Genel Energy ( (GEGYF) ) has released its Q4 earnings. Here is a breakdown of the information Genel Energy presented to its investors.
Genel Energy PLC is a prominent oil and gas exploration and production company operating primarily in the Kurdistan Region of Iraq, with recent expansions into Oman. The company is known for its strategic focus on building resilient and diversified cash flows.
In its latest earnings report for the year ended December 31, 2024, Genel Energy highlighted a significant shift from cash outflow in 2023 to cash generation in 2024, driven by increased production and strategic cost management. The company also marked its entry into Oman with an interest in Block 54, signaling its intent to diversify its asset base.
Key financial metrics showed a 58% increase in working interest average production to 19,650 barrels of oil per day, though revenue slightly decreased to $74.7 million due to lower realized prices. Despite an operating loss of $52.4 million, the company achieved a free cash flow of $20 million, a notable improvement from the previous year’s outflow. Genel also reduced its bond debt significantly, strengthening its balance sheet.
Looking ahead, Genel Energy remains focused on maintaining a strong balance sheet, generating resilient cash flows, and acquiring new assets to enhance its portfolio. The company aims to restart exports to access international pricing and recover outstanding amounts owed by the Kurdistan Regional Government.
Overall, Genel Energy is poised to continue its strategic growth and diversification efforts, with a focus on building a robust and sustainable business model that supports shareholder returns.