia and Ecuador Upstream Onshore business, (2) its standalone and growing Colombian Infrastructure business, and (3) its potentially transformational Guyana Exploration business offshore Guyana.
Colombia & Ecuador Upstream Onshore
Colombia
During the first quarter of 2024, Frontera produced 36,715 boe/d from its Colombian operations (consisting of 23,398 bbl/d of heavy crude oil, 11,102 bbl/d of light and medium crude oil, 3,283 mcf/d of conventional natural gas and 1,639 boe/d of natural gas liquids). During the quarter, the Company drilled 20 development wells at its Quifa SW, Cajua and CPE-6 blocks and well interventions at 23 other wells.
The Company currently has 3 drilling rigs active at its Quifa SW, Cajua and CPE-6 blocks in Colombia.
Quifa Block: Quifa SW and Cajua 
At Quifa, quarterly production averaged approximately 16,858 bbl/d of heavy crude oil (including Quifa SW, Cajua and Jaspe). During the quarter, the Company drilled 13 wells on the block. The Company also invested in building the platform for a new 100,000 bwpd injector well.
Production during the quarter was negatively impacted by temporary blockades and road closures affecting both the Quifa and CPE-6 blocks. As a result of the blockades, certain wells had to be shut impacting the quarter’s production by approximately 435 bbl/d. Additionally, reduced water disposal capacity associated with SAARA, was reduced due to the temporary suspension of the project following the conclusion of the project’s pilot program, impacting production by an additional 290 bbl/d.
In March 2024, Frontera achieved an agreement in principle with Ecopetrol for the use of the Company’s reverse osmosis water treatment facility (“SAARA”) under a two-year contract, with the objective to process 250,000+ barrels of water per day for the Quifa block.
The Company’s current water handling capacity in Quifa is approximately 1.5 million bwpd (flat as compared to the fourth quarter of 2023).
CPE-6
At CPE-6, the Company delivered another average daily production record of 6,228 bbl/d of heavy crude oil. The Company drilled 7 development wells on the block. Additionally, the Company invested additional storage and water handling capacity at the block.
Other Colombia Developments 
At Guatiquia, production averaged 5,610 bbl/d of light and medium crude during the quarter, compared to 6,206 bbl/d in the fourth quarter of 2023.
In the Cubiro Block, production averaged 1,461 bbl/d of light and medium crude oil during the quarter, compared to 1,535 bbl/d in the fourth quarter 2023.
At VIM-1 (Frontera 50% W.I., non-operator), production averaged 1,579 boe/d of light and medium crude oil during the first quarter of 2024, compared to 1,775 boe/d of light and medium crude oil in the fourth quarter of 2023. During the quarter, the Company invested in the expansion of gas compression facilities on the VIM-1 block.
Colombia Exploration Assets
At the VIM-1 block (Frontera 50% W.I., non-operator), the Company completed certain civil works activities including platform and road construction in advance of drilling the Hydra-1 exploration well. The Company anticipates spudding the well in June 2024.
At the Llanos 119 block, Frontera’s 80sqkm 3D seismic acquisition campaign is underway and is expected to be completed in the second quarter of 2024. At the Llanos-99 and VIM-46 blocks, pre-seismic and pre-drilling activities related to social and environmental studies are underway.
Ecuador
In Ecuador, first quarter 2024 production averaged approximately 1,478 bbl/d of light & medium crude oil compared to 1,453 bbl/d in the prior quarter. Production slightly increased due to the completion of Perico Norte A-5 at the end of February 2024, partially offset by natural decline.
At the Espejo block the two remaining exploration wells committed are expected to be drilled during 2024, targeting one opportunity for Lower U Sand in the southern area and one opportunity for M1 Sand in the central area of the block.
Infrastructure Colombia
Frontera has investments in various significant infrastructure and midstream assets seeking to capture stable and long-term revenue streams, including storage, port, and other facilities in Colombia which comprise its standalone and growing Infrastructure Colombia business. Frontera’s Infrastructure Colombia Segment includes the Company’s 35% equity interest in the ODL pipeline through Frontera’s wholly owned subsidiary, PIL and the Company’s 99.97% interest in Puerto Bahia. Starting in 2024, the Infrastructure Colombia Segment will also include the Company’s reverse osmosis water treatment facility (SAARA) and its palm oil plantation (ProAgrollanos).
Infrastructure Colombia Segment Results
Adjusted Infrastructure EBITDA in the first quarter of 2024 was $25.7 million, compared with $27.4 million during the first quarter of 2023. The year over year change resulted mainly from lower Puerto Bahía’s general cargo revenues, lower palm oil prices and higher operating costs due to inflationary pressures on services and wages across the segment and negative impact from foreign exchange rates, partially offset by higher transported volumes at ODL.
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen6" colspan="2" nowrap="nowrap" rowspan="1">
Three months 
ended March 31
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
($M) (1)
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
2024
</td>
<td class="prngen15" colspan="1" nowrap="nowrap" rowspan="1">
2023
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Adjusted Infrastructure Revenue (1)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
40,907
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
39,550
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Adjusted Infrastructure Operating Costs (1)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(12,138)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(9,760)
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Adjusted Infrastructure General and Administrative (1)
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
(3,082)
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
(2,427)
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Adjusted Infrastructure EBITDA (1)
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
25,687
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
27,363
</td>
</tr>
</table>
</div>
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen14" colspan="1" rowspan="1">
(1)Non-IFRS financial measure.
</td>
</tr>
</table>
</div>
Segment capital expenditures for the three months ended March 31, 2024, were $4.6 million mainly related to investments in the SAARA project and investments at Puerto Bahia consisting of: (i) dry terminal equipment purchases and terminal upgrading, (ii) tank maintenance, and (iii) right of way and engineering expenditures associated to the Reficar Connection Project.
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen6" colspan="2" nowrap="nowrap" rowspan="1">
Three months ended March 31
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
($M)
</td>
<td class="prngen5" colspan="1" nowrap="nowrap" rowspan="1">
2024
</td>
<td class="prngen5" colspan="1" nowrap="nowrap" rowspan="1">
2023
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Revenue
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
10,528
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
12,465
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Costs
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(8,149)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(7,136)
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
General and administrative expenses
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(1,479)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(1,455)
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Depletion, depreciation and amortization
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(1,816)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(1,354)
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Restructuring, severance and other costs
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
(426)
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
(103)
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Infrastructure (loss) income from operations
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
(1,342)
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
2,417
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Share of Income from associates – ODL
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
13,894
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
13,572
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Infrastructure Colombia Segment income
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
12,552
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
15,989
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Infrastructure Colombia Segment cash flow from operating activities
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
643
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
5,635
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Capital Expenditures Infrastructure Colombia segment (1)
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
4,556
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
1,177
</td>
</tr>
</table>
</div>
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prnpr2 prnpl2 prnvat prnsbtb0 prnrbrb0 prnsbbb0 prnsblb0" colspan="1" rowspan="1">
(1)Non-IFRS financial measures (equivalent to a “non-GAAP financial measures”, as defined in NI 52-112). Refer to the “Non-IFRS and Other Financial Measures” section on page 24 of the MD&A.
</td>
</tr>
</table>
</div>
The following table shows the volumes pumped per injection point in ODL:
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen6" colspan="2" nowrap="nowrap" rowspan="1">
Three months ended March 31
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
(bbl/d)
</td>
<td class="prngen6" colspan="1" nowrap="nowrap" rowspan="1">
2024
</td>
<td class="prngen6" colspan="1" nowrap="nowrap" rowspan="1">
2023
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
At Rubiales Station
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
167,378
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
154,817
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
At Jagüey and Palmeras Station
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
78,664
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
70,975
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Total
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
246,042
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
225,792
</td>
</tr>
</table>
</div>
The following table shows throughput for the liquids port facility at Puerto Bahia:
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen13" colspan="2" nowrap="nowrap" rowspan="1">
Three months ended March 31
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
(bbl/d)
</td>
<td class="prngen6" colspan="1" nowrap="nowrap" rowspan="1">
2024
</td>
<td class="prngen6" colspan="1" nowrap="nowrap" rowspan="1">
2023
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
FEC volumes
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
16,647
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
11,408
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Third party volumes
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
36,713
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
51,600
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Total
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
53,360
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
63,008
</td>
</tr>
</table>
</div>
The following table shows the barrels of water per day treated and irrigated in SAARA and field performance indicators for ProAgrollanos:
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen9" colspan="2" nowrap="nowrap" rowspan="1"></td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen6" colspan="2" nowrap="nowrap" rowspan="1">
Three months ended March 31
</td>
</tr>
<tr>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen6" colspan="2" nowrap="nowrap" rowspan="1"></td>
<td class="prngen6" colspan="1" nowrap="nowrap" rowspan="1">
2024
</td>
<td class="prnpr2 prnpl2 prnvab prntac prncbts prnrbrb1 prnbbbs prnsblb1" colspan="1" nowrap="nowrap" rowspan="1">
2023
</td>
</tr>
<tr>
<td class="prngen7" colspan="2" nowrap="nowrap" rowspan="1">
Fresh fruit bunch from palm oil (produced – sold)
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
(Tons)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
5,095
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
5,661
</td>
</tr>
<tr>
<td class="prngen9" colspan="2" nowrap="nowrap" rowspan="1"></td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="2" nowrap="nowrap" rowspan="1">
Production per hectare
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
(Tons/ ha)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
1.69
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
1.87
</td>
</tr>
<tr>
<td class="prngen7" colspan="2" nowrap="nowrap" rowspan="1">
Palm oil fruit price
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
($/Ton)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
160
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
290
</td>
</tr>
<tr>
<td class="prngen9" colspan="2" nowrap="nowrap" rowspan="1"></td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="2" nowrap="nowrap" rowspan="1">
Volumes of reverse osmosis water treated
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
(bwpd)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
33,272
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
22,304
</td>
</tr>
<tr>
<td class="prngen13" colspan="2" nowrap="nowrap" rowspan="1">
Volumes of water irrigated in palm oil cultivation
</td>
<td class="prngen6" colspan="1" nowrap="nowrap" rowspan="1">
(bwpd)
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
23,613
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
16,162
</td>
</tr>
<tr>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
</table>
</div>
Hedging Update
As part of its risk management strategy, Frontera uses derivative commodity instruments to manage exposure to price volatility by hedging a portion of its oil production. The Company’s strategy aims to protect 40-60% of its estimated net after royalties’ production using a combination of instruments, capped and non-capped, to protect the revenue generation and cash position of the Company, while maximizing the upside, thereby allowing the Company to take a more dynamic approach to the management of its hedging portfolio.
The following table summarizes Frontera’s 2024 hedging position as of May 7, 2024.
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen19" colspan="1" nowrap="nowrap" rowspan="1">
Term
</td>
<td class="prngen6" colspan="1" nowrap="nowrap" rowspan="1">
Type of Instrument
</td>
<td class="prngen19" colspan="1" nowrap="nowrap" rowspan="1">
Positions 
(bbl/d)
</td>
<td class="prngen19" colspan="1" nowrap="nowrap" rowspan="1">
Strike Prices 
Put/Call
</td>
</tr>
<tr>
<td class="prngen20" colspan="1" nowrap="nowrap" rowspan="1">
Apr 24
</td>
<td class="prngen21" colspan="1" nowrap="nowrap" rowspan="1">
Put
</td>
<td class="prngen22" colspan="1" nowrap="nowrap" rowspan="1">
14,711
</td>
<td class="prngen22" colspan="1" nowrap="nowrap" rowspan="1">
72.00
</td>
</tr>
<tr>
<td class="prngen20" colspan="1" nowrap="nowrap" rowspan="1">
May 24
</td>
<td class="prngen21" colspan="1" nowrap="nowrap" rowspan="1">
Put
</td>
<td class="prngen22" colspan="1" nowrap="nowrap" rowspan="1">
14,586
</td>
<td class="prngen22" colspan="1" nowrap="nowrap" rowspan="1">
72.00
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Jun 24
</td>
<td class="prngen6" colspan="1" nowrap="nowrap" rowspan="1">
Put
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
14,667
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
72.00
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
2Q-2024
</td>
<td class="prngen6" colspan="1" nowrap="nowrap" rowspan="1">
Total Average
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
72.00
</td>
</tr>
<tr>
<td class="prngen20" colspan="1" nowrap="nowrap" rowspan="1">
Jul 24
</td>
<td class="prngen21" colspan="1" nowrap="nowrap" rowspan="1">
Put
</td>
<td class="prngen22" colspan="1" nowrap="nowrap" rowspan="1">
14,581
</td>
<td class="prngen22" colspan="1" nowrap="nowrap" rowspan="1">
75.00
</td>
</tr>
<tr>
<td class="prngen20" colspan="1" nowrap="nowrap" rowspan="1">
Aug 24
</td>
<td class="prngen21" colspan="1" nowrap="nowrap" rowspan="1">
Put
</td>
<td class="prngen22" colspan="1" nowrap="nowrap" rowspan="1">
13,871
</td>
<td class="prngen22" colspan="1" nowrap="nowrap" rowspan="1">
76.50
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Sep 24
</td>
<td class="prngen6" colspan="1" nowrap="nowrap" rowspan="1">
Put
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
3,667
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
78.00
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
3Q-2024
</td>
<td class="prngen6" colspan="1" nowrap="nowrap" rowspan="1">
Total Average
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
75.98
</td>
</tr>
</table>
</div>
The Company is exposed to foreign currency fluctuations primarily arising from expenditures that are incurred in COP and its fluctuation against the USD.
As of May 7, 2024, the Company had the following foreign currency derivatives contracts:
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen19" colspan="1" nowrap="nowrap" rowspan="1">
Term
</td>
<td class="prngen19" colspan="1" nowrap="nowrap" rowspan="1">
Type of Instrument
</td>
<td class="prngen19" colspan="1" nowrap="nowrap" rowspan="1">
Open Interest 
(US$ MM)
</td>
<td class="prngen19" colspan="1" nowrap="nowrap" rowspan="1">
Strike Prices
Put/Call
</td>
<td class="prngen19" colspan="1" nowrap="nowrap" rowspan="1">
Hedging Ratio
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
2Q-2024
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
Zero Cost Collars
</td>
<td class="prngen23" colspan="1" nowrap="nowrap" rowspan="1">
60
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
4,125/ 4,763
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
40 %
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
3Q-2024
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
Zero Cost Collars
</td>
<td class="prngen23" colspan="1" nowrap="nowrap" rowspan="1">
30
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
3,970/4,056
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
20 %
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Aug 2024
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
Forward*
</td>
<td class="prngen23" colspan="1" nowrap="nowrap" rowspan="1">
12
</td>
<td class="prngen23" colspan="1" nowrap="nowrap" rowspan="1">
4,044
</td>
<td class="prngen23" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Oct 2024
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
Forward**
</td>
<td class="prngen23" colspan="1" nowrap="nowrap" rowspan="1">
17
</td>
<td class="prngen23" colspan="1" nowrap="nowrap" rowspan="1">
4,386
</td>
<td class="prngen23" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Oct 2024
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
Forward*
</td>
<td class="prngen23" colspan="1" nowrap="nowrap" rowspan="1">
9
</td>
<td class="prngen23" colspan="1" nowrap="nowrap" rowspan="1">
4,078
</td>
<td class="prngen23" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Dec 2024
</td>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
Forward*
</td>
<td class="prngen23" colspan="1" nowrap="nowrap" rowspan="1">
9
</td>
<td class="prngen23" colspan="1" nowrap="nowrap" rowspan="1">
4,115
</td>
<td class="prngen23" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen24" colspan="5" nowrap="nowrap" rowspan="1">
* Hedges associated with ODL’s declared capital distributions
** Hedge associated with the repayment of the Bancolombia COP working capital loan
</td>
</tr>
</table>
</div>
 
First Quarter 2024 Conference Call Details 
A conference call for investors and analysts will be held on Thursday, May 9, 2024, at 2:30 p.m. Eastern Time. Participants will include Gabriel de Alba, Chairman of the Board of Directors, Orlando Cabrales, Chief Executive Officer, René Burgos, Chief Financial Officer, and other members of the senior management team.
Analysts and investors are invited to participate using the following dial-in numbers:
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen7" colspan="1" rowspan="1">
RapidConnect URL: 
</td>
<td class="prngen7" colspan="1" rowspan="1">
https://emportal.ink/3VVUNgm
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" rowspan="1">
Participant Number (Toll Free North America): 
</td>
<td class="prngen7" colspan="1" rowspan="1">
1-888-644-6383
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" rowspan="1">
Participant Number (Toll Free Colombia): 
</td>
<td class="prngen7" colspan="1" rowspan="1">
01-800-518-4036
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" rowspan="1">
Participant Number (International): 
</td>
<td class="prngen7" colspan="1" rowspan="1">
1-416-764-8650
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" rowspan="1">
Conference ID: 
</td>
<td class="prngen24" colspan="1" rowspan="1">
850717
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" rowspan="1">
Webcast Audio: 
</td>
<td class="prngen7" colspan="1" rowspan="1">
www.fronteraenergy.ca
</td>
</tr>
</table>
</div>
A replay of the conference call will be available until 11:59 p.m. Eastern Time on May 16, 2024.
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen7" colspan="1" rowspan="1">
Encore Toll free Dial-in Number: 
</td>
<td class="prngen7" colspan="1" rowspan="1">
1-888-390-0541
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" rowspan="1">
International Dial-in Number: 
</td>
<td class="prngen7" colspan="1" rowspan="1">
1-416-764-8677
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" rowspan="1">
Encore ID: 
</td>
<td class="prngen24" colspan="1" rowspan="1">
850717
</td>
</tr>
</table>
</div>
About Frontera:
Frontera Energy Corporation is a Canadian public company involved in the exploration, development, production, transportation, storage and sale of oil and natural gas in South America, including related investments in both upstream and midstream facilities. The Company has a diversified portfolio of assets with interests in 24 exploration and production blocks in Colombia, Ecuador and Guyana, and pipeline and port facilities in Colombia. Frontera is committed to conducting business safely and in a socially, environmentally and ethically responsible manner.
If you would like to receive News Releases via e-mail as soon as they are published, please subscribe here: http://fronteraenergy.mediaroom.com/subscribe.
Social Media
Follow Frontera Energy social media channels at the following links:
Twitter: https://twitter.com/fronteraenergy?lang=en Facebook: https://es-la.facebook.com/FronteraEnergy/ LinkedIn: https://co.linkedin.com/company/frontera-energy-corp.
Advisories:
Cautionary Note Concerning Forward-Looking Statements
This news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, the Company’s strategic alternatives process for its Colombian Infrastructure business and the Company’s strategic review process of the farm down of its interests in the Corentyne block in Guyana, the Company’s belief that the value of its assets is not reflected in the current stock price and the ability of such strategic processes to drive value for shareholders, the Company’s goal of enhancing shareholder value by returning capital to securityholders, the Company’s intent to consider future shareholder initiatives, the Company’s exploration and development plans and objectives, including its drilling plans and seismic acquisition campaign and the timing thereof, estimates and/or assumptions in respect of the Company’s capital expenditure program (including Company’s guidance), production levels, profitability, costs, future income generation capacity, cash levels (including the timing and ability to release restricted cash), regulatory approval, the impact of shut-ins and other work in the field on future field performance, and the Company’s hedging program and its ability to mitigate the impact of changes in oil prices) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the ability of the Company to successfully conclude on a timely basis or at all one or both of its strategic review processes; volatility in market prices for oil and natural gas; uncertainties associated with estimating and establishing oil and natural gas reserves and resources; liabilities inherent with the exploration, development, exploitation and reclamation of oil and natural gas; uncertainty of estimates of capital and operating costs, production estimates and estimated economic return; increases or changes to transportation costs; expectations regarding the Company’s ability to raise capital and to continually add reserves through acquisition and development; the Company’s ability to access additional financing; the ability of the Company to maintain its credit ratings; the ability of the Company to: meet its financial obligations and minimum commitments, fund capital expenditures and comply with covenants contained in the agreements that govern indebtedness; political developments in the countries where the Company operates; the uncertainties involved in interpreting drilling results and other geological data; geological, technical, drilling and processing problems; timing on receipt of government approvals; fluctuations in foreign exchange or interest rates and stock market volatility and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s annual information form dated March 7, 2024 filed on SEDAR+ at www.sedarplus.ca. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
This news release contains future oriented financial information and financial outlook information (collectively, “FOFI”) (including, without limitation, statements regarding expected average production), and are subject to the same assumptions, risk factors, limitations and qualifications as set forth in the above paragraph. The FOFI has been prepared by management to provide an outlook of the Company’s activities and results, and such information may not be appropriate for other purposes. The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s reasonable estimates and judgments, however, actual results of operations of the Company and the resulting financial results may vary from the amounts set forth herein. Any FOFI speaks only as of the date on which it is made, and the Company disclaims any intent or obligation to update any FOFI, whether as a result of new information, future events or results or otherwise, unless required by applicable laws.
Non-IFRS Financial Measures
This press release contains various “non-IFRS financial measures” (equivalent to “non-GAAP financial measures”, as such term is defined in NI 52-112), “non-IFRS ratios” (equivalent to “non-GAAP ratios”, as such term is defined in NI 52-112), “supplementary financial measures” (as such term is defined in NI 52-112) and “capital management measures” (as such term is defined in NI 52-112), which are described in further detail below. Such measures do not have standardized IFRS definitions. The Company’s determination of these non-IFRS financial measures may differ from other reporting issuers and they are therefore unlikely to be comparable to similar measures presented by other companies. Furthermore, these financial measures should not be considered in isolation or as a substitute for measures of performance or cash flows as prepared in accordance with IFRS. These financial measures do not replace or supersede any standardized measure under IFRS. Other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures.
The Company discloses these financial measures, together with measures prepared in accordance with IFRS, because management believes they provide useful information to investors and shareholders, as management uses them to evaluate the operating performance of the Company. These financial measures highlight trends in the Company’s core business that may not otherwise be apparent when relying solely on IFRS financial measures. Further, management also uses non-IFRS measures to exclude the impact of certain expenses and income that management does not believe reflect the Company’s underlying operating performance. The Company’s management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period and to prepare annual operating budgets and as a measure of the Company’s ability to finance its ongoing operations and obligations.
Set forth below is a description of the non-IFRS financial measures, non-IFRS ratios, supplementary financial measures and capital management measures used in the MD&A.
Operating EBITDA 
EBITDA is a commonly used non-IFRS financial measure that adjusts net income as reported under IFRS to exclude the effects of income taxes, finance income and expenses, and DD&A. Operating EBITDA is a non-IFRS financial measure that represents the operating results of the Company’s primary business, excluding the following items: restructuring, severance and other costs, post-termination obligation, payments of minimum work commitments and, certain non-cash items (such as impairments, foreign exchange, unrealized risk management contracts, and share-based compensation) and gains or losses arising from the disposal of capital assets. In addition, other unusual or non-recurring items are excluded from operating EBITDA, as they are not indicative of the underlying core operating performance of the Company.
A reconciliation of Operating EBITDA to net loss is as follows:
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prnpr4 prnpl2 prnvab prnsbtb1 prnrbrb1 prnbbbs prnsblb1" colspan="2" rowspan="1"></td>
<td class="prngen6" colspan="2" rowspan="1">
Three Months Ended March 31 
</td>
<td class="prngen2" colspan="1" rowspan="1"></td>
</tr>
<tr>
<td class="prngen13" colspan="2" nowrap="nowrap" rowspan="1">
($M)
</td>
<td class="prngen26" colspan="1" nowrap="nowrap" rowspan="1">
2024
</td>
<td class="prngen26" colspan="1" nowrap="nowrap" rowspan="1">
2023
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen2" colspan="2" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="2" nowrap="nowrap" rowspan="1">
Net loss (1)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(8,503)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(11,330)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="2" nowrap="nowrap" rowspan="1">
Finance income
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(1,592)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(4,301)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="2" nowrap="nowrap" rowspan="1">
Finance expenses
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
17,270
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
15,221
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="2" nowrap="nowrap" rowspan="1">
Income tax expense
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
26,585
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
7,520
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="2" nowrap="nowrap" rowspan="1">
Depletion, depreciation and amortization
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
65,812
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
66,713
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="2" nowrap="nowrap" rowspan="1">
(Recovery) expense of asset retirement obligation 
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(1,042)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
13,081
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="2" nowrap="nowrap" rowspan="1">
Expenses of impairment
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
1,027
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
16,815
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="2" nowrap="nowrap" rowspan="1">
Post-termination obligation
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
550
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
157
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="2" nowrap="nowrap" rowspan="1">
Share-based compensation
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
286
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(499)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="2" nowrap="nowrap" rowspan="1">
Restructuring, severance and other costs
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
1,803
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
1,572
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="2" nowrap="nowrap" rowspan="1">
Share of income from associates
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(13,894)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(13,572)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="2" nowrap="nowrap" rowspan="1">
Foreign exchange loss
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
1,097
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
11,760
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="2" nowrap="nowrap" rowspan="1">
Other loss (income)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
359
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(6,305)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="2" nowrap="nowrap" rowspan="1">
Unrealized loss (gain) on risk management contracts
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
7,939
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(4,825)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="2" nowrap="nowrap" rowspan="1">
Non-controlling interests 
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(155)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(85)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen13" colspan="2" nowrap="nowrap" rowspan="1">
Gain on repurchased 2028 Unsecured Notes
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
(294)
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
—
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen13" colspan="2" nowrap="nowrap" rowspan="1">
Operating EBITDA
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
97,248
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
91,922
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
</table>
</div>
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen7" colspan="1" rowspan="1">
(1)Refers to net loss attributable to equity holders of the Company.
</td>
</tr>
</table>
</div>
Capital Expenditures
Capital expenditures is a non-IFRS financial measure that reflects the cash and non-cash items used by the Company to invest in capital assets. This financial measure considers oil and gas properties, plant and equipment, infrastructure, exploration and evaluation assets expenditures which are items reconciled to the Company’s Statements of Cash Flows for the period.
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen8" colspan="2" nowrap="nowrap" rowspan="1">
Three months 
ended March 31
</td>
</tr>
<tr>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen26" colspan="1" nowrap="nowrap" rowspan="1">
2024
</td>
<td class="prngen26" colspan="1" nowrap="nowrap" rowspan="1">
2023
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Consolidated Statements of Cash Flows
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Additions to oil and gas properties, infrastructure port, and plant and equipment
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
62,849
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
42,980
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Additions to exploration and evaluation assets
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
2,487
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
88,946
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Total additions in Consolidated Statements of Cash Flows
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
65,336
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
131,926
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Non-cash adjustments (1)
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
4,045
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
(474)
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Total Capital Expenditures
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
69,381
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
131,452
</td>
</tr>
<tr>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Capital Expenditures attributable to Infrastructure Colombia Segment
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
4,556
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
1,177
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Capital Expenditures attributable to other segments different to Infrastructure Colombia Segment
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
64,825
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
130,275
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Total Capital Expenditure
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
69,381
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
131,452
</td>
</tr>
</table>
</div>
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen7" colspan="1" rowspan="1">
(1) Related to material inventory movements, capitalized non-cash items and other adjustments.
</td>
</tr>
</table>
</div>
Infrastructure Colombia Calculations
Each of Adjusted Infrastructure Revenue, Adjusted Infrastructure Operating Costs and Adjusted Infrastructure General and Administrative, is a non-IFRS financial measure, and each is used to evaluate the performance of the Infrastructure Colombia Segment operations. Adjusted Infrastructure Revenue includes revenues of the Infrastructure Colombia Segment including ODL’s revenue direct participation interest. Adjusted Infrastructure Operating Costs includes costs of the Infrastructure Colombia Segment including ODL’s cost direct participation interest. Adjusted Infrastructure General and Administrative includes general and administrative costs of the Infrastructure Colombia Segment including ODL’s general and administrative direct participation interest.
A reconciliation of each of Adjusted Infrastructure Revenue, Adjusted Infrastructure Operating Costs and Adjusted Infrastructure General and Administrative is provided below.
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen27" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen6" colspan="2" nowrap="nowrap" rowspan="1">
Three months 
ended March 31
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
($M) (1)
</td>
<td class="prnpr10 prnpl2 prnvab prntac prnsbtb1 prnrbrb1 prnbbbs prnsblb1" colspan="1" nowrap="nowrap" rowspan="1">
2024
</td>
<td class="prnpr10 prnpl2 prnvab prntac prncbts prnrbrb1 prnbbbs prnsblb1" colspan="1" nowrap="nowrap" rowspan="1">
2023
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Revenue Infrastructure Colombia Segment
</td>
<td class="prngen27" colspan="1" nowrap="nowrap" rowspan="1">
10,528
</td>
<td class="prngen27" colspan="1" nowrap="nowrap" rowspan="1">
12,465
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Revenue from ODL
</td>
<td class="prngen27" colspan="1" nowrap="nowrap" rowspan="1">
86,797
</td>
<td class="prngen27" colspan="1" nowrap="nowrap" rowspan="1">
77,387
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Direct participation interest in the ODL 
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
35.00 %
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
35.00 %
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Equity adjustment participation of ODL (1)
</td>
<td class="prngen30" colspan="1" nowrap="nowrap" rowspan="1">
30,379
</td>
<td class="prngen30" colspan="1" nowrap="nowrap" rowspan="1">
27,085
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Adjusted Infrastructure Revenues
</td>
<td class="prngen30" colspan="1" nowrap="nowrap" rowspan="1">
40,907
</td>
<td class="prngen30" colspan="1" nowrap="nowrap" rowspan="1">
39,550
</td>
</tr>
<tr>
<td class="prngen30" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen30" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen30" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Operating cost Infrastructure Colombia Segment
</td>
<td class="prngen31" colspan="1" nowrap="nowrap" rowspan="1">
(8,149)
</td>
<td class="prngen31" colspan="1" nowrap="nowrap" rowspan="1">
(7,136)
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Operating Cost from ODL
</td>
<td class="prngen31" colspan="1" nowrap="nowrap" rowspan="1">
(11,396)
</td>
<td class="prngen31" colspan="1" nowrap="nowrap" rowspan="1">
(7,496)
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Direct participation interest in the ODL 
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
35.00 %
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
35.00 %
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Equity adjustment participation of ODL (1)
</td>
<td class="prngen32" colspan="1" nowrap="nowrap" rowspan="1">
(3,989)
</td>
<td class="prngen32" colspan="1" nowrap="nowrap" rowspan="1">
(2,624)
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Adjusted Infrastructure Operating Costs
</td>
<td class="prngen32" colspan="1" nowrap="nowrap" rowspan="1">
(12,138)
</td>
<td class="prngen32" colspan="1" nowrap="nowrap" rowspan="1">
(9,760)
</td>
</tr>
<tr>
<td class="prngen30" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen30" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen30" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
General and administrative Infrastructure Colombia Segment
</td>
<td class="prngen31" colspan="1" nowrap="nowrap" rowspan="1">
(1,479)
</td>
<td class="prngen31" colspan="1" nowrap="nowrap" rowspan="1">
(1,455)
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
General and administrative from ODL
</td>
<td class="prngen31" colspan="1" nowrap="nowrap" rowspan="1">
(4,581)
</td>
<td class="prngen31" colspan="1" nowrap="nowrap" rowspan="1">
(2,778)
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Direct participation interest in the ODL 
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
35.00 %
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
35.00 %
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Equity adjustment participation of ODL (1)
</td>
<td class="prngen32" colspan="1" nowrap="nowrap" rowspan="1">
(1,603)
</td>
<td class="prngen32" colspan="1" nowrap="nowrap" rowspan="1">
(972)
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Adjusted Infrastructure General and Administrative
</td>
<td class="prngen32" colspan="1" nowrap="nowrap" rowspan="1">
(3,082)
</td>
<td class="prngen32" colspan="1" nowrap="nowrap" rowspan="1">
(2,427)
</td>
</tr>
</table>
</div>
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen7" colspan="1" rowspan="1">
(1) Revenues and expenses related to the ODL are accounted for using the equity method described in the Note 12 of the Interim Financial Statements.
</td>
</tr>
</table>
</div>
Adjusted Infrastructure EBITDA
The Adjusted Infrastructure EBITDA is a non-IFRS financial measure used to assist in measuring the operating results of the Infrastructure Colombia Segment business. Refer to the calculation in the “Non-IFRS Results of Infrastructure Segment” section on page 21.
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen6" colspan="2" nowrap="nowrap" rowspan="1">
Three months 
ended March 31
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
($M) (1)
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
2024
</td>
<td class="prngen15" colspan="1" nowrap="nowrap" rowspan="1">
2023
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Adjusted Infrastructure Revenue (1)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
40,907
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
39,550
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Adjusted Infrastructure Operating Costs (1)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(12,138)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(9,760)
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Adjusted Infrastructure General and Administrative (1)
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
(3,082)
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
(2,427)
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Adjusted Infrastructure EBITDA (1)
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
25,687
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
27,363
</td>
</tr>
</table>
</div>
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen7" colspan="1" rowspan="1">
(1) Non-IFRS financial measure.
</td>
</tr>
</table>
</div>
 
Net Sales
Net sales is a non-IFRS financial measure that adjusts revenue to include realized gains and losses from oil risk management contracts while removing the cost of any volumes purchased from third parties. This is a useful indicator for management, as the Company hedges a portion of its oil production using derivative instruments to manage exposure to oil price volatility. This metric allows the Company to report its realized net sales after factoring in these oil risk management activities. The deduction of cost of purchases is helpful to understand the Company’s sales performance based on the net realized proceeds from its own production, the cost of which is partially recovered when the blended product is sold. Net sales also exclude sales from port services, as it is not considered part of the oil and gas segment. Refer to the reconciliation in the “Sales” section on page 12 of the MD&A.
Operating Netback and Oil and Gas Sales, Net of Purchases
Operating netback is a non-IFRS financial measure and operating netback per boe is a non-IFRS ratio. Operating netback per boe is used to assess the net margin of the Company’s production after subtracting all costs associated with bringing one barrel of oil to the market. It is also commonly used by the oil and gas industry to analyze financial and operating performance expressed as profit per barrel and is an indicator of how efficient the Company is at extracting and selling its product. For netback purposes, the Company removes the effects of any trading activities and results from its Infrastructure Colombia Segment from the per barrel metrics and adds the effects attributable to transportation and operating costs of any realized gain or loss on foreign exchange risk management contracts. Refer to the reconciliation in the “Operating Netback” section on page 11.
The following is a description of each component of the Company’s operating netback and how it is calculated. Oil and gas sales, net of purchases, is a non-IFRS financial measure that is calculated using oil and gas sales less the cost of volumes purchased from third parties including its transportation and refining costs. Oil and gas sales, net of purchases per boe, is a non-IFRS ratio that is calculated using oil and gas sales, net of purchases, divided by the total sales volumes, net of purchases. A reconciliation of this calculation is provided below:
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen6" colspan="2" nowrap="nowrap" rowspan="1">
Three months 
ended March 31
</td>
</tr>
<tr>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen5" colspan="1" nowrap="nowrap" rowspan="1">
2024
</td>
<td class="prngen26" colspan="1" nowrap="nowrap" rowspan="1">
2023
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Produced crude oil and gas sales ($M) (1)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
209,043
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
197,091
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Purchased crude oil and products sales ($M)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
51,285
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
51,316
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
(-) Cost of purchases ($M) (2)
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
(57,859)
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
(59,287)
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Oil and gas sales, net of purchases ($M)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
202,469
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
189,120
</td>
</tr>
<tr>
<td class="prngen33" colspan="1" nowrap="nowrap" rowspan="1">
Sales volumes, net of purchases – (boe)
</td>
<td class="prngen15" colspan="1" nowrap="nowrap" rowspan="1">
2,746,835
</td>
<td class="prngen15" colspan="1" nowrap="nowrap" rowspan="1">
2,738,160
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Oil and gas sales, net of purchases ($/boe)
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
73.71
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
69.07
</td>
</tr>
</table>
</div>
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen14" colspan="1" rowspan="1">
(1) Excludes sales from port services as they are not part of the oil and gas segment. For further information, refer to the “Infrastructure Colombia (formerly Midstream Colombia)” section on page 20.
</td>
</tr>
<tr>
<td class="prngen14" colspan="1" rowspan="1">
(2) Cost of third-party volumes purchased for use and resale in the Company’s oil operations, including its transportation and refining costs.
</td>
</tr>
</table>
</div>
 
Non-IFRS Ratios
Realized oil price, net of purchases, and realized gas price per boe
Realized oil price, net of purchases, and realized gas price per boe are both non-IFRS ratios. Realized oil price, net of purchases, per boe is calculated using oil sales net of purchases, divided by total sales volumes, net of purchases. Realized gas price is calculated using sales from gas production divided by the conventional natural gas sales volumes.
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen6" colspan="2" nowrap="nowrap" rowspan="1">
Three months 
ended March 31
</td>
</tr>
<tr>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
2024
</td>
<td class="prngen15" colspan="1" nowrap="nowrap" rowspan="1">
2023
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Produced crude oil sales ($M)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
207,177
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
193,334
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Purchased crude oil and products sales ($M)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
51,285
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
51,316
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
(-) Cost of purchases ($M)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(57,859)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(59,287)
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Conventional natural gas sales ($M)
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
1,866
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
3,757
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Oil and gas sales, net of purchases ($M) (1)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
202,469
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
189,120
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Sales volumes, net of purchases – (bbl)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
2,694,482
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
2,607,363
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Conventional natural gas sales volumes – (mcf)
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
298,144
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
745,794
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Realized oil price, net of purchases ($/bbl)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
74.45
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
71.09
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Realized conventional natural gas price ($/mcf)
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
6.26
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
5.04
</td>
</tr>
</table>
</div>
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen7" colspan="1" rowspan="1">
(1) Non-IFRS financial measure.
</td>
</tr>
</table>
</div>
Net sales realized price
Net sales realized price is a non-IFRS ratio that is calculated using net sales (including oil and gas sales net of purchases, realized gains and losses from oil risk management contracts and less royalties). Net sales realized price per boe is a non-IFRS ratio which is calculated dividing each component by total sales volumes, net of purchases. A reconciliation of this calculation is provided below:
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen6" colspan="2" nowrap="nowrap" rowspan="1">
Three months 
ended March 31
</td>
</tr>
<tr>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen5" colspan="1" nowrap="nowrap" rowspan="1">
2024
</td>
<td class="prngen26" colspan="1" nowrap="nowrap" rowspan="1">
2023
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Oil and gas sales, net of purchases ($M) (1)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
202,469
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
189,120
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
(-) Premiums paid on oil price risk management contracts ($M)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(3,489)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(3,175)
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
(-) Royalties ($M)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(4,506)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(9,213)
</td>
</tr>
<tr>
<td class="prngen33" colspan="1" nowrap="nowrap" rowspan="1">
Net sales ($M)
</td>
<td class="prngen15" colspan="1" nowrap="nowrap" rowspan="1">
194,474
</td>
<td class="prngen15" colspan="1" nowrap="nowrap" rowspan="1">
176,732
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Sales volumes, net of purchases – (boe)
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
2,746,835
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
2,738,160
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Oil and gas sales, net of purchases ($/boe)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
73.71
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
69.07
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
 Premiums paid on oil price risk management contracts (2)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(1.27)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(1.16)
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
 Royalties ($/boe) (2)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(1.64)
</td>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1">
(3.36)
</td>
</tr>
<tr>
<td class="prngen33" colspan="1" nowrap="nowrap" rowspan="1">
Net sales realized price ($/boe)
</td>
<td class="prngen15" colspan="1" nowrap="nowrap" rowspan="1">
70.80
</td>
<td class="prngen15" colspan="1" nowrap="nowrap" rowspan="1">
64.55
</td>
</tr>
</table>
</div>
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen14" colspan="1" rowspan="1">
(1) Non-IFRS financial measure.
</td>
</tr>
<tr>
<td class="prngen14" colspan="1" rowspan="1">
(2) Supplementary financial measure.
</td>
</tr>
</table>
</div>
 
Production costs (excluding energy cost), net of realized FX hedge impact, and production cost (excluding energy cost), net of realized FX hedge impact per boe
Production costs (excluding energy cost), net of realized FX hedge impact is a non-IFRS financial measure that mainly includes lifting costs, activities developed in the blocks, processes to put the crude oil and gas in sales condition and the realized gain or loss on foreign exchange risk management contracts attributable to production costs. Production cost, net of realized FX hedge impact per boe is a non-IFRS ratio that is calculated using production cost (excluding energy cost), net of realized FX hedge impact divided by production (before royalties). A reconciliation of this calculation is provided below:
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen6" colspan="2" nowrap="nowrap" rowspan="1">
Three months 
ended March 31
</td>
</tr>
<tr>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen5" colspan="1" nowrap="nowrap" rowspan="1">
2024
</td>
<td class="prngen26" colspan="1" nowrap="nowrap" rowspan="1">
2023
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Production costs (excluding energy cost) ($M)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
36,839
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
30,387
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
(-) Realized gain on FX hedge attributable to production costs (excluding energy cost) ($M) (1)
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
(1,337)
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
—
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Production costs (excluding energy cost), net of realized FX hedge impact ($M) (2) 
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
35,502
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
30,387
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Production (boe)
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
3,475,563
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
3,742,740
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Production costs (excluding energy cost), net of realized FX hedge impact ($/boe)
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
10.21
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
8.12
</td>
</tr>
</table>
</div>
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen14" colspan="1" rowspan="1">
(1) See “Gain (Loss) on Risk Management Contracts” on page 15.
</td>
</tr>
<tr>
<td class="prngen14" colspan="1" rowspan="1">
(2) Non-IFRS financial measure.
</td>
</tr>
</table>
</div>
 
Energy costs, net of realized FX hedge impact, and production cost, net of realized FX hedge impact per boe
Energy costs, net of realized FX hedge impact is a non-IFRS financial measure that describes the electricity consumption and the costs of localized energy generation and the realized gain or loss on foreign exchange risk management contracts attributable to energy costs. Energy cost, net of realized FX hedge impact per boe is a non-IFRS ratio that is calculated using energy cost, net of realized FX hedge impact divided by production (before royalties). A reconciliation of this calculation is provided below:
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen6" colspan="2" nowrap="nowrap" rowspan="1">
Three months 
ended March 31
</td>
</tr>
<tr>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen5" colspan="1" nowrap="nowrap" rowspan="1">
2024
</td>
<td class="prngen26" colspan="1" nowrap="nowrap" rowspan="1">
2023
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Energy costs ($M)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
18,968
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
14,770
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
(-) Realized gain on FX hedge attributable to energy costs ($M) (1)
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
(581)
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
—
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Energy costs, net of realized FX hedge impact ($M) (2) 
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
18,387
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
14,770
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Production (boe)
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
3,475,563
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
3,742,740
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Energy costs, net of realized FX hedge impact ($/boe)
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
5.29
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
3.95
</td>
</tr>
</table>
</div>
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen7" colspan="1" rowspan="1">
(1) See “Gain (Loss) on Risk Management Contracts” on page 15.
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" rowspan="1">
(2) Non-IFRS financial measure.
</td>
</tr>
</table>
</div>
 
Transportation costs, net of realized FX hedge impact, and transportation costs, net of realized FX hedge impact per boe
Transportation costs, net of realized FX hedge impact is a non-IFRS financial measure, that includes all commercial and logistics costs associated with the sale of produced crude oil and gas such as trucking and pipeline, and the realized gain or loss on foreign exchange risk management contracts attributable to transportation costs. Transportation cost, net of realized FX hedge impact per boe is a non-IFRS ratio that is calculated using transportation cost, net of realized FX hedge impact divided by net production after royalties. A reconciliation of this calculation is provided below:
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen6" colspan="2" nowrap="nowrap" rowspan="1">
Three months 
ended March 31
</td>
</tr>
<tr>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen5" colspan="1" nowrap="nowrap" rowspan="1">
2024
</td>
<td class="prngen26" colspan="1" nowrap="nowrap" rowspan="1">
2023
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Transportation costs ($M)
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
35,195
</td>
<td class="prngen2" colspan="1" nowrap="nowrap" rowspan="1">
37,370
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
(-) Realized gain on FX hedge attributable to transportation costs ($M) (1)
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
(409)
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
—
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Transportation costs, net of realized FX hedge impact ($M) (2) 
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
34,786
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
37,370
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Net production (boe)
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
3,070,613
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
3,336,120
</td>
</tr>
<tr>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
Transportation costs, net of realized FX hedge impact ($/boe)
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
11.33
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
11.20
</td>
</tr>
</table>
</div>
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen7" colspan="1" rowspan="1">
(1) See “Gain (Loss) on Risk Management Contracts” on page 15.
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" rowspan="1">
(2) Non-IFRS financial measure.
</td>
</tr>
</table>
</div>
 
Supplementary Financial Measures
Realized (loss) gain on oil risk management contracts per boe
Realized (loss) gain on oil risk management contracts includes the gain or loss during the period, as a result of the Company´s exposure in derivative contracts of crude oil. Realized (loss) gain on oil risk management contracts per boe is a supplementary financial measure that is calculated using Realized (loss) gain on risk management contracts divided by total sales volumes, net of purchases.
Royalties per boe
Royalties includes royalties and amounts paid to previous owners of certain blocks in Colombia and cash payments for PAP. Royalties per boe is a supplementary financial measure that is calculated using the royalties divided by total sales volumes, net of purchases.
NCIB weighted-average price per share
Weighted-average price per share under the 2023 NCIB is a supplementary financial measure that corresponds to the weighted-average price of common shares purchased under the 2023 NCIB during the period. It is calculated using the total amount of common shares repurchased in U.S. dollars divided by the number of common shares repurchased.
Capital Management Measures
Restricted cash short- and long-term
Restricted cash (short- and long-term) is a capital management measure, that sums the short-term portion and long-term portion of the cash that the Company has in term deposits that have been escrowed to cover future commitments and future abandonment obligations, or insurance collateral for certain contingencies and other matters that are not available for immediate disbursement. 
Total cash 
Total cash is a capital management measure to describe the total cash and cash equivalents restricted and unrestricted available, is comprised by the cash and cash equivalents and the restricted cash short and long-term.
Total debt and lease liabilities
Total debt and lease liabilities are capital management measures to describe the total financial liabilities of the Company and is comprised of the debt of the 2028 Unsecured Notes, loans, and liabilities from leases of various properties, power generation supply, vehicles and other assets.
Definitions:
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prnpr2 prnpl2 prnvab prncbts prnrbrb1 prnbbbs prnbsbls" colspan="1" nowrap="nowrap" rowspan="1">
bbl(s)
</td>
<td class="prnpr2 prnpl2 prnvab prncbts prnbrbrs prnbbbs prnbsbls" colspan="1" nowrap="nowrap" rowspan="1">
Barrel(s) of oil
</td>
</tr>
<tr>
<td class="prngen36" colspan="1" nowrap="nowrap" rowspan="1">
bbl/d
</td>
<td class="prngen37" colspan="1" nowrap="nowrap" rowspan="1">
Barrel of oil per day
</td>
</tr>
<tr>
<td class="prngen36" colspan="1" nowrap="nowrap" rowspan="1">
boe
</td>
<td class="prngen37" colspan="1" nowrap="nowrap" rowspan="1">
Refer to “Boe Conversion” disclosure above
</td>
</tr>
<tr>
<td class="prngen36" colspan="1" nowrap="nowrap" rowspan="1">
boe/d
</td>
<td class="prngen37" colspan="1" nowrap="nowrap" rowspan="1">
Barrel of oil equivalent per day
</td>
</tr>
<tr>
<td class="prngen36" colspan="1" nowrap="nowrap" rowspan="1">
Mcf
</td>
<td class="prngen37" colspan="1" nowrap="nowrap" rowspan="1">
Thousand cubic feet
</td>
</tr>
<tr>
<td class="prnpr2 prnpl2 prnvam prntal prnsbtb1 prnrbrb1 prnbbbs prnbsbls" colspan="1" nowrap="nowrap" rowspan="1">
Net Production
</td>
<td class="prnpr2 prnpl2 prnvam prntal prnsbtb1 prnbrbrs prnbbbs prnbsbls" colspan="1" nowrap="nowrap" rowspan="1">
Net production represents the Company’s working interest volumes, net of royalties and internal consumption
</td>
</tr>
</table>
</div>
<img loading="lazy" decoding="async" alt="Cision" height="12" src="https://c212.net/c/img/favicon.png?sn=TO08685&sd=2024-05-08" title="Cision" width="12"></img> View original content:https://www.prnewswire.com/news-releases/frontera-announces-first-quarter-2024-results-302140581.html
SOURCE Frontera Energy Corporation
 <img decoding="async" alt="" src="https://rt.prnewswire.com/rt.gif?NewsItemId=TO08685&Transmission_Id=202405081959PR_NEWS_USPR_____TO08685&DateId=20240508" style="border:0px; width:1px; height:1px;"></img> Disclaimer: The above press release comes to you under an arrangement with PR Newswire. USA Newshour takes no editorial responsibility for the same.
]]></content:encoded>
</item>
<item>
<title>DISCOVER THE WORLD ANNOUNCES A STRATEGIC PARTNERSHIP WITH SAUDIA TO ENHANCE TRAVEL TRADE ENGAGEMENT IN KEY MARKETS</title>
<link>https://usanewshour.com/discover-the-world-announces-a-strategic-partnership-with-saudia-to-enhance-travel-trade-engagement-in-key-markets/210199/</link>
<dc:creator><![CDATA[PR Newswire]]></dc:creator>
<pubDate>Wed, 08 May 2024 23:38:00 +0000</pubDate>
<category><![CDATA[Brand Post]]></category>
<guid isPermaLink="false">https://usanewshour.com/discover-the-world-announces-a-strategic-partnership-with-saudia-to-enhance-travel-trade-engagement-in-key-markets/210199/</guid>
<description><![CDATA[SCOTTSDALE, Ariz., May 8, 2024 /PRNewswire/ — Discover the World, the renowned global specialist in travel representation, is thrilled to announce a strategic partnership with Saudia, the national flag carrier of Saudi Arabia. Discover the World brings to the table an impressive track record in business development with many leading industry brands making them a […]]]></description>
<content:encoded><![CDATA[
SCOTTSDALE, Ariz., May 8, 2024 /PRNewswire/ — Discover the World, the renowned global specialist in travel representation, is thrilled to announce a strategic partnership with Saudia, the national flag carrier of Saudi Arabia.
<div class="PRN_ImbeddedAssetReference" id="DivAssetPlaceHolder1">
 <img decoding="async" alt="Discover the World's logo. (PRNewsFoto/Discover the World Marketing) (PRNewsFoto/)" src="https://mma.prnewswire.com/media/332149/discover_the_world_logo.jpg" title="Discover the World's logo. (PRNewsFoto/Discover the World Marketing) (PRNewsFoto/)"></img> 
</div>
Discover the World brings to the table an impressive track record in business development with many leading industry brands making them a logical partner to elevate Saudia’s iconic brand, exciting new product and guest experience and unique destination network.
Aiden Walsh, Head of Airline Development at Discover the World commented, “It’s a privilege for us to join forces with Saudia and embark on this transformative journey together. We are committed to implementing a dynamic sales solution that elevates Saudia’s presence within all channels of the travel trade community to amplify the essence of ‘Welcome to Arabia’ and beyond, positioning Saudia as the airline of choice.”
Arved von zur Muehlen, Chief Commercial Officer at Saudia, emphasized, “As we chart our course to strengthen travel trade partnerships our collaboration with Discover the World marks a significant milestone. This exciting venture will enable us to foster deeper connections with travel and tourism agencies, delivering unparalleled services while driving demand and boosting sales.”
Discover the World and Saudia are poised to redefine the travel experience, creating lasting impressions and shaping the future of the industry.
About Discover the World Discover the World has earned a reputation as an innovative global sales representation leader in the travel industry through a worldwide network of 85 offices in more than 60 countries. With a portfolio of over 100 clients utilizing its sales, marketing and business process outsourcing services, the work of Discover has a direct positive impact on the growth of its clients and trade industry partners every day. www.discovertheworld.com
About Saudia Saudia was established in 1945 and has scheduled flights to over 100 destinations in the Middle East, Africa, Asia, Europe and North America. The company is one of the Middle East’s largest airlines. SAUDIA is a member of the International Air Transport Association (IATA), the Arab Air Carriers Organization (AACO) and has been a member of SkyTeam since 2012. www.saudia.com
<img loading="lazy" decoding="async" alt="Cision" height="12" src="https://c212.net/c/img/favicon.png?sn=LA09861&sd=2024-05-08" title="Cision" width="12"></img> View original content to download multimedia:https://www.prnewswire.com/news-releases/discover-the-world-announces-a-strategic-partnership-with-saudia-to-enhance-travel-trade-engagement-in-key-markets-302140571.html
SOURCE Discover the World
 <img decoding="async" alt="" src="https://rt.prnewswire.com/rt.gif?NewsItemId=LA09861&Transmission_Id=202405081938PR_NEWS_USPR_____LA09861&DateId=20240508" style="border:0px; width:1px; height:1px;"></img> Disclaimer: The above press release comes to you under an arrangement with PR Newswire. USA Newshour takes no editorial responsibility for the same.
]]></content:encoded>
</item>
<item>
<title>Mountain Province Diamonds Announces First Quarter Financial Results for 2024</title>
<link>https://usanewshour.com/mountain-province-diamonds-announces-first-quarter-financial-results-for-2024/210200/</link>
<dc:creator><![CDATA[PR Newswire]]></dc:creator>
<pubDate>Wed, 08 May 2024 23:37:00 +0000</pubDate>
<category><![CDATA[Brand Post]]></category>
<guid isPermaLink="false">https://usanewshour.com/mountain-province-diamonds-announces-first-quarter-financial-results-for-2024/210200/</guid>
<description><![CDATA[TSX and OTC: MPVD TORONTO, May 8, 2024 /PRNewswire/ – Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX: MPVD) (OTC: MPVD) today announces financial results for the first quarter ended March 31, 2024 (“the Quarter” or “Q1 2024”) from the Gahcho Kué Diamond Mine (“GK Mine”). All figures are expressed in Canadian dollars unless […]]]></description>
<content:encoded><![CDATA[
TSX and OTC: MPVD
TORONTO, May 8, 2024 /PRNewswire/ – Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX: MPVD) (OTC: MPVD) today announces financial results for the first quarter ended March 31, 2024 (“the Quarter” or “Q1 2024”) from the Gahcho Kué Diamond Mine (“GK Mine”). All figures are expressed in Canadian dollars unless otherwise noted.
Financial Highlights for First Quarter 2024 
<ul type="disc">
<li>938,000 carats sold, with total proceeds of $89.4 million (US$66.1 million) at an average realised value of $95 per carat (US$70).</li>
<li>Adjusted EBITDA1 of $50.0 million.</li>
<li>Earnings from mine operations of $30.4 million.</li>
<li>Net income of $6.8 million or $0.03 basic and diluted earnings per share2. </li>
</ul>
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen2" colspan="1" rowspan="1"></td>
<td class="prngen2" colspan="1" rowspan="1">
1Cash costs of production, including capitalized stripping costs, and adjusted EBITDA are non-IFRS measures with no standardized meaning prescribed under IFRS. See “Reconciliation of non-IFRS measures” at the end of the news release for explanation and reconciliation.
</td>
</tr>
</table>
</div>
Operational Highlights for First Quarter 2024 (all figures reported on a 100% basis unless otherwise stated)
<ul type="disc">
<li>805,557 ore tonnes treated, a 5% increase relative to Q1 2023, (Q1 2023: 766,786 tonnes treated;)</li>
<li>1,264,887 carats recovered, 4% lower than the comparable quarter (Q1 2023: 1,319,603 carats)</li>
<li>Average grade of 1.57 carats per tonne, a 9% decrease relative to Q1 2023 (1.72 carats per tonne)</li>
<li>Cost per carat recovered, including capitalized stripping of $56/carat, and cost per tonne processed, including capitalized stripping of $88/tonne.</li>
</ul>
Sales Highlights for First Quarter 2024
As previously released, during the first quarter 938,000 carats were sold for total proceeds of $89.4 million (US$66.1 million), resulting in an average value of $95 per carat (US$70 per carat). These results compare to Q1 2023 when 961,024 carats were sold for total proceeds of $128.7 million (US$95.0 million), resulting in an average price of $134 per carat (US$99 per carat).
Mark Wall, the Company’s President, and Chief Executive Officer, commented: 
“Despite a softer rough diamond market than this time last year, the Company continued to show sustained profitability at current prices, recording and Adjusted EBITDA of $50 million, as well as Net Income of $6.8 million.
I look forward to sharing the results of our upcoming revised technical report on the GK mine, which will bring the market up to date on the latest mine plan at GK, as well as bring to light some net-positive pit design changes which we believe should bring incremental carats into the mine plan. We expect to be able to share the results of this updated technical report near the end of Q2 2024.”
Gahcho Kué Mine Operations 
The following table summarizes key operating statistics for the Gahcho Kué Mine in the three months ended March 31, 2024 and 2023. 
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
Three months ended
</td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
Three months ended
</td>
</tr>
<tr>
<td class="prngen5" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen6" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen5" colspan="1" nowrap="nowrap" rowspan="1">
March 31, 2024
</td>
<td class="prngen5" colspan="1" nowrap="nowrap" rowspan="1">
March 31, 2023
</td>
</tr>
<tr>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
GK operating data
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Mining
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
*Ore tonnes mined 
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
 kilo tonnes 
</td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
1,947
</td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
428
</td>
</tr>
<tr>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
*Waste tonnes mined 
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
 kilo tonnes 
</td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
5,938
</td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
8,507
</td>
</tr>
<tr>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
*Total tonnes mined
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
 kilo tonnes 
</td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
7,885
</td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
8,935
</td>
</tr>
<tr>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
*Ore in stockpile
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
 kilo tonnes 
</td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
3,458
</td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
1,420
</td>
</tr>
<tr>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Processing
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
*Ore tonnes processed
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
 kilo tonnes 
</td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
806
</td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
767
</td>
</tr>
<tr>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
*Average plant throughput
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
 tonnes per day 
</td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
8,857
</td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
8,247
</td>
</tr>
<tr>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
*Average diamond recovery
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
 carats per tonne 
</td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
1.57
</td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
1.72
</td>
</tr>
<tr>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
*Diamonds recovered 
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
 000’s carats 
</td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
1,265
</td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
1,320
</td>
</tr>
<tr>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
Approximate diamonds recovered – Mountain Province
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
000’s carats
</td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
620
</td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
647
</td>
</tr>
<tr>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
Cash costs of production per tonne of ore, net of capitalized stripping **
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
$
</td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
51
</td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
99
</td>
</tr>
<tr>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
Cash costs of production per tonne of ore, including capitalized stripping**
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
$
</td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
88
</td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
155
</td>
</tr>
<tr>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
Cash costs of production per carat recovered, net of capitalized stripping**
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
$
</td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
33
</td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
58
</td>
</tr>
<tr>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
Cash costs of production per carat recovered, including capitalized stripping**
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
$
</td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
56
</td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
90
</td>
</tr>
<tr>
<td class="prngen9" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Sales
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen8" colspan="1" nowrap="nowrap" rowspan="1">
Approximate diamonds sold – Mountain Province***
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
000’s carats
</td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
938
</td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
961
</td>
</tr>
<tr>
<td class="prnpr2 prnpl30 prnvab prntal prnsbtb1 prnrbrb1 prnbbbs prnsblb1" colspan="1" nowrap="nowrap" rowspan="1">
Average diamond sales price per carat
</td>
<td class="prngen6" colspan="1" nowrap="nowrap" rowspan="1">
US
</td>
<td class="prngen5" colspan="1" nowrap="nowrap" rowspan="1">
$ 70
</td>
<td class="prngen5" colspan="1" nowrap="nowrap" rowspan="1">
$ 99
</td>
</tr>
</table>
</div>
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen11" colspan="1" rowspan="1">
 * at 100% interest in the Gahcho Kué Mine
</td>
</tr>
<tr>
<td class="prngen11" colspan="1" rowspan="1">
**See “Reconciliation of non-IFRS measures” at the end of the news release for explanation and reconciliation.
</td>
</tr>
<tr>
<td class="prngen11" colspan="1" rowspan="1">
***Includes the sales directly to De Beers for fancies and specials acquired by De Beers through the production split bidding process 
</td>
</tr>
</table>
</div>
Financial Performance 
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
Three months ended
</td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
Three months ended
</td>
</tr>
<tr>
<td class="prngen14" colspan="1" nowrap="nowrap" rowspan="1">
(in thousands of Canadian dollars, except where otherwise noted)
</td>
<td class="prngen15" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen5" colspan="1" nowrap="nowrap" rowspan="1">
March 31, 2024
</td>
<td class="prngen5" colspan="1" nowrap="nowrap" rowspan="1">
March 31, 2023
</td>
</tr>
<tr>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Sales
</td>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
$
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1">
89,438
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1">
128,657
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Carats sold
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
 000’s carats 
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1">
938
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1">
961
</td>
</tr>
<tr>
<td class="prngen14" colspan="1" nowrap="nowrap" rowspan="1">
Average price per carat sold
</td>
<td class="prngen6" colspan="1" nowrap="nowrap" rowspan="1">
 $/carat 
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
95
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
134
</td>
</tr>
<tr>
<td class="prngen14" colspan="1" nowrap="nowrap" rowspan="1">
Cost of sales per carat*
</td>
<td class="prngen6" colspan="1" nowrap="nowrap" rowspan="1">
 $/carat 
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
63
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
85
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Earnings from mine operations per carat
</td>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
$
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1">
32
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1">
49
</td>
</tr>
<tr>
<td class="prngen14" colspan="1" nowrap="nowrap" rowspan="1">
Earnings from mine operations
</td>
<td class="prngen6" colspan="1" nowrap="nowrap" rowspan="1">
%
</td>
<td align="right" class="prngen5" colspan="1" nowrap="nowrap" rowspan="1">
34 %
</td>
<td align="right" class="prngen5" colspan="1" nowrap="nowrap" rowspan="1">
37 %
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Selling, general and administrative expenses
</td>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
$
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1">
3,542
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1">
4,007
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Operating income
</td>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
$
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1">
26,760
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1">
41,091
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Net income for the period
</td>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
$
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1">
6,864
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1">
28,224
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Basic earnings per share
</td>
<td class="prngen13" colspan="1" nowrap="nowrap" rowspan="1">
$
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1">
0.03
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1">
0.13
</td>
</tr>
<tr>
<td class="prngen17" colspan="1" nowrap="nowrap" rowspan="1">
Diluted earnings per share
</td>
<td class="prngen15" colspan="1" nowrap="nowrap" rowspan="1">
$
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
0.03
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
0.13
</td>
</tr>
</table>
</div>
Conference Call
The Company will host its quarterly conference call on Thursday, May 9th, 2024 at 11:00am ET.
Title: Mountain Province Diamonds Inc Q1 2024 Earnings Conference Call Conference ID: 63370213 Date of call: 05/09/2024 Time of call: 11:00 Eastern Time Expected Duration: 60 minutes
Webcast Link: https://emportal.ink/3xw1s6L Participant Toll-Free Dial-In Number: (+1) 888-390-0546 Participant International Dial-In Number: (+1) 416-764-8668
A replay of the webcast and audio call will be available on the Company’s website.
Reconciliation of Non-IFRS measures
This news release refers to the terms “Cash costs of production per tonne of ore processed” and “Cash costs of production per carat recovered”, both including and net of capitalized stripping costs and “Adjusted Earnings Before Interest, Taxes Depreciation and Amortization (Adjusted EBITDA)” and “Adjusted EBITDA Margin”. Each of these is a non-IFRS performance measure and is referenced in order to provide investors with information about the measures used by management to monitor performance. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. They do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers.
Cash costs of production per tonne of ore processed and cash costs of production per carat recovered are used by management to analyze the actual cash costs associated with processing the ore, and for each recovered carat. Differences from production costs reported within cost of sales are attributed to the amount of production cost included in ore stockpile and rough diamond inventories.
Adjusted EBITDA is used by management to analyze the operational cash flows of the Company, as compared to the net income for accounting purposes. It is also a measure which is defined in the Notes documents. Adjusted EBITDA margin is used by management to analyze the operational margin % on cash flows of the Company.
The following table provides a reconciliation of the Adjusted EBITDA and Adjusted EBITDA margin with the net income on the condensed consolidated interim statements of comprehensive income:
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
Three months ended
</td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
Three months ended
</td>
</tr>
<tr>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen5" colspan="1" nowrap="nowrap" rowspan="1">
March 31, 2024
</td>
<td class="prngen5" colspan="1" nowrap="nowrap" rowspan="1">
March 31, 2023
</td>
</tr>
<tr>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Net income for the period
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1">
$ 6,864
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1">
$ 28,224
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Add/deduct:
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Non-cash depreciation and depletion
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1">
22,104
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1">
25,318
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Share-based payment expense
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1">
242
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1">
340
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Fair value gain of warrants
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen18" colspan="1" nowrap="nowrap" rowspan="1">
(541)
</td>
<td class="prngen18" colspan="1" nowrap="nowrap" rowspan="1">
(146)
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Gain on lease
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen18" colspan="1" nowrap="nowrap" rowspan="1">
(55)
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1">
–
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Finance expenses
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1">
10,337
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1">
10,161
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Derivative losses
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1">
2,340
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1">
1,065
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Deferred income taxes
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1">
2,325
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1">
1,820
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Current income taxes
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1">
150
</td>
<td class="prngen12" colspan="1" nowrap="nowrap" rowspan="1">
750
</td>
</tr>
<tr>
<td class="prngen14" colspan="1" nowrap="nowrap" rowspan="1">
Unrealized foreign exchange losses 
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
6,187
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
645
</td>
</tr>
<tr>
<td class="prngen14" colspan="1" nowrap="nowrap" rowspan="1">
Adjusted earnings before interest, taxes, depreciation and depletion (Adjusted EBITDA)
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
$ 49,953
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
$ 68,177
</td>
</tr>
<tr>
<td class="prngen14" colspan="1" nowrap="nowrap" rowspan="1">
Sales
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
89,438
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1">
128,657
</td>
</tr>
<tr>
<td class="prngen14" colspan="1" nowrap="nowrap" rowspan="1">
Adjusted EBITDA margin
</td>
<td class="prngen16" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td align="right" class="prngen5" colspan="1" nowrap="nowrap" rowspan="1">
56 %
</td>
<td align="right" class="prngen5" colspan="1" nowrap="nowrap" rowspan="1">
53 %
</td>
</tr>
</table>
</div>
The following table provides a reconciliation of the cash costs of production per tonne of ore processed and per carat recovered and the production costs reported within cost of sales on the condensed consolidated interim statements of comprehensive income:
<div>
<table border="0" cellpadding="1" cellspacing="0" class="prnbcc">
<tr>
<td class="prngen19" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen20" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
Three months ended 
</td>
<td class="prngen3" colspan="1" nowrap="nowrap" rowspan="1">
Three months ended 
</td>
</tr>
<tr>
<td class="prngen14" colspan="1" nowrap="nowrap" rowspan="1">
(in thousands of Canadian dollars, except where otherwise noted)
</td>
<td class="prngen21" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen5" colspan="1" nowrap="nowrap" rowspan="1">
March 31, 2024
</td>
<td class="prngen5" colspan="1" nowrap="nowrap" rowspan="1">
March 31, 2023
</td>
</tr>
<tr>
<td class="prngen19" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen20" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen19" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen19" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Cost of sales production costs
</td>
<td class="prngen20" colspan="1" nowrap="nowrap" rowspan="1">
$
</td>
<td class="prngen19" colspan="1" nowrap="nowrap" rowspan="1">
32,728
</td>
<td class="prngen19" colspan="1" nowrap="nowrap" rowspan="1">
49,116
</td>
</tr>
<tr>
<td class="prngen14" colspan="1" nowrap="nowrap" rowspan="1">
Timing differences due to inventory and other non-cash adjustments
</td>
<td class="prngen21" colspan="1" nowrap="nowrap" rowspan="1">
$
</td>
<td class="prngen5" colspan="1" nowrap="nowrap" rowspan="1">
(12,393)
</td>
<td class="prngen5" colspan="1" nowrap="nowrap" rowspan="1">
(11,835)
</td>
</tr>
<tr>
<td class="prngen14" colspan="1" nowrap="nowrap" rowspan="1">
Cash cost of production of ore processed, net of capitalized stripping
</td>
<td class="prngen21" colspan="1" nowrap="nowrap" rowspan="1">
$
</td>
<td class="prngen22" colspan="1" nowrap="nowrap" rowspan="1">
20,335
</td>
<td class="prngen22" colspan="1" nowrap="nowrap" rowspan="1">
37,281
</td>
</tr>
<tr>
<td class="prngen14" colspan="1" nowrap="nowrap" rowspan="1">
Cash costs of production of ore processed, including capitalized stripping
</td>
<td class="prngen21" colspan="1" nowrap="nowrap" rowspan="1">
$
</td>
<td class="prngen22" colspan="1" nowrap="nowrap" rowspan="1">
34,927
</td>
<td class="prngen22" colspan="1" nowrap="nowrap" rowspan="1">
58,241
</td>
</tr>
<tr>
<td class="prngen19" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen20" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen19" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen19" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Tonnes processed
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
 kilo tonnes 
</td>
<td class="prngen19" colspan="1" nowrap="nowrap" rowspan="1">
395
</td>
<td class="prngen19" colspan="1" nowrap="nowrap" rowspan="1">
376
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Carats recovered
</td>
<td class="prngen4" colspan="1" nowrap="nowrap" rowspan="1">
 000’s carats 
</td>
<td class="prngen19" colspan="1" nowrap="nowrap" rowspan="1">
620
</td>
<td class="prngen19" colspan="1" nowrap="nowrap" rowspan="1">
647
</td>
</tr>
<tr>
<td class="prngen19" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen20" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen19" colspan="1" nowrap="nowrap" rowspan="1"></td>
<td class="prngen19" colspan="1" nowrap="nowrap" rowspan="1"></td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Cash costs of production per tonne of ore, net of capitalized stripping
</td>
<td class="prngen20" colspan="1" nowrap="nowrap" rowspan="1">
$
</td>
<td class="prngen19" colspan="1" nowrap="nowrap" rowspan="1">
51
</td>
<td class="prngen19" colspan="1" nowrap="nowrap" rowspan="1">
99
</td>
</tr>
<tr>
<td class="prngen7" colspan="1" nowrap="nowrap" rowspan="1">
Cash costs of production per tonne of ore, including capitalized stripping
</td>
<td class="prngen20" colspan="1" nowrap="nowrap" rowspan="1">
$
</td>
<td class="prngen19" colspan="1" nowrap="nowrap" rowspan="1">
88
</td>
<td class="prngen19" colspan="1" nowrap="nowrap" rowspan="1">
155
</td>
</tr>
<tr>
<td class="prnpr2 prnpl2 prnvab prntal prnsbtb1 prnrbrb1 prnsbbb1 prnsblb1" colspan="1" nowrap="nowrap" rowspan="1">
Cash costs of production per carat recovered, net of capitalized stripping
</td>
<td class="prngen20" colspan="1" nowrap="nowrap" rowspan="1">
$
</td>
<td class="prngen19" colspan="1" nowrap="nowrap" rowspan="1">
33
</td>
<td class="prngen19" colspan="1" nowrap="nowrap" rowspan="1">
58
</td>
</tr>
<tr>
<td class="prngen17" colspan="1" nowrap="nowrap" rowspan="1">
Cash costs of production per carat recovered, including capitalized stripping
</td>
<td class="prngen21" colspan="1" nowrap="nowrap" rowspan="1">
$
</td>
<td class="prngen22" colspan="1" nowrap="nowrap" rowspan="1">
56
</td>
<td class="prngen22" colspan="1" nowrap="nowrap" rowspan="1">
90
</td>
</tr>
</table>
</div>
About Mountain Province Diamonds Inc.
Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada’s Northwest Territories. The Gahcho Kué Joint Venture property consists of several kimberlites that are actively being mined, developed, and explored for future development. The Company also controls more than 113,000 hectares of highly prospective mineral claims and leases surrounding the Gahcho Kué Mine that include an Indicated mineral resource for the Kelvin kimberlite and Inferred mineral resources for the Faraday kimberlites. Kelvin is estimated to contain 13.62 million carats (Mct) in 8.50 million tonnes (Mt) at a grade of 1.60 carats/tonne and value of US$63/carat, at February 2019. Faraday 2 is estimated to contain 5.45Mct in 2.07Mt at a grade of 2.63 carats/tonne and value of US$140/ct, at February 2019. Faraday 1-3 is estimated to contain 1.90Mct in 1.87Mt at a grade of 1.04 carats/tonne and value of US$75/carat, at February 2019. All resource estimations are based on a 1mm diamond size bottom cut-off.
Qualified Person
The disclosure in this news release of scientific and technical information regarding Mountain Province’s mineral properties has been reviewed and approved by Mr. Dan Johnson, P.Eng., a director of Mountain Province Diamonds and Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Caution Regarding Forward Looking Information This news release contains certain “forward-looking statements” and “forward-looking information” under applicable Canadian and United States securities laws concerning the business, operations and financial performance and condition of Mountain Province Diamonds Inc. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to operational hazards, including possible disruption due to pandemic such as COVID-19, its impact on travel, self-isolation protocols and business and operations, estimated production and mine life of the project of Mountain Province; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; the future price of diamonds; the estimation of mineral reserves and resources; the ability to manage debt; capital expenditures; the ability to obtain permits for operations; liquidity; tax rates; and currency exchange rate fluctuations. Except for statements of historical fact relating to Mountain Province, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “targets,” “intends,” “likely,” “will,” “should,” “to be”, “potential” and other similar words, or statements that certain events or conditions “may”, “should” or “will” occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Mountain Province and there is no assurance they will prove to be correct.
Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the development of operation hazards which could arise in relation to COVID-19, including, but not limited to protocols which may be adopted to reduce the spread of COVID-19 and any impact of such protocols on Mountain Province’s business and operations, variations in ore grade or recovery rates, changes in market conditions, changes in project parameters, mine sequencing; production rates; cash flow; risks relating to the availability and timeliness of permitting and governmental approvals; supply of, and demand for, diamonds; fluctuating commodity prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.
These factors are discussed in greater detail in Mountain Province’s most recent Annual Information Form and in the most recent MD&A filed on SEDAR, which also provide additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.
Although Mountain Province has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered as the property is developed.
Further, Mountain Province may make changes to its business plans that could affect its results. The principal assets of Mountain Province are administered pursuant to a joint venture under which Mountain Province is not the operator. Mountain Province is exposed to actions taken or omissions made by the operator within its prerogative and/or determinations made by the joint venture under its terms. Such actions or omissions may impact the future performance of Mountain Province. Under its current note and revolving credit facilities Mountain Province is subject to certain limitations on its ability to pay dividends on common stock. The declaration of dividends is at the discretion of Mountain Province’s Board of Directors, subject to the limitations under the Company’s debt facilities, and will depend on Mountain Province’s financial results, cash requirements, future prospects, and other factors deemed relevant by the Board.
<img loading="lazy" decoding="async" alt="Cision" height="12" src="https://c212.net/c/img/favicon.png?sn=TO09860&sd=2024-05-08" title="Cision" width="12"></img> View original content:https://www.prnewswire.com/news-releases/mountain-province-diamonds-announces-first-quarter-financial-results-for-2024-302140570.html
SOURCE Mountain Province Diamonds Inc.
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<title>Breaking Boundaries: Cervo Media Group Inc and Red Tusk Records Unite to Revolutionize Classical Music with “Pandora’s Box”</title>
<link>https://usanewshour.com/breaking-boundaries-cervo-media-group-inc-and-red-tusk-records-unite-to-revolutionize-classical-music-with-pandoras-box/210201/</link>
<dc:creator><![CDATA[PR Newswire]]></dc:creator>
<pubDate>Wed, 08 May 2024 23:31:00 +0000</pubDate>
<category><![CDATA[Brand Post]]></category>
<guid isPermaLink="false">https://usanewshour.com/breaking-boundaries-cervo-media-group-inc-and-red-tusk-records-unite-to-revolutionize-classical-music-with-pandoras-box/210201/</guid>
<description><![CDATA[LOS ANGELES, May 8, 2024 /PRNewswire/ — In an innovative collaboration, Cervo Media Group Inc and Red Tusk Records are set to unveil “Pandora’s Box,” a musical experience that promises to redefine the very essence of contemporary classical music. Not just a composition, Pandora’s Box is a daring venture into uncharted territory, featuring a stellar […]]]></description>
<content:encoded><![CDATA[
LOS ANGELES, May 8, 2024 /PRNewswire/ — In an innovative collaboration, Cervo Media Group Inc and Red Tusk Records are set to unveil “Pandora’s Box,” a musical experience that promises to redefine the very essence of contemporary classical music. Not just a composition, Pandora’s Box is a daring venture into uncharted territory, featuring a stellar lineup of A-list classically trained musicians who have graced the stage alongside numerous titans of the music industry.
Notable instrumentalists include Sean Erick (Justin Timberlake), Jesus Florido (Whitney Houston), Ro Rowan (Billie Eilish, The Weeknd), MB Gordy (Justin Bieber, Green Day), and Judy Kang (Celine Dion, Adele). They are joined by an impressive array of dancers, led by aerial stunt choreographer Amanda Ruth Ritchie and 2x Olympic Gold Medal winner Matt Scott.
Inspired by the mythological gift from the gods, Pandora’s Box promises a one-of-a-kind experience for audience members who dare to open it. The show will usher in a new era of appreciation for contemporary classical music by inviting its myriad talent to perform impromptu compositions, regardless of instrument. Percussionists will transform into cellists, while violinists may play the part of the brass section instead. All will be revealed when the box is first opened and the roles are unwittingly assigned. Spearheaded by Red Tusk Records CEO and visionary composer Nadeem Majdalany, this groundbreaking project aims to reinvent live performance and elevate classical music to new heights.
Under the leadership of CEO Micah Tatum and EVP Carlos “Goldy” Tavares, Cervo Media Group is among the leading media solutions firms in the nation, with experience spanning diverse industries, including airlines, automotive, charities, financial services, governments, healthcare, retail, sports, entertainment, and beyond.
“In 2024, the entertainment landscape is ripe for transformation,” remarks Tatum. “We at Cervo are eager to leverage our entire suite of services in connecting music fans worldwide with this unique experience.”
“With a nod to tradition and a bold leap into the future, Pandora’s Box embodies innovation while honoring classical music’s rich heritage,” adds Majdalany. “This show will ignite the imagination of the next generation of contemporary classical musicians.”
The cinematic spectacle is set to unfold on May 18th, 2024, at the illustrious Greenery Studios in Burbank, California. Proudly supported by industry leaders such as GeerTech, Marimba One, Magic Illusion Design, Radiant Images, and Impact24 PR, Pandora’s Box promises to be nothing short of revolutionary.
Prepare to witness history in the making as Cervo Media Group Inc and Red Tusk Records join forces to unlock the mysteries of Pandora’s Box and redefine contemporary classical music for generations to come.
http://www.cervomediagroupinc.com/pandora-box
Contact: Xaiver Young ***@cervomediagroupinc.com
Photo(s): https://www.prlog.org/13019797
Press release distributed by PRLog
<img loading="lazy" decoding="async" alt="Cision" height="12" src="https://c212.net/c/img/favicon.png?sn=DA09691&sd=2024-05-08" title="Cision" width="12"></img> View original content:https://www.prnewswire.com/news-releases/breaking-boundaries-cervo-media-group-inc-and-red-tusk-records-unite-to-revolutionize-classical-music-with-pandoras-box-302140458.html
SOURCE Cervo Media Group Inc
 <img decoding="async" alt="" src="https://rt.prnewswire.com/rt.gif?NewsItemId=DA09691&Transmission_Id=202405081931PR_NEWS_USPR_____DA09691&DateId=20240508" style="border:0px; width:1px; height:1px;"></img> Disclaimer: The above press release comes to you under an arrangement with PR Newswire. USA Newshour takes no editorial responsibility for the same.
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</item>
<item>
<title>NCPDP Announces Highlights from its 2024 Annual Conference, “Innovation Starts Here”</title>
<link>https://usanewshour.com/ncpdp-announces-highlights-from-its-2024-annual-conference-innovation-starts-here/210202/</link>
<dc:creator><![CDATA[PR Newswire]]></dc:creator>
<pubDate>Wed, 08 May 2024 23:30:00 +0000</pubDate>
<category><![CDATA[Brand Post]]></category>
<guid isPermaLink="false">https://usanewshour.com/ncpdp-announces-highlights-from-its-2024-annual-conference-innovation-starts-here/210202/</guid>
<description><![CDATA[Highlights Include Keynotes on Future of Pharmacy and Technology Innovation, Newly Elected Board Members, Award Recipients and More SCOTTSDALE, Ariz. , May 8, 2024 /PRNewswire-PRWeb/ — NCPDP announced today highlights from its 2024 Annual Technology & Business Conference, Innovation Starts Here. “NCPDP’s standards and guidance are inherently innovative, and the work we continue to do will […]]]></description>
<content:encoded><![CDATA[
Highlights Include Keynotes on Future of Pharmacy and Technology Innovation, Newly Elected Board Members, Award Recipients and More
SCOTTSDALE, Ariz. , May 8, 2024 /PRNewswire-PRWeb/ — NCPDP announced today highlights from its 2024 Annual Technology & Business Conference, Innovation Starts Here. “NCPDP’s standards and guidance are inherently innovative, and the work we continue to do will expand interoperability to support the evolving role of pharmacists as an integral part of the patient care team” said Lee Ann Stember, President & CEO of NCPDP. “The goal is to relieve pharmacists of administrative burdens so they can operate at the top of their license and receive payment for their clinical services.” The Annual Conference included riveting keynote speakers, topical educational sessions, big reveals on member and industry award recipients, and networking opportunities.
The conference opened with a powerhouse Keynote panel Pharmacists Today…5 Years from Now…10 Years from Now and Beyond with six high-profile experts featuring government officials, pharmacy visionaries, patient advocacy champions, and industry analysts on key topics including reimbursement, workforce challenges and opportunities, policy/regulation, and more.
Emmy-winning Keynote speaker, David Pogue, a best-selling author, journalist and the go-to expert on disruptive tech and science in a fast-changing world, gave a highly informative and entertaining address on the future of healthcare and artificial intelligence. Featured speaker and conference favorite, Doug Long, returned to deliver his informative IQVIA<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2122.png" alt="™" class="wp-smiley" style="height: 1em; max-height: 1em;" /> Market Trends Report, with co-presenter Scott Biggs. Rockstar-turned-motivator and closing Keynoter Mark Schulman, gave a high-energy and thrilling performance while teaching secrets to “Hacking the Rockstar Attitude”.
Other Conference Highlights:
<ul type="disc">
<li> Board of Trustees: Christian Tadrus, Independent Pharmacist, was appointed Chair of the NCPDP Board of Trustees. Mindy D. Smith, R.Ph., M.H.A., TabulaRasa Healthcare/ExactCare Pharmacy, was appointed Vice Chair of the NCPDP Board of Trustees. NCPDP 2024-2025 Board of Trustees’ newly elected members took office: Jeff Deitch, CEO, InfoWerks, Timothy (Tim) Fensky, R.Ph., Chief Operations Officer, Masspack LTC, and Christopher (Chris) Mendez, MBA, Vice President, Data Strategy and Operations, Mercalis (Previously TrialCard).</li>
</ul>
NCPDP’s 2025 Annual Technology & Business Conference will be held May 5-7, 2025, at the Westin Kierland Resort & Spa in Scottsdale, Arizona.
About NCPDP The National Council for Prescription Drug Programs (NCPDP) is a not-for-profit American National Standards Institute (ANSI) Accredited Standards Developer (ASD) consisting of more than 1,500 members representing entities including, but not limited to, claims processors, data management and analysis vendors, federal and state government agencies, insurers, intermediaries, pharmaceutical manufacturers, pharmacies, pharmacy benefit managers, professional services organizations, software and system vendors and other parties interested in electronic standardization within the pharmacy services sector of the healthcare industry. NCPDP provides a forum wherein our diverse membership can develop business solutions, including ANSI-accredited standards and guidance for promoting information exchanges related to medications, supplies and services within the healthcare system.
NCPDP has been named in federal legislation, including HIPAA, MMA, and HITECH. NCPDP members have created standards such as the Telecommunication Standard and Batch Standard, the SCRIPT Standard for ePrescribing, the Manufacturers Rebate Standard and more to improve communication within the pharmacy industry. Our data products include dataQ®, a robust database of information on more than 80,000 pharmacies, resQ<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2122.png" alt="™" class="wp-smiley" style="height: 1em; max-height: 1em;" />, an industry pharmacy credentialing resource, and HCIdea®, an innovative prescriber database that provides continually updated information on more than 2.5 million prescribers. NCPDP’s RxReconn® is a legislative tracking product for real-time monitoring of pharmacy-related state and national legislative and regulatory activity. For more information about NCPDP Standards, Data Services, Products, Educational Programs and Work Group meetings, go online at http://www.ncpdp.org or call 480.477.1000.
Media Contact
Janet Cabibbo, NCPDP, 480-477-1000 x104, jcabibbo@ncpdp.org, www.NCPDP.org
Maggie Bruce, NCPDP, 480-477-1000 x144, mbruce@ncpdp.org, www.NCPDP.org
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<img loading="lazy" decoding="async" alt="Cision" height="12" src="https://c212.net/c/img/favicon.png?sn=UN07356&sd=2024-05-08" title="Cision" width="12"></img> View original content to download multimedia:https://www.prweb.com/releases/ncpdp-announces-highlights-from-its-2024-annual-conference-innovation-starts-here-302139612.html
SOURCE NCPDP
 <img decoding="async" alt="" src="https://rt.prnewswire.com/rt.gif?NewsItemId=UN07356&Transmission_Id=202405081930PR_NEWS_USPR_____UN07356&DateId=20240508" style="border:0px; width:1px; height:1px;"></img> Disclaimer: The above press release comes to you under an arrangement with PR Newswire. USA Newshour takes no editorial responsibility for the same.
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<title>MINERVA FOODS RECORDS CONSOLIDATED GROSS REVENUE OF BRL 7.7 BILLION IN THE FIRST QUARTER OF 2024</title>
<link>https://usanewshour.com/minerva-foods-records-consolidated-gross-revenue-of-brl-7-7-billion-in-the-first-quarter-of-2024/210203/</link>
<dc:creator><![CDATA[PR Newswire]]></dc:creator>
<pubDate>Wed, 08 May 2024 23:25:00 +0000</pubDate>
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<description><![CDATA[EBITDA reached BRL 628.9 million and free cash flow was BRL 367 million in the period SÃO PAULO, May 8, 2024 /PRNewswire/ — Minerva Foods (Minerva S.A. – B3: BEEF3 | OTC – Nasdaq International: MRVSY), the leading exporter of fresh beef and its derivatives in South America, which also operates in the processed meat segment, […]]]></description>
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EBITDA reached BRL 628.9 million and free cash flow was BRL 367 million in the period
SÃO PAULO, May 8, 2024 /PRNewswire/ — Minerva Foods (Minerva S.A. – B3: BEEF3 | OTC – Nasdaq International: MRVSY), the leading exporter of fresh beef and its derivatives in South America, which also operates in the processed meat segment, presents its financial results for the first quarter of 2024 (1Q24) to the market.
Free Cash Flow for 1Q24 totaled BRL 367 million. Over the last 12 months up to March 31, recurring free cash flow totaled BRL 1.3 billion, resulting in a free cash flow yield (annualized) of 35%*. After Financial Expenses, Capex, Working Capital, and disregarding expenses related to the acquisition of ALC (Australia Lamb Company) and BPU Meat (Uruguay), the index totaled BRL 1.5 billion. Since 2018, the company has accumulated BRL 6.9 billion in free cash generation.
Consolidated Gross Revenue in 1Q24 reached BRL 7.7 billion, with exports accounting for 58% of this amount. In the period of the last 12 months up to March 31, gross revenue totaled BRL 29.5 billion, with exports accounting for 64%, reinforcing the company’s leadership in beef exports in South America with a market share of approximately 20%.
EBITDA for the first quarter of 2024 reached BRL 628.9 million, with an EBITDA margin of 8.8%. Over the last 12 months until March 31, EBITDA was BRL 2,659.6 million, with an EBITDA margin of 9.6%. Adjusted EBITDA for the pro forma performance of the BPU Meat acquisition totaled BRL 2,688.6 million over 12 months.
Net leverage at the end of March, measured by the Net Debt/Adjusted EBITDA multiple for the last 12 months, ended the quarter at 2.8x, adjusted for the pro forma EBITDA of BPU Meat and also for the amount of BRL 1.5 billion spent on the initial payment for the acquisition of Marfrig South America assets.
Sustainability highlights
As part of its Sustainability Commitment assumed in 2021, the company reached an important milestone: monitoring 100% of its direct supplier farms in Argentina, six years ahead of the deadline set for the country. In Uruguay, Minerva Foods reached more than 90% of its direct supplier farms monitored.
During the period, in an evaluation carried out by Forest 500 Ranking, Minerva Foods ranked among the top ten best-rated companies in Brazil. This initiative analyzes the approach taken by companies and financial institutions regarding deforestation, conversion of natural ecosystems, and associated human rights abuses.
Another important highlight was the achievement, for the fourth consecutive year, of the Renewable Energy Gold Seal, in recognition that all the energy consumed by the operating units in Brazil was supplied by power plants with high sustainability standards, which met the 17 Sustainable Development Goals (SDGs) of the United Nations (UN).
About Minerva Foods
Minerva Foods is the leader in beef exports in South America and also operates in the processed segment, selling its products to more than 100 countries. In addition to Brazil, Minerva Foods is present in Paraguay, Argentina, Uruguay, and Colombia, and has specialized lamb plants in Australia, totaling more than 23,000 employees. The company serves five continents with beef, lamb, and their derivatives, and currently operates 33 industrial units, 17 international offices, and 14 distribution centers.
*based on the closing price BEEF3 on 04.30.2024
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SOURCE Minerva Foods
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<title>DAVINCI LABORATORIES ISSUES ALLERGY ALERT ON UNDECLARED SHELLFISH ALLERGEN IN AMYLOID COMPLETE PRODUCT LOT 549853001</title>
<link>https://usanewshour.com/davinci-laboratories-issues-allergy-alert-on-undeclared-shellfish-allergen-in-amyloid-complete-product-lot-549853001/210204/</link>
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<pubDate>Wed, 08 May 2024 23:20:00 +0000</pubDate>
<category><![CDATA[Brand Post]]></category>
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<description><![CDATA[WILLISTON, Vt., May 8, 2024 /PRNewswire/ — DaVinci Laboratories, a division of FoodScience, LLC of Williston, Vermont is recalling 72 bottles of Amyloid Complete because it may contain undeclared shellfish (Shrimp and Crab). People who have an allergy or severe sensitivity to shellfish run the risk of serious or life-threatening allergic reaction if they consume […]]]></description>
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WILLISTON, Vt., May 8, 2024 /PRNewswire/ — DaVinci Laboratories, a division of FoodScience, LLC of Williston, Vermont is recalling 72 bottles of Amyloid Complete because it may contain undeclared shellfish (Shrimp and Crab). People who have an allergy or severe sensitivity to shellfish run the risk of serious or life-threatening allergic reaction if they consume these products.
Amyloid Complete product was distributed nationwide through e-commerce (iHerb.com, fullscripts.com) and direct delivery.
Product is contained in a white plastic bottle marked with lot # 549853001 and 0125 expiration date on the side of the label. Amyloid Complete is a capsule that is tan in color.
The issue was identified through a customer complaint which found bottles of Amyloid Complete may contain Perna Plus Tabs with DMG, resulting in undeclared shellfish. No illnesses have been reported to date.
Consumers who are allergic or sensitive to shellfish should not consume this product. Consumers who have purchased DaVinci Laboratories Amyloid Complete Product containing this lot number are urged to contact the company at 1-800-325-1776 M-F 8:30am-5:00pm EST to arrange for return and replacement of product.
Beth Bartlett/1-800-325-1776
DaVinci Laboratories, a division of FoodScience, LLC 929 Harvest Lane Williston, Vermont 05495
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<img loading="lazy" decoding="async" alt="Cision" height="12" src="https://c212.net/c/img/favicon.png?sn=NE09786&sd=2024-05-08" title="Cision" width="12"></img> View original content to download multimedia:https://www.prnewswire.com/news-releases/davinci-laboratories-issues-allergy-alert-on-undeclared-shellfish-allergen-in-amyloid-complete-product-lot-549853001-302140559.html
SOURCE FoodScience, LLC
 <img decoding="async" alt="" src="https://rt.prnewswire.com/rt.gif?NewsItemId=NE09786&Transmission_Id=202405081920PR_NEWS_USPR_____NE09786&DateId=20240508" style="border:0px; width:1px; height:1px;"></img> Disclaimer: The above press release comes to you under an arrangement with PR Newswire. USA Newshour takes no editorial responsibility for the same.
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