Neptune Energy announces Q1 2022 results
| Neptune Energy today announced its financial results for the three months ended 31 March 2022. Good operational performance, with production in line with guidance • Improvement in our process safety event rate, down to 0.62 per million hours worked. • Q1 production of 133.7 kboepd, in line with expectations. FY guidance of 135-145 kboepd maintained. • Snøhvit (Norway) on schedule to restart in May, temporary increase in gas production from Gjøa. Investment aligned with energy security priorities • Capex of $128.9 million in Q1 2022, supporting energy security in UK and Europe with c.47 kboepd of net additions in 2023. • Discovery at Hamlet (Norway), located close to Gjøa. • Sanctioned appraisal well at the significant Isabella (UK) discovery, drilling to commence in H2. Continued progress with ESG, low carbon projects • Industry-leading Sustainalytics ESG rating of 23.2. Ranked in top 3% of all global oil and gas producers rated. • Finalising L10 CCS cooperation agreement with partners, aiming to progress project to FEED-ready by end of 2022. • Gudrun electrification project on track for completion by year end. Strong financial performance, higher tax charge • Post-tax operating cash flow of $741.3 million, EBITDAX of $956.0 million and underlying operating profit of $795.5 million. • Net debt to EBITDAX of 0.57 times at end of period, total available liquidity of $1.5 billion. • FY guidance for post-tax operating cash flow increased to ~$2.0 billion and cash taxes to ~$1.4 billion. |
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