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Profits soar at Hurricane as oil prices rocket

Fri, 26th May 2023 11:29

(Sharecast News) - North Sea specialist Hurricane Energy reported a surge in annual profits on Friday, as oil prices hit record highs.

The Aim-listed firm, which is in the process of being acquired by Prax Exploration & Production, said sales revenues jumped to $310.8m from $240.5m a year previously, despite a dip in production.

The average daily production rate for the year to 31 December fell to 8,500 barrels of oil per day from 10,300 bopd in 2021, due to natural decline.

The average sales price realised soared, however, to $96.3 per barrel - from $67.3 a year previously - as Russia's invasion of Ukraine caused energy prices worldwide to spike.

Underlying pre-tax profits surged to $113.6m, from $10.8m.

Anthony Maris, chief executive, said: "2022 has been both very challenging and a highly successful year for Hurricane, while also an extraordinary volatile period, for our sector.

"The resulting high oil price in the year, combined with outstanding operational performance at the Lancaster field, strengthened Hurricane's finances."

Hurricane had initially wanted to further develop the Lancaster oil field, which is around 100km west of Shetland. But it did not receive backing from the regulator, the North Sea Transition Authority.

Following pressure from activist investor Crystal Amber - its biggest shareholder - Hurricane then launched a formal sale process and in March accepted an offer worth up to £249m from Prax.

As at 1115 BST, shares in Hurricane were down 2% at 7.62p.

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8 Jul 2020 10:45

UK WINNERS & LOSERS SUMMARY: HSBC Shares Fall Amid Investec Downgrade

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6 Jul 2020 13:48

IN BRIEF: Hurricane Announces Death Of Operations Boss Neil Platt

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16 Jun 2020 14:32

Tuesday broker round-up

(Sharecast News) - Big Yellow: Berenberg downgrades to hold with a target price of 1,050p.

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16 Jun 2020 09:33

UK BROKER RATINGS SUMMARY: Berenberg Cuts Big Yellow To Hold From Buy

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11 Jun 2020 12:45

Thursday broker round-up

(Sharecast News) - Lancashire Holdings: Barclays upgrades to overweight with a target price of 900p.

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11 Jun 2020 11:20

Canaccord raises target price on Hurricane Energy

(Sharecast News) - Analysts at Canaccord Genuity slightly lowered their target price on oil exploration company Hurricane Energy from 16.0p to 14.0p on Thursday following the firm's recent change in leadership.

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8 Jun 2020 10:46

Hurricane Energy Appoints Interim CEO, Looks To Revise Production Plan

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3 Jun 2020 10:03

UK BROKER RATINGS SUMMARY: Jefferies Ups M&S To Buy, Cuts B&M To Hold

UK BROKER RATINGS SUMMARY: Jefferies Ups M&S To Buy, Cuts B&M To Hold

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27 May 2020 16:13

UK Shareholder Meetings Calendar - Next 7 Days

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27 May 2020 14:15

Wedneday broker round-up

(Sharecast News) - Hurricane energy: Canaccord downgrades to speculative buy with a target price of 16p.

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27 May 2020 13:05

Hurricane Energy gets extension to commitments at Lincoln

(Sharecast News) - Hurricane Energy updated the market on its planned activities in the Lincoln subarea of licence P1368, part of the Greater Warwick Area, on Wednesday.

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