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Hurricane Energy annual profit and revenue rises from high oil price

26th May 2023 09:19

(Alliance News) - Hurricane Energy PLC on Friday said annual profit and revenue climbed, benefitting from a higher oil price.

The Surrey, England-based oil exploration and production company said its pretax profit in 2022 soared to USD108.7 million from USD18.2 million in 2021.

Revenue was up by 29% to USD310.8 million from USD240.5 million the prior year. The company said this increase was thanks to strong oil prices compared to the previous year, which helped to offset the impact of the lower level of production.

Hurricane Energy profited from a 43% rise in realised average sale price per barrel of USD96.3 per barrel, from USD67.3 per barrel in 2021.

Sales volume declined to 3.2 million barrels from 3.6 million barrels the prior year. Production declined to 3.1 million barrels from 3.8 million barrels a year prior.

The company said that the average sales price was up 43% to USD96.3 per barrel from USD67.3 the previous year.

Looking forward, the company said that despite the volatile economic environment, it is well-placed amid "supportive" oil prices and its debt free position.

Chief Executive Officer Antony Maris said: "Technically, we have demonstrated excellent operational understanding and found ways to improve recovery despite the financial limitations.

"Commercially, we have cleared our debt, provided a firm financial footing for assessing future opportunities and kept control of our costs despite inflationary pressures."

Hurricane Energy shares were down 0.1% at 7.75 pence each in London on Friday.

By Will Neill, Alliance News reporter

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