12th Mar 2015 11:39
LONDON (Alliance News) - Bankers Petroleum Ltd on Thursday posted higher pretax profit for 2014 on the back of a gain on financial commodity contracts, as revenue ticked higher and production rose but selling prices fell.
Bankers said its pretax profit for the year was USD216 million, up from USD159.9 million a year earlier, on the back of a USD45 million gain on financial commodity contracts.
Revenue rose to USD583.1 million from USD566.4 million as average production increased to 20,690 barrels of oil per day, up from 18,169 a year earlier. Average sales also increased, up to 20,679 barrels per day from 18,173 barrels, but its sales price fell to USD77.26 per barrel from USD85.39.
Bankers said it will cut its capital expenditure plan for 2015 to USD153 million from USD291 million in 2014, with a focus on the drilling of new wells at the Patos-Marinza oilfield in Albania.
Shares in Bankers were up 4.7% to 144.00 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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