Genel Energy PLC (LON:GENL) shares dropped 4.1% despite the Kurdistan oiler’s boast that "2018 was a very positive year”.
The company, in its statement, reported that net production averaged 33,690 barrels of oil per day and, in the fourth quarter averaged 36,920 bopd.
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As its ‘guidance’, Genel said that production in 2019 is expected to close “close to” the levels in the fourth quarter.
Genel said it expects to generate material free cash flow in 2019 and added that it is cash flow positive above a US$20 per barrel oil price.
“An expected year-on-year increase in production means we are set to continue this performance in 2019, with low-cost assets forecast to generate over US$100mln in free cash flow even if the oil price averages US$45/bbl,” said chief executive Murat Özgül.
“As we generate cash we will continue to invest in the business to maximise the value of our existing portfolio.”
Genel shares were down 7.88p or 4% changing hands at 189.12p.