Bankers Petroleum earnings down with oil prices

Bankers Petroleum talked up its focus on the balance sheet in its final results for the 2015 calendar year on Thursday, with lower oil prices making for a set of depressed figures.

During the year, the dual TSX and AIM-traded company made oil revenue of $286.6m (£200.1m), down markedly from $583.1m in 2014. The firm's net operating income was $123.1m, compared with $342.4m a year earlier, and the company made a net loss of £3.6m, compared with net income of $128.8m previously.

Bankers' board reported a basic and diluted loss per share of one cent. In 2014, its basic earnings per share were 50 cents, with diluted earnings per share of 49 cents.

On the production side, the company's average production during the year was 19,386 barrels of oil per day, compared with 20,690 in 2014.

The company said it prioritised the strength of its balance sheet by carrying out a $144m capital expenditure programme during 2015, which was fully funded by operations.

At year-end, Bankers had cash and restricted cash of $69.1m, down from $73m at the end of the previous year.