Neptune Energy on track for 155,000 boed in 2019

Neptune Energy on track for 155,000 boed in 2019
By Reuters
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LONDON (Reuters) – Private equity-backed Neptune Energy expects output to slip to 155,000 barrels of oil equivalent per day (boed) this year, it said on Wednesday, as it reported operating cashflow of $362.3 million for the first quarter.

It produced 162,000 boed in 2018 and in the fourth quarter reported an operating cashflow of $416 million.

Neptune, which is backed by Carlyle Group and CVC Capital Partners and has liquidity of around $1.3 billion, is one of a handful of UK-based private-equity backed energy groups industry sources expect to eventually list.

It produces in Norway, the Netherlands, Britain, Germany, North Africa and in the Asia Pacific.

Last year, Neptune bought Norwegian and Danish offshore oil and gas assets from German gas utility VNG. In 2017 it acquired the oil and gas unit of France’s Engie for $3.9 billion.

As of the end of March, Neptune said it had hedged around 55 percent of its output for this year with an average floor price of $58 a barrel and $61 for next year, for which it has hedged around 39 percent of its output.

It has a ceiling in place for the hedges at $71 a barrel this year and $78 for 2020.

(Reporting by Shadia Nasralla; editing by Jason Neely)

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