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IN BRIEF: Capricorn Energy swings to pretax loss as revenue declines

14th Sep 2023 17:46

Capricorn Energy PLC - Edinburgh-based upstream energy company with assets in the UK North Sea, Mexico, Suriname, Mauritania and Egypt - Reports revenue from production in the six months to June 30 fell 28% to USD98.3 million from USD137.4 million the year before, swinging to a pretax loss of USD62.2 million from a pretax profit of USD40.8 million. Explains last year's figure included a profit from discontinued operations of USD120.9 million compared with a loss of USD10.8 million this year.

Chief Executive Randy Neely says: "Capricorn ended [the first half] a very different business than at the start of the year. The company is on its way to becoming a much leaner organisation, focused on tight cost control, shareholder returns and maximising value from our Egypt portfolio." Forecasts full-year net capital expenditure of USD117 to USD127 million, and full-year production at the low end of guidance between 32,000 to 36,000 barrels of oil equivalent per day. Plans detailed operational update for November 30 in London.

Current stock price: 165.20 pence, up 6.6% in London on Thursday

12-month change: down 67%

By Jeremy Cutler, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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