- Maiden interim dividend of 0.5p a share
- Net cash of $9.3mn (20p)
- Priced on two times operating profit to enterprise valuation
First half results from Trinity Exploration & Production (TRIN: 81p), an oil and gas explorer and producer focused on Trinidad and Tobago, were in line with guidance given in the second quarter trading update (‘An oil stock that could double in value’, 7 August 2023).
Although the average realised oil price fell 25 per cent to $65.20 per barrel on slightly lower average net sales of 2,861 barrels of oil per day (bopd) in the first half, there was a silver lining as Trinity saved $1.8mn on Supplementary Petroleum Tax (SPT). The eye-catching sevenfold increase in operating profit to $2.6mn largely reflects the fact that $3.5mn of non-cash charges held back the previous half year result. Operating profit before non-cash items and SPT actually fell from $12.8mn to $10.4mn, a reflection of the weaker oil price environment in the first half of 2023.