Neptune Energy announces H1 2021 results
EBITDAX of $670 million and post-tax operating cash flow (after working capital) of $530 million in H1. FY guidance for post-tax operating cash flow (before working capital) increased to more than $1.6 billion from $1.4 billion.
Higher quarterly average realised prices (including hedging) of $62.1/bbl for oil and $6.8/MMbtu for gas.
• H1 adjusted development capex of $336 million, exploration and pre-development spend of $87 million.
• Operating costs of $10.6/boe in H1, below $11-12/boe guidance range for the full year.
New projects performing above plan, delivering near-term production growth
• Robust health and safety performance, with total recordable injury rate of 1.6 per million hours worked, in line with target.
• Q2 production of 115.4 kboepd (136.3 kboepd including production-equivalent insurance income), in line with guidance.
• New projects in Norway and Indonesia delivered on time, performing above plan. Our Duva project is expected onstream in August. FY guidance tightened to 130-135 kboepd, within initial 130-145 kboepd range, reflecting extended shutdowns at Snøhvit and Touat.
• Further exploration and appraisal success with a gas discovery at the Turkoois prospect and positive results from the Maha-2 appraisal well.
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