Scottish Oil Explorer Books $324 Million In First-Half Losses » EntornoInteligente
Entornointeligente.com /

Cairn said its group cash at 30 June was $84m with no drawn down debt

Home Oil Prices Rig Count Energy Energy-General Oil Prices Crude Oil Heating Oil Gas Prices Natural Gas Coal Company News Interviews Alternative Energy Nuclear Power Solar Energy Hydroelectric Renewable Energy Geothermal Energy Wind Power Fuel Cells Tidal Energy Biofuels Environment Global Warming Oil Spills Geopolitics Africa Asia Europe Indonesia International Middle East North America South America Finance the Economy the Markets Investing & Trading Reports Commodities Gold Silver Breaking News Premium Articles Community My Account Latest Discussions Energy General Oil Stocks & Prices Other Energy Topics All Prices OPEC Blends Canadian Blends U.S. Blends WTI Crude • 15 mins 40.22 +0.93 +2.37% Brent Crude • 3 hours 40.95 -0.08 -0.19% Natural Gas • 15 mins 2.527 -0.034 -1.33% Mars US • 15 mins 39.99 -1.31 -3.17% Opec Basket • 2 days 41.46 -0.15 -0.36% Urals • 16 hours 42.20 +0.25 +0.60% Louisiana Light • 2 days 40.53 -0.89 -2.15% Louisiana Light • 2 days 40.53 -0.89 -2.15% Bonny Light • 2 days 40.11 -1.25 -3.02% Mexican Basket • 2 days 37.11 -1.04 -2.73% Natural Gas • 15 mins 2.527 -0.034 -1.33% Click Here for 150+ Global Oil Prices Click Here for 150+ Global Oil Prices

Click Here for 150+ Global Oil Prices

Marine • 2 days 41.75 +0.42 +1.02% Murban • 2 days 41.71 +0.18 +0.43% Iran Heavy • 2 days 38.60 -1.58 -3.93% Basra Light • 2 days 42.73 -1.64 -3.70% Saharan Blend • 2 days 39.94 -1.22 -2.96% Bonny Light • 2 days 40.11 -1.25 -3.02% Bonny Light • 2 days 40.11 -1.25 -3.02% Girassol • 2 days 41.14 -1.07 -2.53% Opec Basket • 2 days 41.46 -0.15 -0.36% OPEC Members Monthly Click Here for 150+ Global Oil Prices Click Here for 150+ Global Oil Prices

Click Here for 150+ Global Oil Prices

Canadian Crude Index • 12 days 27.14 -1.36 -4.77% Western Canadian Select • 15 hours 30.79 -1.31 -4.08% Canadian Condensate • 15 hours 38.29 -1.31 -3.31% Premium Synthetic • 15 hours 39.69 -1.31 -3.20% Sweet Crude • 15 hours 36.29 -1.31 -3.48% Peace Sour • 15 hours 35.79 -1.31 -3.53% Peace Sour • 15 hours 35.79 -1.31 -3.53% Light Sour Blend • 15 hours 36.29 -1.31 -3.48% Syncrude Sweet Premium • 15 hours 38.59 -1.31 -3.28% Central Alberta • 15 hours 35.29 -1.31 -3.58% Click Here for 150+ Global Oil Prices Click Here for 150+ Global Oil Prices

Click Here for 150+ Global Oil Prices

Louisiana Light • 2 days 40.53 -0.89 -2.15% Domestic Swt. @ Cushing • 16 hours 36.50 +0.75 +2.10% Giddings • 16 hours 30.25 +0.75 +2.54% ANS West Coast • 3 days 41.15 +0.39 +0.96% West Texas Sour • 16 hours 34.17 +0.93 +2.80% Eagle Ford • 16 hours 38.12 +0.93 +2.50% Eagle Ford • 16 hours 38.12 +0.93 +2.50% Oklahoma Sweet • 16 hours 36.50 +0.75 +2.10% Kansas Common • 2 days 29.50 -1.25 -4.07% Buena Vista • 2 days 44.03 -1.31 -2.89% Click Here for 150+ Global Oil Prices Click Here for 150+ Global Oil Prices

Click Here for 150+ Global Oil Prices

1D 1M 3M 1Y All Charts Discussion Headlines 45 mins UK Company Buys American Energy Supplier 2 hours Debt, Zombies, And Geopolitics: China’s Belt And Road Initiative During COVID 3 hours Venezuela Sees Oil Revenue Fall By 99% As U.S. Sanctions Sting 4 hours Scottish Oil Explorer Books $324 Million In First-Half Losses 5 hours Libya Oil Production Hits 300,000 Bpd As Another Oilfield Comes Online 6 hours Largest Indian Refiner Switches From Venezuelan To Canadian Crude 7 hours Shell To Cut Up To 9,000 Jobs 18 hours UAE Bets Big On Space Tech To Diversify From Oil 20 hours Is Another Gold Run On The Horizon? 1 day Oil Prices Under Pressure As Gasoline Inventories Climb 1 day Solar Could Be Europe’s Top Power Source In 5 Years 1 day India Looks To Store Oil In The U.S. To Reduce Supply Risks 1 day Environmentalist Poll: 82% Of UK Oil Workers Consider Leaving Sector 1 day Mexico’s Pemex Is Losing Market Share To Private Companies 1 day Is California’s Gasoline Car Ban Legal? 2 days Venezuela Is Buying Iranian Oil With Planes Full Of Gold 2 days Former Libya Oil Wealth Handler Arrested For Fraud 2 days Import Costs Rise As U.S.-China Trade Spat Escalates 2 days Elon Musk “Feels Bad” About Hating On The Oil And Gas Industry 2 days Nigeria Considers Privatizing Its State Oil Firm 2 days Iran Admits To Forging Oil Documents To Skirt U.S. Sanctions  2 days Libya’s Oil Production Soars After Blockade Ends  2 days Can The UK Auto Industry Bounce Back? 2 days Another Billion-Dollar Oil Merger Is On The Horizon 5 days Iran Significantly Boosts Oil Exports Despite Sanctions 5 days Boris Johnson: UK Will Lead The World In Transition To A Net-Zero Economy 5 days Could Gold Be Gearing Up For A Major Rally? 5 days Tightening Supply Pushes Rhodium Prices To All-Time High 5 days Shell Set To Load First Oil From One Of Libya’s Open Ports 5 days The Silver Crash Continues 5 days BP’s Stock Price Crashes To The Lowest Level In 25 Years 5 days Russia Remains China’s Top Oil Supplier 6 days Miners Protest Underground As Poland Moves To Phase Out Coal 6 days Mexico’s President Could Reverse Energy Reform  6 days Tesla Sues Trump Administration In An Attempt To Block China Tariffs 6 days Could An Energy Rivalry Drive Greece And Turkey Into War? 6 days Bribery, Oil Finds And Ethanol Deals: A Big Week For Brazil 6 days Iran Opens Navy Base At World’s Most Crucial Oil Chokepoint 6 days Value Of Russia’s Oil Reserves Drops By $129 Billion   6 days Stronger U.S. Dollar Weighs On Gold Prices 3 minutes Why NG falling n crude up? 7 minutes Tesla Battery Day (announcements on technology) 10 minutes America Could Go Fully Electric Right Now 16 hours Taxes. Personal and Corporate. Trump vs BIden Family. Plans vs Records. 1 day Kalifornistan, CO2, clueless politicians, climate hustle 4 hours California’s Electric Vehicle Dream Has A Major Problem: No 11 mins The China Daily newspaper just did a flash poll of 1600 Chinese Communist Party members. 98% said Biden won the debate. 19 mins Ilhan Omar connected Ballot Harvester in cash-for-ballots scheme 27 mins Something wicked this way comes 3 hours What is Best for Germany Now? 19 hours Debate Night: Trump needs to be concerned about left leaning Chris Wallace , not Biden 1 day BLM organizer plows her car thru Trump supporters. She was arrested and charged with attempted murder Breaking News: UK Company Buys American Energy Supplier

Find us on:

Can Germany Solve The Nord Stream 2 Dispute? Germany is now reportedly offering…

Mexico’s Crude Oil Future Is In Jeopardy Mexico’s oil reform, which opened…

Home Latest Energy News City A.M

CityAM.com is the online presence of City A.M., London’s first free daily business newspaper. Both platforms cover financial and business news as well as sport and…

More Info

Share Facebook Twitter Google + Linkedin Reddit Related News UAE Bets Big On Space Tech To Diversify From Oil Is Another Gold Run On The Horizon? Oil Prices Under Pressure As Gasoline Inventories Climb Solar Could Be Europe’s Top Power Source In 5 Years India Looks To Store Oil In The U.S. To Reduce Supply Risks Scottish Oil Explorer Books $324 Million In First-Half Losses By City A.M – Sep 30, 2020, 12:30 PM CDT Oil explorer Cairn Energy today booked a $324m (£251.8m) loss for the first half after it was hit by a hefty impairment charge related to its assets in Senegal.

However, the FTSE 250 firm said that it had safely managed the coronavirus crisis and was well-positioned to generate future growth.

The figures In a challenging year for oil producers, the Edinburgh-based company reported an average net output of 22,400 barrels per day, at the top end of its guidance.

With oil prices currently more than a third lower than at the start of 2020, Cairn reported $172m in oil revenue at a price of $40.21 per barrel.

However, total impairment charges worth $240m, including $207m against its fields in Senegal, took the company to a $324m loss for the first six months of the year.

Cairn said its group cash at 30 June was $84m with no drawn down debt.

Shares in Cairn fell 1.2 percent as markets opened this morning.

Why it’s interesting After a six month period, oil producers would rather forget, Cairn did at least manage to offload its Senegalese and Norwegian assets.

Related: Oil Bulls Return As OPEC+ Reassures Markets

The former deal will see Cairn sell its 40 percent interest in the Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore contract area to Russian firm Lukoil for $400m.

The sale is expected to complete in the final quarter of this year and will see shareholders get $250m in a one-off special dividend.

What Cairn said Chief exec Simon Thomson said: “We have successfully managed the business through a challenging external environment, always ensuring that the safety of our people is paramount.

“We took early action with significant reductions and deferrals to the capital program.  Alongside the sale of interests in both Norway and Senegal, we have realigned the portfolio and demonstrated Cairn’s continued commitment to shareholder returns.

With a strong net cash position and limited capital commitments, Cairn is well-positioned to deliver further value for shareholders.”

By CityAM 

More Top Reads From Oilprice.com:

World’s No.1 Oil Trader Sees Crude Inventories Shrinking This Year

Cash-Strapped Iraq To Finally Roll Out Refinery Megaproject

BP Bombshell: India’s Oil Demand May Peak In 2025

Join the discussion |

Entornointeligente.com

URGENTE: Conoce aquí los Juguetes más vendidos de Amazon
>

Más info…

Smart Reputation

Prince Julio César en NYFW 2020

Repara tu reputación en Twitter con Smart Reputation
Repara tu reputación en Twitter con Smart Reputation

Prince Julio Cesar en el New York Fashion Week Spring Summer 2021

Publicidad en Entorno

Advertisement

Adscoins

Smart Reputation