Genel Energy profits grow amid oil price surge

Genel Energy posted a rise in first-half profits and revenue on Tuesday as oil prices surged.

In the six months to 30 June, operating profit grew to $140.7m from $41.3m in the same period a year earlier, on revenues $245.6m, up from $151.5m. The average Brent oil price rose to $108 per barrel from $65 a year earlier.

The company maintained its interim dividend at 6 cents per share and backed its guidance for production in 2022 to be around the same level as 2021, currently tracking between 30-31,000 barrel of oil equivalent per day for the full year.

Chief executive officer Paul Weir said: "Our production remains robust, driven by the ongoing performance of Tawke, and the oil price has underpinned a leap in free cash flow to $129m in the period.

"This further strengthens our balance sheet and provides us with an opportunity to invest in building out our portfolio and fulfil our goal of being a world-class creator of shareholder value."

Free cash flow in the first half of 2021 was $22m.