Business
Full-Year Results
Full-Year Results.
About this update from Genel Energy Plc
[{"type":"text","content":"\n \n\n\nGenel Energy PLC (GENL)\n\n\n\nGenel Energy PLC: Full-Year Results22-March-2023 / 07:00 GMT/BST\n\n\n22 March 2023\n\nGenel Energy plc\n\n \n\nAudited results for the year ended 31 December 2022\n\n \n\nGenel Energy plc (‘Genel’ or ‘the Company’) announces its audited results for the year ended 31 December 2022.\n\n \n\nPaul Weir, Chief Executive of Genel, said:\n\n“Our production business generated record cash flow in 2022, building our significant financial resources and resulting in a net cash balance at the end of the year of over $200 million. The Company now has an exceptional opportunity to deploy its financial resources carefully to add new assets and grow and diversify our production business in order to improve the resilience and extend the line of sight on the funding of our established dividend programme. \n\n \n\nOur capital allocation decisions for 2023 and beyond will be centred around that material, sustainable and progressive dividend programme, while protecting and maintaining the strength of our balance sheet. Our core business remains robust, funding our dividend from free cash flow in the mid-term and there is significant potential still remaining in the portfolio. We have an extremely busy 18 months ahead that carries much potential, and we have a highly capable team in place that is fully focused on delivering on that potential.”\n\n \n\nResults summary ($ million unless stated)\n\n\n \n \n \n 2022\n \n \n 2021\n \n \n Average Brent oil price ($/bbl)\n \n \n 101\n \n \n 71\n \n \n Production (bopd, working interest)\n \n \n 30,150 \n \n \n 31,710 \n \n \n Revenue \n \n \n 432.7 \n \n \n 334.9 \n \n \n EBITDAX1\n \n \n 361.6 \n \n \n 275.1 \n \n \n Depreciation and amortisation\n \n \n (149.2)\n \n \n (172.8)\n \n \n Exploration expense\n \n \n (1.0)\n \n \n -\n \n \n Net impairment/write-off of oil and gas assets\n \n \n (201.3)\n \n \n (403.2)\n \n \n Net reversal of impairment of receivables\n \n \n 8.2\n \n \n 24.1\n \n \n Operating profit / (loss)\n \n \n 18.3\n \n \n (276.8)\n \n \n Cash flow from operating activities \n \n \n 412.4\n \n \n 228.1\n \n \n Capital expenditure\n \n \n 143.1\n \n \n 163.7\n \n \n Free cash flow2 \n \n \n 234.8\n \n \n 85.9\n \n \n Cash \n \n \n 494.6\n ...