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.

Information Source: Read More

Oil and gas, press , | Energy, Climate, Renewable, Wind, Biomass, Sustainability, Oil Price, LPG, Solar, Electric,