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Hurricane Energy PLC - Surrey, England-based oil producer - Swings to annual profit despite lower oil sale volumes. Pretax profit in 2021 at $18.2 million versus a loss of $571.1 million in 2020. Revenue grows to $240.5 million from $180.1 million.
The company profits from a 91% increase in realised average sale price per barrel to $67.3 per barrel in 2021 from $35.2 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 $60 million net free cash during 2022. Net free cash in 2021 falls to $51.5 million from $111.4m at the end of 2020. Net debt shrank to $27.0 million from $118.6 million.
Current stock price: 9.67 pence, up 4.3% on Thursday
12-month change: up from 2.35p
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