Genel Energy PLC: Trading and operations update Q1 2026

Summary by AI BETAClose X

Genel Energy plc reported a Q1 2026 trading update showing a decrease in gross production to 52,800 bopd, with working interest production at 13,200 bopd and an average sales price of $31/bbl, impacting free cash flow to a $2 million outflow. The company noted a temporary halt in Kurdistan operations due to geopolitical events, with limited field operations resuming on April 9th. Despite a $2 million inflow from production business free cash flow, the overall financial position saw cash decrease slightly to $222 million with total debt remaining at $92 million, resulting in net cash of $131 million. Overdue balances from the KRG remain at $88 million, and a subsidiary owes the KRG approximately $26 million following an unsuccessful arbitration appeal. The company continues to progress towards its objectives of diversifying assets, restarting Tawke exports, and pursuing KRG payments.

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