LONDON (dpa-AFX) - Premier Oil plc (PMO.L) reported Thursday that its pretax profit from continuing operations for the year ended 31 December 2019 declined to $102.5 million from $158.2 million in the prior year.
However, However, profit after tax rose to $164.3 million from $133.4 million a year ago. Basic earnings per share from continuing operations were 18.8 cents, up from 12.2 cents in the prior year.
EBITDAX increased to $1.23 billion from $1.09 billion in the previous year, adjusted for the impact of IFRS16.
Sales revenue from continuing operations rose to $1.58 billion from $1.40 billion last year.
The company noted that its full-year production of 78.4 kboepd was at the upper end of market guidance. This was driven by exceptionally high uptime across the portfolio and outperformance from Premier's operated flagship Catcher Area in the UK, which reached cash payback in October.
Looking ahead, the company noted that in the first quarter of 2020, oil prices have fallen significantly due to fears over the spread of COVID-19 and the impact this may have on global demand for oil.
The Group's immediate priority remains to reduce its debt levels and covenant leverage ratio towards 1x, a process which will be accelerated by the acquisition of the UK assets announced post period-end.
Premier Oil also announced that Elisabeth Proust will join the company's Board as an independent non-executive director and member of the Health, Safety, Environment and Security Committee and Nomination Committee with effect from 1 April 2020.
Elisabeth spent more than 35 years with Total SA holding several senior leadership roles.
The company also said that Robin Allan, Director of North Sea and Exploration, will be leaving the Board at the close of the Group's Annual General Meeting in May. Robin will continue to work for Premier on a part-time consultancy basis, with a particular focus on ESG matters and Premier's response to the Climate Change agenda.
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