In its first full year as a publicly-listed company, Genel Energy (GENL) boosted reserves, matched guidance in terms of production, and generated enough cash to fund its principal operations in Kurdistan. Nevertheless, the political situation between Iraqi authorities and the Kurdistan Regional Government (KRG) remains a potential stumbling block.
Although comparative measures are largely academic, Genel's working interest in production averaged 44,500 barrels of oil per day (bopd), a 6 per cent rise on 2011, and in line with expectations. Guidance is for production of 45,000-55,000 bopd in 2013 and revenues of between $300m and $400m (£199m-£265m), although this will be dependent on the level of export. On 2012 sales, Genel reported gross profits of $125m on a profit margin of 37 per cent - high by industry standards.