Energia
Noreco Announces Fourth Quarter 2020 Results
Net hydrocarbon production in the quarter was 25.5 mboepd, with full year production of 28.5 mboepd. Offshore manning levels successfully returned to pre-COVID levels by the end of October, and the operator of DUC has continued to mitigate the impact of the pandemic and safeguard business continuity. The Tyra Redevelopment schedule was updated with first production expected by Q2 2023.
The financial results for the fourth quarter continue to demonstrate the value of Noreco's hedging arrangements. Price protection led to a realised liquids price of USD 63 .6 per barrel and supported revenues of USD 146 million , compared to average dated Brent price during the same period of USD 46 per barrel. Including the contribution from the volume protection arrangements with Shell, the Company generated USD 73 million of adjusted EBITDA during the quarter and operational cash flow of USD 96 million .
said David B. Cook , Chief Executive Officer in Noreco.
The report and investor presentation may be downloaded from the Company's website www.noreco.com or www.newsweb.no.
Chief Executive Officer, David B. Cook and Chief Financial Officer, Euan Shirlaw will present the fourth quarter results in an earnings call today at 12:00 CET .
To join audiocast: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20210218_6
Euan Shirlaw , Chief Financial Officer
Phone: +44 7979 690622
Email: es@noreco.com
Cathrine Torgersen , EVP Investor Relations & Communications
Phone: +47 91 52 85 01
Email: ct@noreco.com
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