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Canadian Overseas Petroleum Ltd on Monday reported a drop in fourth quarter petroleum sales, despite a rise in production, due to a fall in commodity prices. Canadian Overseas Petroleum is an oil and gas exploration, production and development company with operations focused in the US state of Wyoming. The company’s working interest crude oil sales before royalties averaged 1,177 barrels per day in the final quarter of 2022, compared to 1,107 barrels per day in the previous quarter. Petroleum sales, net of royalties, totalled $6.7 million in the quarter, down from $7.1 million the prior quarter. This was due to a reduction in commodity prices over the fourth quarter, COPL said. The operating netback was $23.38 per barrel, before the net realized loss on crude oil and butane commodities contracts, compared to $38.26 per barrel in the third quarter of 2022. The decrease was mainly due to the reduction in WTI to $82.65 per barrel in the fourth quarter from $91.56 per barrels in the third quarter, and increased operating costs due to weather-related difficulties. Canadian Overseas Petroleum closed down 6.0% at 5.88 pence on Monday in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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