Energia
Noreco announces third quarter 2020 results
The operational performance of the Company during the third quarter was stable with net production of 28.7 mboepd which is in the upper range of guidance. The early and proactive approach taken by the DUC operator to mitigate the impact of the pandemic continued to safeguard business continuity. The Tyra Redevelopment project reached an important milestone in September, when first delivery of two new jackets from the yards were safely installed offshore. Future milestones are related to completing topsides fabrications and offshore installations. As a result of the COVID-19 pandemic first gas from Tyra is revised, from 2022 to Q2 2023, while the initial budget remains unchanged.
The financials for the third quarter demonstrate the significant value of Noreco's hedging arrangements. Price protection, with liquids production fully hedged for 2020, supported revenues of USD 157 million and a realised liquids price of USD 75.3 per barrel, compared to average dated Brent during the same period of USD 42.7 per barrel. Including the contribution from the volume protection arrangements with Shell, the Company generated USD 104 million of adjusted EBITDA during the third quarter and an operational cash flow of USD 111 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 third quarter results in an earnings call today at 12:00 CET ..
To join audiocast: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20201111_8
Euan Shirlaw , CFO
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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