The share price of Nighthawk Energy (HAWK) has withered away in line with crude oil's demise, but its latest full-year results reflect strong operational progress. Nighthawk booked a net operating loss of $3.9m (£2.5m), but this was down to over $20m in exceptional charges relating to abandoned wells and the fall in the oil price. You get a clearer indication of the US-focused driller's performance through the 82 per cent step-up in revenues, together with a 73 per cent hike in cash profits to $27.4m.
Nighthawk sold 575,275 barrels of oil in the year, nearly double the figure for 2013, at a rate of around 1,576 barrels per day, although the average selling price contracted 9 per cent to $83.02 a barrel. To counter continued oil price weakness, Nighthawk has hedged around 60 per cent of the current year's production at $69.80 a barrel.
