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Genel adds and subtracts

Signs of recovery in 2018 have been muddied by another unwelcome impairment
Genel adds and subtracts

In 2018, Genel Energy (GENL) made good use of a higher oil price to offset a 4 per cent dip in average production to 33,700 barrels a day. In the process, the Iraqi Kurdistan oiler generated $299m (£227m) of operating cash flow, up 35 per cent year on year. Proven and probable reserves also increased, operating costs were kept in check, and the unrestricted cash pile surged to $334m.

IC TIP: Hold at 214p

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