Trinity Exploration & Production PLC (LON:TRIN) has revealed a 74.6% rise in operating profit in what the company described as a “transformational year”.
Net production was at 2,519 barrels of oil per day in 2017, down 0.9% from the previous year. However, the average realised oil price increased significantly, up 23.4% to US$48.6 per barrel in 2017.
READ: Trinity takes advantage of improved oil prices
Operating margins improved substantially, up to 24.3% from 17.7% in the preceding year.
Trinity ended 2017 with US$11.8mln of cash and it had US$100,000 of net debt.
Bruce Dingwall, Trinity executive chairman, in the results statement, said: "2017 was a transformational year for the company, with the restructuring and refinancing undertaken at the beginning of the period and our return to production growth in the second half of the year.”
Dingwall added: “Our low-cost production model has underpinned a significant increase in operating profits, affording the company the opportunity to accelerate debt repayment.
“The combination of our strong balance sheet and proven ability to grow levels of production ensures that the Company is well placed to realise further value in 2018 and beyond.”
"We look forward with confidence and will provide a further update alongside our full year audited results."