Energy Producers
By Michele Maatouk
Date: Tuesday 02 Aug 2022
LONDON (ShareCast) - (Sharecast News) - Genel Energy posted a rise in first-half profits and revenue on Tuesday as oil prices surged.
In the six months to 30 June, operating profit grew to $140.7m from $41.3m in the same period a year earlier, on revenues $245.6m, up from $151.5m. The average Brent oil price rose to $108 per barrel from $65 a year earlier.
The company maintained its interim dividend at 6 cents per share and backed its guidance for production in 2022 to be around the same level as 2021, currently tracking between 30-31,000 barrel of oil equivalent per day for the full year.
Chief executive officer Paul Weir said: "Our production remains robust, driven by the ongoing performance of Tawke, and the oil price has underpinned a leap in free cash flow to $129m in the period.
"This further strengthens our balance sheet and provides us with an opportunity to invest in building out our portfolio and fulfil our goal of being a world-class creator of shareholder value."
Free cash flow in the first half of 2021 was $22m.
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Currency | UK Pounds |
Share Price | 85.80p |
Change Today | 0.000p |
% Change | 0.00 % |
52 Week High | 127.80 |
52 Week Low | 64.90 |
Volume | 0 |
Shares Issued | 279.40m |
Market Cap | £239.73m |
Value |
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Price Trend |
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Income |
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Growth |
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Strong Buy | 2 |
Buy | 0 |
Neutral | 0 |
Sell | 1 |
Strong Sell | 0 |
Total | 3 |
Latest | Previous | |
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Final | Interim | |
Ex-Div | 20-Apr-23 | 15-Sep-22 |
Paid | 19-May-23 | 14-Oct-22 |
Amount | 12.00¢ | 6.00¢ |
Chair | David McManus |
CEO | Paul Weir |
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