Cairn Energy revenue up to $533m; profit tops $119m

Edinburgh-based international oil and gas company Cairn Energy said on Tuesday its 2019 revenue rose to $533.4 million from $410.3 million in 2018 and its average realised oil price was $65.70 a barrel.

Pre-tax profit was $119.5 million compared to a $1.21 billion loss in 2018 amid non-cash writedowns connected to a long-running tax dispute with the Indian government.

Cairn Energy CEO Simon Thomson said: “Cairn’s strong operational performance in 2019 was delivered through production and cash flow generation at the top end of guidance and the group ended the year with an increased net cash position and undrawn debt facilities.

“A significant milestone was achieved in Senegal with a final investment decision taken for the Sangomar development.

“Reserve additions were made in both Senegal and the North Sea and the company encountered exploration success alongside Eni in Mexico.

“The sale of Cairn’s Norwegian business, combined with exits from exploration positions in Ireland and Nicaragua, demonstrate continued focus on capital allocation as the company seeks to generate further value for shareholders on a sustainable basis.”

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