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Premier Oil swings from loss to 2018 net profit of $133 million

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By Reuters
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LONDON (Reuters) – Premier Oil swung to a net profit of $133.4 million(101.29 million pounds) in 2018 from a net loss of more than $250 million in the previous year, the British firm said on Thursday, adding it aimed to reduce its debt pile to potentially less than $2 billion by year-end.

“Looking to the year ahead, we have a highly cash generative production base, which is supported by a substantial hedging programme, an improved portfolio mix (underpinned by high margin Catcher barrels) and a tightly controlled cost base,” the company said.

“This positions us well to deliver further debt reduction in 2019 while progressing our future growth projects to create material value to all of our stakeholders over the longer term.”

(Reporting by Shadia Nasralla; editing by Jason Neely)