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Cairn Energy swings to profit on higher oil and gas sales

By BFN News | 09:15 AM | Tuesday 10 March, 2020


Oil and gas company Cairn Energy swung to a profit on higher oil and gas sales after production reached the upper end of guidance. For 2019, the company reported a pre-tax profit of $3.9m compared with a loss of $1.27bn as oil and gas sales revenue rose to US$504m from US$396m on-year at an average oil price of $65.70 per barrel and average production cost of US$17.4 per barrel. Net oil production averaged 23,000 barrels of oil per day (bopd), at upper end of guidance, up from 17,500 bopd. Looking ahead, the company estimated net production for 2020 within a range of 19,000 to 23,000 bopd; targeting average production cost below US$20 per barrel. At 9:15am: (LON:CNE) Cairn Energy PLC share price was +0.58p at 85.93p Story provided by StockMarketWire.com

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