Genel Energy PLC - London-based oil company focused on the Kurdistan region - In the first half of 2022, sees pretax profit surge to USD126.1 million from USD25.6 million the previous year. Revenue jumps to USD245.6 million from USD151.5 million despite production falling to 30,420 barrels of oil per day from 32,760 bopd year-on-year. This is due to significantly higher brent oil prices which averaged at USD108 per barrel in the half, up from USD65 per barrel a year prior. Interim dividend maintained at USD0.06 per share.
"Our cash generation in the first half of the year has been exceptionally strong - driven by our low-cost, high-margin oil production and disciplined capital allocation," said Interim Chief Executive Paul Weir.
Production guidance for 2022 maintained at the same level as 2021 at between 30,000 to 31,000 bopd. 2022 capital expenditure is tightened to between USD150 million to USD170 million from USD140 million to USD180 million.
Current stock price: 140.20 pence
12-month change: up 0.6%
By Heather Rydings; heatherrydings@alliancenews.com
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Genel Energy (GENL)