15th Jul 2021 16:47
(Alliance News) - Trinity Exploration & Production PLC on Thursday reported continued strong production and financial resilience for the second quarter of 2021.
Trinity Exploration & Production is an independent E&P company focused on Trinidad and Tobago.
Despite the Covid-related state of emergency in Trinidad, production levels remained resilient during the second quarter ended June 30 with production volumes averaging 3,047 barrels of oil per day compared to 3,107 bopd in the first quarter, yielding a first half 2021 average of 3,032 bopd.
The company remains on track to meet its operating break-even target of below USD30 per barrel for 2021.
Average pre-hedge income operating break-even for the first half of 2021 was USD27.8 per barrel, an increase from USD24.7 in the first half of 2020. The increase in the first half of 2021 in part reflects additional costs associated with the Covid pandemic.
"Strong base production and operating cash generation, and the maintenance of a robust balance sheet, are the foundations that continue to enable us to pursue the numerous initiatives underway to meaningfully scale the business. In addition, the capital reduction which we have recently effected will enable the Company to return value to shareholders via dividends and/or share buybacks as and when appropriate," said Executive Chair Bruce Dingwall.
Shares in Trinity Exploration were down 2.0% at 160.20 each in London on Thursday afternoon.
By Amrit Sahota; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Trinity