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Hurricane Energy posts $625m loss as it seeks financial restructuring
(AFP via Getty Images)
Hurricane Energy has sunk to losses of $625.3m as it undergoes a financial restructuring following a challenging year for the West Shetland operator.
The company said the events of the last 12 months, including a writedown in reserves, had caused “upheaval and frustration” and had been “profoundly challenging”.
The losses for the year ended 31 December were in large part due to an impairment of $567.1m relating to its flagship Lancester field.
Shares in the company plummeted 7.8 per cent in early trading.
Hurricane Energy said Lancaster had produced an average of 14,900 bopd in 2020, but it was significantly less than expected due to “the field materially underperforming relative to pre-production expectations”.
Malcy s Blog - Oil price, Chariot, UJO/Reabold, Serica, Hurricane, Touchstone. And finally…
Oil price
A rapid about turn from the oil price yesterday, the US seemed to indicate that the Iran deal was ‘not that far down the road yet’ which settled the bulls and also data from them and the UK was more positive. As well as that the US recorded air passenger levels of 2m and reported a big increase in mainly domestic travel although corporate and international numbers were slowly rising.
Oil price, Chariot, UJO/Reabold, Serica, Hurricane, Touchstone. And finally…
WTI $66.05 +$2.47, Brent $68.46 +$2.02, Diff -$2.41 -45c, NG $2.89 -2c, UKNG 63.3p +0.55p
Dunelm shares jump as sales surge after stores re-open
A look at the major movers on the London market on Wednesday
Dunelm Group plc (LON:DNLM) has lifted its full-year forecasts after sales surged once its stores were allowed to re-open on 12 April.
The homewares retailer said it now expected profits to come in at £148mln, above analyst estimates of £128mln to £134mln.
In the first seven weeks of the fourth quarter, which started on 28 March, total sales soared 59% compared with the equivalent period in 2019.
AJ Bell investment director Russ Mould said: “Dunelm joins a growing list of retailers to say that earnings are better than expected. The reopening of shops follow lockdown appears to have gone very well for a lot of retailers thanks to pent-up demand.