President Energy swings to loss as lower prices hurt revenue

Mon, 26th Oct 2020

Argentina-focused oil company President Energy swung to a first-half loss after a steep fall in prices hurt revenue. Pre-tax losses for the six months through June amounted to $3.5 million, compared to a profit of $0.25 million year-on-year. Revenue dropped 41% to $13.7 million, which the company pinned on a '43% fall in realised prices in the most sudden peacetime fall in living memory'. President Energy said average monthly revenue for the first two months of the third quarter ran at the rate of $2.6 million, a substantial increase ON the $1.5 million per month average for the second quarter. It reiterated that it was currently drilling the second in a two-well programme in the Rio Negro Province of Argentina, where it was the only company to have drilled since the pandemic started. 'President has, in the first half of 2020, traded through the hardest and most sudden global peacetime crisis in a century,' executive chairman Peter Levine said. 'Notwithstanding this, the group has weathered the turbulence and is in a fit and solid financial and trading shape.' Story provided by StockMarketWire.com

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