Genel Energy Plc has announced an interim dividend retained at 6¢ per share. The ex-dividend date is 15 September 2022. The record date is 16 September 2022. The payment date is 14 October 2022.
Other Financial Highlights:
- Material cash generation from low-cost and high-margin oil production:
- Net production averaged 30,420 bopd in H1 2022 (H1 2021: 32,760 bopd)
- Low production cost of $4.4/bbl and strength of oil price delivered a margin per barrel of $32/bbl (H1 2021: $20/bbl)
- Free cash flow of $129 million (H1 2021: $22 million)
- Financial strength provides options for capital allocation:
- $75 million of capital expenditure in H1 2022, of which $41 million was spent at Taq Taq and Tawke, and $27 million on Sarta appraisal
- Genel took on operatorship at Sarta on 1 January 2022, with Sarta-5 and Sarta-1D subsequently being completed
- Cash of $412 million (31 December 2021: $314 million)
- Net cash of $141 million (31 December 2021: net cash of $44 million)
- A socially responsible contributor to the global energy mix:
- Zero lost time injuries ('LTI') and zero tier one loss of primary containment events at Genel and TTOPCO operations
