Genel Energy PLC (LSE:GENL, OTC:GEGYY) saw its net cash jump five-fold in the year just ended to US$228mln as higher crude prices worked their way through to the Kurdistan-focused oil company.
Production for the year to the end of 2022 eased to 30,150 barrels per day on average (2021: 31,710), but a 42% jump in crude prices meant revenue rose by 29% to US$433mln.
Underlying profits rose to US$362mln (2021: US$275mln) though Genel posted a net loss of US$7.1mln (2021: US$308mln) after impairment charges and write-offs of US$350mln, largely related to the Sarta field and Qara Dagh project.
For the current year, Genel expects production to average 27,000-29,000 barrels daily with capex between US$100mln-US$125mln.
In the full-year results statement, Paul Weir, Genel chief executive, said: “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 US$200mln.
“The company now has an exceptional opportunity to deploy its financial resources carefully to add new assets and grow and diversify our production business.”
The dividend for the year was unchanged at 18 US cents after a final payment of 12 US cents.