By Joe Hoppe
Serica Energy said its revenue fell and it tightened production guidance for 2023, though pretax profit rose on an accounting gain from an acquisition.
The U.K. oil-and-gas company said Tuesday that its first-half pretax profit rose to 298.3 million pounds ($369.4 million) from GBP194.5 million a year prior, after taking into account a gain on an acquisition of GBP139.6 million on the Tailwind transaction.
Revenue slipped however to GBP340.6 million, from GBP353.5 million. This reflects a reduction in lower realised pricing for gas, partially offset by new revenue streams from the largely oil-based Tailwind portfolio.
The company also lowered its full-year production guidance to 40,000-45,000 barrels of oil equivalent a day, due to the slower-than-expected ramp up of production from Bruce and Triton hubs following planned summer shutdowns. In June, the company had backed previous guidance of 40,000-47,000 barrels a day.
However, the company said it expects near continuous well and drilling activity across the Bruce and Triton hubs during the next eighteen months.
The board declared an interim dividend of 9 pence a share, up from 8 pence.
Shares at 0841 GMT were down 20.2 pence, or 7.5% at 247.8 pence.
Write to Joe Hoppe at joseph.hoppe@wsj.com
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