Energia
Noreco Announces Second Quarter 2022 Results
Net hydrocarbon production for the quarter of 26.5 mboepd is at top end of the annual guidance range of 24.5 - 26.5 mboepd. The strong production trend of 2022 continues in second quarter, with Noreco's currently producing hubs delivering overall operating efficiency of 91%.
The Tyra Redevelopment project made significant progress during the quarter, and in April Noreco announced the successful offshore lift and installation campaign of the three Tyra West wellhead and riser platforms, the TEH Accommodation module and two bridges. Over a period of ten days, the world's largest crane vessel, Sleipnir, safely lifted and installed the units in position at the Tyra field. This concluded the 2022 spring offshore campaign moved the project closer to first gas with seven out of eight platforms in position.
In May, the board of directors of Noreco appointed Euan Shirlaw as Chief Executive Officer. Mr Shirlaw joined Noreco in 2019 as Chief Financial Officer, and had previously served as Acting Managing Director since November 2021.
The financial result for second quarter shows a continued strong development with revenues of USD 265 million , and EBITDA of USD 167 million . Noreco in the period generated Free Cash Flow (Pre-Investments) of USD 156 million and total Free Cash Flow of USD 95 million . The Company had total liquidity of USD 343 million at the end of the quarter, with cash on balance sheet of USD 243 million and available undrawn RBL capacity of USD 100 million . The cash flow generation from the producing assets is the strongest since the closing the acquisition of Shell's Danish upstream assets in 2019 and Noreco continues to be fully funded to deliver Tyra II, with significant headroom based on current commodity price levels.
said Euan Shirlaw , Chief Executive Officer of Noreco.
The report and investor presentation may be downloaded from the Company's website www.noreco.com or www.newsweb.no.
The Company will host an earnings call today at 11:00 CEST .
To join audiocast: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20220712_4
Cathrine Torgersen , EVP Investor Relations & ESG
Phone: +47 91 52 85 01
Email: ct@noreco.com
This information is considered to be inside information pursuant to the EU Market Abuse Regulation, and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. The stock exchange announcement was published by Cathrine Torgersen , Executive Vice President Investor Relations & ESG, Norwegian Energy Company ASA, at the date and time as set out above.
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/noreco/r/noreco-announces-second-quarter-2022-results,c3600001
The following files are available for download: