Plus   Neg

Premier Oil Posts Narrower Pretax Loss In FY17 - Quick Facts

Premier Oil plc (PMO.L,PMOIY.PK) reported a loss before tax from continuing operations of $366.3 million for the year ended 31 December 2017 compared to a loss of $413.9 million, previous year. Loss for the year from continuing operations was $270.2 million or 52.6 cents per share compared to profit of $108.7 million or 20.8 cents per share, prior year. The loss after tax in the year is driven by the non-cash impairment charges recognised and the one-time fees expensed in relation to the Group's refinancing, partially offset by the gain on disposal of the Wytch Farm interests.

Fiscal year EBITDAX from continuing operations was $589.7 million compared to $494.1 million for 2016. The Group said the increase in EBITDAX is mainly due to higher production and sales volumes realised during the year.

Fiscal year sales revenues from continuing operations increased to $1.04 billion from $937.0 million, last year. In 2017, Premier delivered production of 75.0 kboepd, in line with full year guidance and up five percent on 2016. The company said this increase in production was driven by a record first half underpinned by high operating efficiency across the portfolio and a full year contribution from the ex-E.ON assets.

During 2018, Premier Oil expects Group production to increase to 80-85 kboepd reflecting the phased ramp up from the Catcher Area, offset by natural decline in certain of the Group's fields and the impact of disposals.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
California's insurance regulator has filed a lawsuit against AbbVie Inc. for allegedly giving illegal kickbacks to health care providers to prescribe its arthritis drug Humira. The lawsuit filed in Alameda County Superior Court by the California Department of Insurance alleges that private insurers have paid out $1.2 billion in Humira-related pharmacy claims. Danske Bank A/S's Chief Executive Thomas Borgen resigned on Wednesday after the Danish lender announced the results of an internal probe relating to a money-laundering scandal in its branch in Estonia that involved payments of about 200 billion euros. Danske Bank said its investigation covered about 15,000 customers and a total of around 9.5 million payments through the branch. The Competition and Markets Authority (CMA) in the United Kingdom confirmed Wednesday that the proposed merger between J Sainsbury plc (JSAIY.PK, SBRY.L) and Asda Group Ltd. is being referred for an in-depth Phase 2 investigation. CMA noted that the deal raises sufficient concerns through its Phase...
Follow RTT