Hurricane Energy PLC - Surrey, England-based oil producer - Swings to annual profit despite lower oil sale volumes. Pretax profit in 2021 at USD18.2 million versus a loss of USD571.1 million in 2020. Revenue grows to USD240.5 million from USD180.1 million.
The company profits from a 91% increase in realised average sale price per barrel to USD67.3 per barrel in 2021 from USD35.2 per barrel in 2020. Price hike more than offsets sales volume reduction to 3.6 million barrels from 5.1 million barrels the year before.
"The company has emerged from a difficult period in a much stronger position than it entered last year," says Chief Executive Officer Antony Maris. Hurricane expects to have USD60 million net free cash during 2022. Net free cash in 2021 falls to USD51.5 million from USD111.4m at the end of 2020. Net debt shrank to USD27.0 million from USD118.6 million.
Current stock price: 9.67 pence, up 4.3% on Thursday
12-month change: up from 2.35p
By Tom Budszus; tombudszus@alliancenews.com
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