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Genel Energy PLC - London-based oil company focused on the Kurdistan region - In the first half of 2022, sees pretax profit surge to $126.1 million from $25.6 million the previous year. Revenue jumps to $245.6 million from $151.5 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 $108 per barrel in the half, up from $65 per barrel a year prior. Interim dividend maintained at $0.06 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 $150 million to $170 million from $140 million to $180 million.
Current stock price: 140.20 pence
12-month change: up 0.6%
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