Genel Energy announce Trading and operations update

27 Jan Genel Energy announce Trading and operations update

(Oilandgaspress) -] Genel Energy plc issues the following trading and operations update in advance of the Company’s full-year 2025 results, which are scheduled for release on 18 March 2026. The information contained herein has not been audited and may be subject to further review.

FINANCIAL PERFORMANCE

Working interest average production of 17,520 bopd was lower than last year (2024: 19,650 bopd), with exit rate production back to around 20,000 bopd. All production was sold into the domestic market at average $32/bbl (2024: $35/bbl)
Core business netback of $11 million (2024: $5 million)
Free cash flow of $4 million (2024: $20 million)
Balance sheet at 31 December 2025
Cash of $224 million (2024: $196 million)
Total debt of $92 million (2024: $66 million)
Net cash of $134 million (2024: $131 million)
Receivables
$88 million (under KBT pricing and excluding interest) remains overdue from the Kurdistan Regional Government (‘KRG’), although this is offset by about $40 million of payables
We continue to work towards a plan for payment or settlement of amounts owed, and appropriate adjustment for price and interest
Genel Energy Miran Bina Bawi Limited appeal against the arbitration costs award of $27 million will be heard in Q2 2026

Paul Weir, Chief Executive of Genel, said:

“We are well positioned to progress on our strategy and deliver significant value to our shareholders. Notably, we have a resilient core business, which covers its costs even when sales are restricted to discounted domestic market pricing at just over $30/bbl and a balance sheet that provides the funding required to deliver on our strategic objectives.”

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