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SDX earnings jump despite pandemic-related shutdowns
StockMarketWire.com
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Oil and gas company SDX Energy recorded a 58% increase in earnings for the first nine months of 2020.
Earnings before interest, taxes, depreciation, amortisation, and exploration expenses came in at $23.9 million for the year to the end of September, compared to $15.1 million in the same period in 2019.
The company said this was largely due to a 41% increase in 'netback', a measure of gross profit per barrel of oil produced.
Mark Reid, CEO of SDX, said that despite the challenging conditions the company was 'in a very strong position to continue our excellent cash generation with approximately 90% of revenues being derived from our fixed price gas contracts'.
'We remain confident in the group's outlook and its potential to grow significantly in the months ahead,' he added.
At 1:52pm: (LON:SDX) SDX Energy Inc. share price was 0p at 15.25p
Story provided by StockMarketWire.com
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