Petrotal Share Discussion Threads

[stemis] 27/3/2024 15:53

Am I missing something here because in the announcement of Q4 and 2023 Financial and Operating Results (21 March) they said

"Production continues to trend ahead of 2024 guidance with the Company producing 20,453 bopd in January and 17,411 bopd in February 2024. March production to date has averaged 15,600 bopd"

Not sure what 'to date' is for March, but asumming it's 15 March (since later they say "At March 15, 2024, the Company estimates it is trending in line with budget expectations"), then that works out at average 18,318 bopd.

[husted] 27/3/2024 15:40

Royal- they won't receive payments for oil that hasn't reached PetroPeru audit points this quarter. But they'll receive payments this quarter for oil produced last quarter that hadn't reached the audit point.

So is the PetroPeru report a receivables report? Does it tell you how much cash or profit that Petrotal are receiving from PetroPeru? No, it's not a financial report, it doesn't say prices paid. So what use is it if it's just old data?

But the company reports production numbers and that's what the company guides the market on. The target is 18,500 bopd of production, not the PetroPeru reports which lag actual production.

[royalalbert] 27/3/2024 08:47

Husted look at some of my past post I also requested info from IR.

However you don't receive payment from oil stored in your own tanks, the Perupetro figures and this is from the email I recieved "they measure oil that has passed the audit point for sales".

Therefore I believe the Perupetro report is more value than you think.

Production may indeed reach 18500bopd and I certainly hope it does.

[husted] 27/3/2024 00:32

Unfortunately, I think those PetroPeru reports are of limited value. I asked IR why Petroperu reporting is so different and they told me it lags because they have different audit points to Petrotal. Like if they produce into a tank at the field, Petroperu would not measure it in their report until that oil moves past their audit point. No surprises there then. They also said Petrotal use oil in power production which creates a permanent difference (although this is small).

Basically, over time Petroperu report will mostly tally up, but by then you'll have had update directly from Petrotal making the PetroPeru report redundant.

Anyway, Manalo said last webcast on 21st March the average Q1 bopd to date was 18,250. And that he still expected to meet guidance (18,500) for Q1.

Latest webcast:

[royalalbert] 25/3/2024 23:14

Q1 average (up to 23rd March) Petroperu figures 17739bopd, increasing slowly.

[spangle93] 21/3/2024 08:25

New presentation mentioned in Q4 update

[doughcyclone] 21/3/2024 08:08

Already quite low numbers (2500 bopd) from 16H after flush production at 7500 and also quite low from 17H at average 3300 though might increase as production fluid is cleared. Apart from that all good with 2023 capex 10% lower than guidance and progress with the Ecuador route.

[royalalbert] 20/3/2024 14:24

Average for Q1 (up to 17th March) taking Petroperu figures is 17539bopd, 1000 barrels below target. Nice to see shipments underway again with a loss of 5 days at zero production.
Of course PTAL would still be producing into their own storage so quite possible they could make up lost figures in Q2. Still a very good company paying a healthy dividend.

[tag57] 18/3/2024 14:22

Nice to see the divi arrive today with HL

[king suarez] 16/3/2024 08:58

Yes, I think it is the same with all of the bank brokers - when I spoke with Lloyds they said they could/would not handle the witholding tax, so I switched brokers.

[joey52] 16/3/2024 08:55

Halifax as a bank, don't do NR301 and W8-BEN and tax accordingly. Wasn't a problem until dividends were paid.

[pec2004] 16/3/2024 08:45

I am with halifax and hold them in an ISA, was taxed as 25%.

[stemis] 15/3/2024 16:39

Good to know that ii seems to be only deducting 15% (my purchase was after the ex div date so I'll have to wait to find out personally).

[royalalbert] 15/3/2024 16:39

T57 I'm same as you no divi in account (HL).

[bozzy_s] 15/3/2024 16:18

Divi received through ii (trading account) ..... 15% withholding tax ..... haven't completed any forms with them.

[taurusthebear] 15/3/2024 14:54

Got my divi minus 15% paid into my account today. CS Direct. Didn't need any forms filled in but I've been with them for years.

[tag57] 15/3/2024 11:18

I am with HL and have only completed the W8BEN but still only get the 15% taken.
Nothing in the account yet and last time only took 1 business day to receive the payment. At the current share price it will be getting reinvested here too.

[king suarez] 15/3/2024 10:38

The NR-301 reduces withholding tax from 30% to 15%. Some brokers will do it without the form, I think, but no harm in filling one out just in case! Also required if you want to trade Canadian listed shares.

[stemis] 15/3/2024 09:44

What is the benefit of an NR-301? Do you pay a reduced withholding tax? I hold my shares in interactive investor and haven't been asked to complete one.

[spangle93] 15/3/2024 09:22

I hold my shares in an ISA, with a W-8BEN.
I haven't had mine yet this time (the December one took 3 days to reach the account) but that last divvi had 15% withholding tax removed
HTH

[m24xp] 15/3/2024 09:21

Thanks King Suarez, will look into the NR301 for next time. Broker is Eqi.

[king suarez] 15/3/2024 09:17

M24XP

1) Is your broker one of the banks? I had this issue with other stocks with Lloyds - they can/will not apply the correct tax (was told their systems couldn't handle it?!).

2) The W8-BEN form is for US stocks I believe? There's a different form for Canadian domiciled ones (NR 301):



I'm with AJbell now and they get the tax treatment correct after provinding the NR301.

[m24xp] 15/3/2024 09:09

Received my (first) PTAL dividend here this morning and it's been taxed at 25%. I did fill in a W8-BEN form in advance which I was under the impression would reduce the tax rate to 15%.

Was this the wrong form or has someone (broker?) messed up?

Or could it be because I hold them in an ISA, given the purpose of the tax treaty is to avoid double-taxation and obviously there is no tax on the UK side in this case?

[taurusthebear] 15/3/2024 04:58

Beware the Ides of March. It must be pay day... :0)