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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