The Hurricane Energy PLC (LON: HUR) share price was trading sideways despite the company releasing an upbeat operations update. The end-of-year update indicated that the oil and gas firm sold 3.2 million barrels of oil via six cargo liftings after producing 3.1 million barrels.
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In addition, the company generated revenues worth $311 million in 2022, marking a significant improvement to the $241 million generated in 2021. The company’s average selling price was $97/bbl, compared to 2021’s $67/bbl, due to the record-high oil prices.
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Hurricane Energy had $122 million in free cash flow at the end of 2022, which is evidence of its impressive performance during the past year. Furthermore, the company revealed that it was producing about 7,800 bopd from the P6 well alone, with a 51% associated water cut.
The oil and gas company expects to lift its first cargo of 2023 in mid-February and continue producing oil at the same rate as last year. The company also expects to shut down production sometime in Q3 for annual maintenance and has factored the same into its forecasts.
Hurricane Energy also issued an update on the Formal sale process (FSP) initiated last year at the request of a leading shareholder that wants to cash out of its stake. The company said it had received multiple bids from credible suitors compliant with the FSP requirements.
However, the company warned that there were no guarantees that the bids would lead to an actual transaction since they were highly conditional and subject to further due diligence.
Antony Maris, Chief Executive Officer of Hurricane, commented: “2022 has been highly eventful and successful. Working closely alongside our FPSO operator, we have delivered superb uptime performance and produced towards the upper end of our annual production target. The field has now produced more than 15 million barrels, and with our deep understanding of the depletion dynamics of the field, we expect to continue this excellent performance in 2023.”
Hurricane’s prospects are promising as the company continues to operate its Lancaster oil field despite the looming exhaustion of oil reserves at the offshore site.
*This is not investment advice.
The Hurricane Energy (HUR) share price.
The Hurricane Energy share price was trading sideways despite the company releasing a trading and operations update.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.