Friday, Canada-based oil and gas company Bankers Petroleum Ltd. (BNK.L, BNK.TO) reported a loss for the second quarter, reflecting a significant drop in revenues on lower prices. The company's net loss for the quarter was US$1.68 million or US$0.009 per basic share, compared to net income of US$1.05 million or US$0.006 per basic share in the previous year.
Total revenues for the quarter declined to US$14.94 million from US$27.92 million in the earlier year. Oil revenues were US$20.11 million, down from US$34.16 million a year ago.
Oil revenues increased by 53% from $13.1 million in the first quarter, benefited from higher sales volumes and stronger oil prices. Net operating income for the quarter declined to US$6.97 million from US$18.14 million in the prior year. Funds generated from operations fell to US$6 million from US$16.75 million in the previous year. Average production for the quarter was 6,383 barrels of oil per day, or bopd, an increase of 10%, compared to 5,826 bopd in the corresponding period last year.
Average price per barrel dropped to US$34.63 from US$64.36 in the preceding year. The fluctuation in the sales prices reflected the change in Brent prices, which averaged $58.79 for the second quarter of 2009.
The company's netback, which represents revenue less royalties, operating, sales and transportation expenses, were $12 per bbl compared to $34.63 per bbl in the prior year.
For the six-month period, the company posted net loss of US$4.17 million or US$0.022 per basic share, compared to net income of US$1.36 million or US$0.009 per basic share in the preceding year. Revenues for the period dropped to US$24.76 million from US$48.53 million in the same period last year.
BNK.L closed Thursday's regular trading at 180.57 pence, while BNK.TO ended at C$3.68.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.