By Christian Moess Laursen
Hurricane Energy said Friday that its 2022 pretax profit jumped on revenue growth thanks to high oil prices, which offset lower production.
The U.K.-based oil-and-gas player said revenue rose to $310.8 million in 2022 from $240.5 million in 2021, despite a lower production rate of 8,500 barrels of oil per day, down from 10,300 bopd a year prior.
Strong oil prices helped offset a lower level of production, as the average realized sales price rose to $96.3 per barrel, up from $67.3 per barrel, the company said.
Pretax profit jumped to $110.4 million from $18.2 million driven by the strong revenue combined with the cost of sales remaining flat at $173.4 million.
Write to Christian Moess Laursen at christian.moess@wsj.com
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May 26, 2023 at 02:14PM
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Hurricane Energy 2022 Pretax Profit Soared On Higher Oil Prices - MarketWatch
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