Some interesting numbers to think about. 332,040 barrels to the 22 of May 2022
15,093 b/d for May
1,763,351 b to date in 2022
Production numbers do not precisely align with sales numbers. to confirm this look at
Q4's 2021, numbers. In Q4 production bopd was 10,147 for 933,524 barrels production.
Sales however were 7,242 bopd for a total of 666,301 barrels of sales. Only 71% of produced barrels were sold, leaving...432,075 barrels in INVENTORY! This INVENTORY is shown on the books (correctly stated aws the lower of cost and net realizable value) of $12.2 million or $28/barrel.
THIS IS QUITE HUGE!
PETROTAL did not have the physical capacity to store 430,075 barrels on site. They would have to be stored, where? In barges while awaiting sales destinations.
Total sales should come up therefore to 2,193,426 barrels to date.
Sales to the end of the first Quarter 2022 could have been as high as 1,453,592 barrels minus on site consumption with costs for the inventory portion already accounted for.
It should be an interesting time after this material release! Stay strong, stay long!