Cairn Energy plc announced a decrease in revenue as net oil production fell slightly below guidance figures.
In its full year result for 2020, the group’s revenue from net oil and gas sales was recorded at US$324 million (2019: $504m) following the fall in oil prices last year.
Net oil production averaged just over 21,000 bopd, in line with guidance (2019: 23,000 bopd).
Net cash inflow from oil and gas production was $239m.
The group recorded an operating loss of $67m (2019: $155m operating profit), with loss after tax of $394m (2019: profit of $94m), including loss on disposals of $276m.
Year-end group cash was $570m with no drawn debt with $250m subsequently returned to shareholders by special dividend.
Cairn said that capital expenditure on continuing operations was in line with guidance at $125m.
In December 2020, the India Arbitration Tribunal awarded Cairn $1.2bn plus interest and costs.
During 2020, the group also completed its sale of interests in Norway and Senegal.
The company’s results were published on the same day as Cairn announced plans to sell its North Sea interest and plans to acquire assets in onshore Egypt.