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PetroTal USD

At a glance: strengths & risks
✓Net cash balance sheet✗Revenue declining (-9% y/y, Q2 2026)✗Profit falling (-73% y/y, Q2 2026)✗Margins compressing (56%→37%, Q2 2026)✗Pricier than own history (EV/EBITDA 2.4 vs avg 1.1)

Sector: Oil & gas

Geography: Peru (Block 95, Loreto)

COMM_TAL

Price chart

0.57 CADDay 1.79%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
0.57 CAD · 1.79%
Market cap
369 mln USD

Growth

Δ revenue y/y
-9.3%
Δ EBITDA y/y
-40.6%

Multiples

P/E (LTM)
23.2x
3y avg: 4.5x
P/B (FY)
0.7x
P/E (ann.)
19.2x
EV/EBITDA (LTM)
2.4x
3y avg: 1.1x
EV/EBITDA (ann.)
2.9x

Cash return

Dividend yield
—
FCF yield (LTM)
6.4%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+13.2%
↓ details

Liquidity

Daily turnover (listing)
0.2 mln CAD

Shares: connector/market_inputs

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK70.7
y/y -9.3%
10.0
y/y -53.2%
15.8
y/y -28.3%
25.8
y/y -40.6%
4.8
y/y -72.6%
28.2-11.2766.6
y/y -8.0%
536.3
y/y 1.0%
3.6%-67.9Yahoo Finance
2026-03-31Q1 2026 (3M)OK64.1
y/y —
20.6
y/y —
18.8
y/y —
39.3
y/y —
15.3
y/y —
7.9-9.4792.0
y/y —
530.7
y/y —
11.7%-64.1Yahoo Finance
2025-12-31Q4 2025 (3M)OK52.8
y/y —
0.9
y/y —
19.6
y/y —
20.5
y/y —
-7.8
y/y —
18.5-15.3805.1
y/y 0.1%
515.3
y/y 0.7%
8.5%-69.4Yahoo Finance
2025-09-30Q3 2025 (3M)OK69.8
y/y —
18.1
y/y —
19.2
y/y —
37.2
y/y —
3.6
y/y —
44.7-19.5812.6
y/y —
520.6
y/y —
0.9%-63.1Yahoo Finance
2025-06-30Q2 2025 (3M)OK77.9
y/y —
21.5
y/y —
22.1
y/y —
43.5
y/y —
17.5
y/y —
51.2-17.1833.6
y/y —
530.9
y/y —
13.4%-51.0Yahoo Finance
2024-12-31FY 2024 (12M)OK363.5
y/y 17.4%
175.8
y/y 3.4%
62.2
y/y 56.4%
238.0
y/y 13.5%
111.5
y/y 0.9%
230.8-164.5804.5
y/y 22.2%
511.5
y/y 10.3%
22.9%-92.7Yahoo Finance
2023-12-31FY 2023 (12M)OK309.7
y/y —
170.0
y/y —
39.8
y/y —
209.8
y/y —
110.5
y/y —
239.5-108.5658.3
y/y —
463.9
y/y —
——Yahoo Finance

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)12
Long-term debt (incl. LT leases)26
− Cash & equivalents105
Net debt-68

Net debt / LTM EBITDA: -0.6x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01002003004002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-60%-40%-20%0%20%2023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-500501001502023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-100-80-60-40-2002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 2.12x of reported net profit; after capex, 0.89x.
year2022202320242025
cash flow / profit0.91x2.17x2.07x3.72x
accruals, % of assets2.7%-19.6%-14.8%-14.9%
Last twelve months (to 2026-06-30): 6.24x of profit came back as operating cash flow.
net debt / EBITDA -0.5x · capex 2.0x of depreciation · dividends 43% of free cash flow
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodRealized price
USD $/bbl		Operating cost
USD $/bbl		Operating netback
USD $/bbl
Q2 2026-0666.87
+39.6%		10.11
+30.6%		49.99
+82.4%
H1 2026-0658.299.22—
Q1 2026-0351.07
−2.6%		8.46
+34.1%		37.21
−5.1%
Q4 2025-1239.67
−23.8%		14.35
+82.1%		18.30
−44.1%
FY 2025-1245.19
−22.3%		9.19
+33.2%		29
−32.1%
Q3 2025-0943.33
−25.4%		8.34
+1.3%		26.83
−36.3%
Q2 2025-0647.897.7427.40
Q1 2025-0352.466.3139.21
Q4 2024-1252.067.8832.71
FY 2024-1258.196.9042.68
Q3 2024-0958.068.2342.14

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://petrotalcorp.com/news-releases/petrotal-announces-2025-year-end-oil-reserves/; https://petrotalcorp.com/news-releases/petrotal-announces-2026-guidance-budget-prioritizes-liquidity-preservation-cost-discipline-and-operational-optimization/; https://petrotalcorp.com/news-releases/petrotal-announces-q2-2026-financial-and-operating-results/; https://petrotalcorp.com/news-releases/petrotal-announces-q4-and-full-year-2025-results/; https://petrotalcorp.com/wp-content/uploads/2026/03/PetroTal-AIF-2025-FINAL.pdf; https://petrotalcorp.com/wp-content/uploads/2026/08/Q2-2026-Reporting-Package-08.05.26.pdf

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Proved reserves
110.40 mln boe (2P)
2025

Proved reserves

YearReserves, mln boe (2P)
2025110.40
2024113.70

Company reports: https://petrotalcorp.com/news-releases/petrotal-announces-2025-year-end-oil-reserves/; https://petrotalcorp.com/news-releases/petrotal-announces-2026-guidance-budget-prioritizes-liquidity-preservation-cost-discipline-and-operational-optimization/; https://petrotalcorp.com/news-releases/petrotal-announces-q2-2026-financial-and-operating-results/; https://petrotalcorp.com/news-releases/petrotal-announces-q4-and-full-year-2025-results/; https://petrotalcorp.com/wp-content/uploads/2026/03/PetroTal-AIF-2025-FINAL.pdf; https://petrotalcorp.com/wp-content/uploads/2026/08/Q2-2026-Reporting-Package-08.05.26.pdf

Key-commodity price — Brent

Current 105spot vs LTM +36%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +13.2% ▲ +0.7 pp 1d

Main driver: Brent +38% vs LTM; revenue ×1.36 vs costs ×1.04; EBITDA 104→152; at 2.2× EV/EBITDA → +13%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+95%105.4676.5180.98+38%+6%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue257
LTM EBITDA104
LTM cash costs (revenue − EBITDA)153
2 · Revenue projection
Revenue multiplier — spot×1.359 (+36%)
= Spot revenue350
Revenue multiplier — 3y price×1.056 (+6%)
= 3-year-price revenue272
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs159
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs159
4 · EBITDA projection (revenue − costs)
= Spot EBITDA191
= 3-year-price EBITDA112
Conservative EBITDA = min(spot, avg)152
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)2.2x
Target EV = EV/EBITDA × conservative EBITDA336
Net debt-68
Target market cap = EV − net debt417
Current market cap368

Upside = target market cap ÷ current − 1 = +13.2%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 FY310297+4.4%201193+4.4%
2024 FY364301+20.8%217188+15.2%
2025 FY308313-1.7%153161-5.0%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -15% vs +17% the year before — a -32.7 pp move. 3-year CAGR -4%.
revenue growth by year: 2023 -12% · 2024 +17% · 2025 -15%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 1.6x · target 75th pct (3y) 2.3x · LTM avg 2.5x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: Oil & gas. Each peer is shown as it trades and re-priced onto this company's market (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Aker BPglobal23.32.9x2.9x
LukoilRussia49.32.4x4.9x
Occidental Petroleumglobal59.35.0x5.0x
GazpromRussia34.02.8x5.6x
RosneftRussia56.33.3x6.5x
ConocoPhillipsglobal167.96.9x6.9x
Chevronglobal393.48.1x8.1x
TatneftRussia22.04.3x8.6x
Gazprom NeftRussia40.84.3x8.7x
SantosAustralia19.89.2x8.9x
Exxon Mobilglobal706.010.0x10.0x
NovatekRussia45.67.9x15.8x
Group median4.7x7.5x
Group average5.6x7.7x
This companyglobal0.42.4x2.4x

Group median 4.7x as traded, 7.5x adjusted; this company 2.4x — a 67% discount.

Group average 5.6x as traded, 7.7x adjusted; against the average this company is at a 68% discount.

At the adjusted group median the market cap would be +168% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 23.5x, Russia 4.1x, South Africa 5.1x, Kazakhstan 6.5x, India 18.6x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-12; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2025-08-290.021 CADEx-dividend: 0.021 CAD per sharePaidYahoo Finance (ex-div)
2025-05-300.021 CADEx-dividend: 0.021 CAD per sharePaidYahoo Finance (ex-div)
2025-02-280.022 CADEx-dividend: 0.022 CAD per sharePaidYahoo Finance (ex-div)
2024-11-290.021 CADEx-dividend: 0.021 CAD per sharePaidYahoo Finance (ex-div)
2024-08-300.02 CADEx-dividend: 0.02 CAD per sharePaidYahoo Finance (ex-div)
2024-05-310.021 CADEx-dividend: 0.021 CAD per sharePaidYahoo Finance (ex-div)
2024-02-280.027 CADEx-dividend: 0.027 CAD per sharePaidYahoo Finance (ex-div)
2023-11-290.027 CADEx-dividend: 0.027 CAD per sharePaidYahoo Finance (ex-div)
2023-08-300.034 CADEx-dividend: 0.034 CAD per sharePaidYahoo Finance (ex-div)
2023-05-300.02 CADEx-dividend: 0.02 CAD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of PetroTal — from primary filings.

Frequently asked questions

What is PetroTal's P/E ratio?
PetroTal trades at a P/E of 23.2x (price to trailing 12-month earnings).
What is PetroTal's EV/EBITDA?
PetroTal trades at 2.4x EV/EBITDA.
What is PetroTal's P/B ratio?
PetroTal trades at a P/B of 0.7x.
What is PetroTal's return on equity (ROE)?
PetroTal's ROE is 3.6%.
What is PetroTal's market capitalization?
PetroTal's market cap is 369 mln USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map