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Cairn Energy swings to loss in H1, but narrows full-year guidance

By BFN News | 08:59 AM | Tuesday 29 September, 2020


Oil company Cairn Energy swung to a first-half loss on lower oil prices, but narrowed its estimate for the range of full-year production after reporting first-half output at the top end of guidance. Full-year production guidance had been narrowed to within in a range 21,000 to 23,000 bopd, from 19,000 to 23,000 bopd previously, after production averaged 22,400 bopd in the first half of the year. Pre-tax losses were $323.5 million compared with a profit of $66.5 million year-on-year as revenue fell to $215 million from $270 million. Looking ahead, the company said it would move ahead with the sale of its Senegal interests and planned to pay a special dividend of US$250 million. 'Cairn's exit from its interests in Norway and Senegal, together with swift re-alignment of our capital programme in early 2020, has given the group strategic flexibility at a vital point in the commodity and industry cycle,' it added. At 8:59am: (LON:CNE) Cairn Energy PLC share price was -3.35p at 137.15p Story provided by StockMarketWire.com

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