Hurricane Energy Production Met Views, Revenue Rose in 2021
17 January 2022 - 8:34PM
Dow Jones News
By Joe Hoppe
Hurricane Energy PLC said Monday that production met
expectations and revenue rose in 2021, and it expects to soon pay
off its bond debt.
The U.K.-based oil-and-gas company said that production for the
final three months of last year averaged 10,000 barrels of oil a
day, and that revenue for the year reached $239 million, up from
$180 million a year earlier.
Oil production for the year as a whole stood at 3.7 million
barrels of oil, averaging 10,267 barrels of oil a day, the company
said. Average price rose to $67 a barrel, from $35 in 2020.
"Oil prices, while volatile, have been stronger in the second
half of the year and, combined with the impact of the bond
buybacks, production performance and cost reduction measures, we
are optimistic that the ability to repay the bonds in full at
maturity is now within reach," Chief Executive Antony Maris
said.
The company said that assuming its performance and oil prices
remain relatively stable, it expects to have $8 million-$38 million
of net free cash by the end of July 2022, after clearing its bond
debt.
Shares at 0844 GMT were up 0.32 pence, or 7.7%, at 4.4
pence.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
January 17, 2022 04:19 ET (09:19 GMT)
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