Mar. 26 at 7:58 PM
Kolibri Global Energy (Nasdaq:
$KGEI, TSX:
$KEI) reported strong fourth-quarter and record full-year 2024 results, including net revenues of
$58.5 million, a 16% increase compared to 2023. Additionally, the Company’s Total Proved Reserves for 2024 increased by 24% to 40.2 million barrels of oil equivalent, with an NPV10 of
$534.7 million.
Kolibri Global Energy is a B2i Digital Featured Company. View their comprehensive profile at https://b2idigital.com/kolibri-global-energy.
Highlights from the announcement include:
- Average production for 2024 was 3,478 BOEPD, up 24% from 2,796 BOEPD in 2023, meeting previously announced guidance.
- Adjusted EBITDA reached
$44.0 million, up 13% from 2023, driven by increased production despite lower average prices.
- Capital expenditures were
$31.3 million, down 41% from
$53.2 million in 2023. The results were
$2 million below the lower end of the Company’s forecast, demonstrating significant operational efficiency.
- Fourth-quarter 2024 production averaged 4,440 BOEPD, a 56% increase from Q4 2023.
- Fourth-quarter net income rose 18% to
$5.6 million (
$0.16 per share) from
$4.8 million (
$0.14 per share) in Q4 2023.
- Kolibri remains financially strong, ending the year with
$4.3 million in cash and
$16.5 million in available borrowing capacity.
Wolf Regener, President and CEO, commented, “We are pleased with the continued production and cash flow growth of the Company in 2024. We were able to meet our forecasted guidance in revenue and adjusted EBITDA even though actual prices were lower than the price used in our forecast. The Company increased production by 24%, which was in line with our forecast, while only spending
$31.3 million on capital expenditures, which was less than we had forecasted and a 41% decrease from the prior year. The cost efficiencies that our field operations team has achieved have allowed us to continue to grow production and revenue and drill 50 percent longer laterals while spending less per well than we had forecast to spend in our 2023 drilling program for shorter wells.”
See the full announcement here: https://kolibrienergy.com/kolibri-global-energy-announces-a-24-increase-in-production-in-2024-with-record-annual-revenues-and-adjusted-ebitda-and-net-income-of-us18-1-million/
Led by Wolf Regener, President and CEO, Kolibri Global Energy is supported by a highly experienced executive team, including Gary Johnson, CPA, MBA, CFO, Dan Simpson, Director of Engineering, Allan Hemmy, Senior Geologist, and Dalia Isaac, Landman. The company is dedicated to discovering and developing oil and gas projects that drive long-term value.
Kolibri Global Energy is an independent energy company focused on acquiring, exploring, and developing oil and gas assets in North America.
DISCLOSURE: The management of B2i Digital owns 1,000 shares of unrestricted KGEI stock purchased in the open market as of March 26, 2025. This post is not intended to solicit the sale of KGEI or any security, and it is not intended to offer any opinion on KGEI as an investment. Conduct your own research and consult with your own professional advisors prior to making any investment decisions. See the full disclaimer in the Risks and Disclosures section of https://b2idigital.com/kolibri-global-energy.