Mark Antelme
Hello. Thank you for joining PetroTal’s Q4 2025 webcast. Your presenters today are Manolo Zuniga, President and CEO; and Camilo McAllister, CFO. [Operator Instructions]
So I’ll now hand over to Manolo. Many thanks.
Manuel Zuniga Pflucker
President, CEO & Director
Thank you, Mark, and good morning, everyone, and thank you for joining PetroTal’s year-end 2025 webcast, where we are going to discuss the financial and operational results we released overnight. My name is Manolo Zuniga and I am the President and CEO of PetroTal. I am joined today by Camilo McAllister, our Executive Vice President and Chief Financial Officer.
If you have clicked on the link in this morning’s press release, you should hopefully see our slide presentation on your screen. But before I begin, I should mention that there are some disclaimers towards the end of the main presentation on our website, which I encourage you to read after our prepared comments.
On Slide 2, we have our usual summary of our key financial and operational metrics. In the left-hand column, we have highlighted key production data from 2025 and 2026.
In 2025, PetroTal delivered average production of approximately 19,500 barrels of oil per day, representing a 9% increase over 2024. However, production declined throughout the year with Q4 2025 production averaging approximately 15,300 barrels per day, reflecting operational constraints at Bretaña. As we have previously disclosed, these constraints are primarily related to water handling and reinjection capacity, which remain the key bottleneck to restoring the more than 5,000 barrels per day of shut-in oil production.
Looking at 2026, we’re off
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