Hurricane Energy Production Met Views, Revenue Rose in 2021

By Joe Hoppe

Hurricane Energy PLC said Monday that production met expectations and revenue rose in 2021, and it expects to soon pay off its bond debt.

The U.K.-based oil-and-gas company said that production for the final three months of last year averaged 10,000 barrels of oil a day, and that revenue for the year reached $239 million, up from $180 million a year earlier.

Oil production for the year as a whole stood at 3.7 million barrels of oil, averaging 10,267 barrels of oil a day, the company said. Average price rose to $67 a barrel, from $35 in 2020.

"Oil prices, while volatile, have been stronger in the second half of the year and, combined with the impact of the bond buybacks, production performance and cost reduction measures, we are optimistic that the ability to repay the bonds in full at maturity is now within reach," Chief Executive Antony Maris said.

The company said that assuming its performance and oil prices remain relatively stable, it expects to have $8 million-$38 million of net free cash by the end of July 2022, after clearing its bond debt.

Shares at 0844 GMT were up 0.32 pence, or 7.7%, at 4.4 pence.

Write to Joe Hoppe at [e-mail]

(END) Dow Jones Newswires

January 17, 2022 04:19 ET (09:19 GMT)

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