Hurricane Energy plc recorded a surge in post-tax profits from a “challenging and highly successful” year at its Lancaster field operations, west of Shetland.
FINANCES
Full-year results for the year ended 31 December 2022 showed company revenues increased to $310.8 million from six liftings of Lancaster crude (2021: $240.5m from seven liftings).
Profit after tax for the period amounted to $108.7m (2021: $18.2m) with total net tax of $1.7m.
Hurricane increased its net free cash to $121.4m (31 December 2021: $51.5m).
Net general and administrative costs before non-cash items fell from $23.6m in 2021 to $8.7m in 2022.
This was due to significant expenditures for the proposed financial restructuring during 2021, as well as cost saving measures including targeted redundancies and a recruitment freeze.
The company is currently progressing its sale to Prax Exploration & Production Ltd.
OPERATIONS
Chief executive Antony Maris said 2022 had been an “extraordinarily volatile period” for the oil and gas sector with concerns over domestic energy security and energy supplies.
“The resulting high oil price early in the year, combined with outstanding operational performance at the company’s Lancaster field, significantly strengthened Hurricane’s finances.
“Alongside this, working closely with our FPSO operator, we delivered superb uptime performance and produced towards the upper end of our annual production guidance.
“The field has now produced more than 15 million barrels.”