Genel Energy Reports Comprehensive Full-Year Results for 2023

Genel Energy plc has released its audited financial results for the year ending 31 December 2023, showcasing the company’s strategic realignment and operational adjustments in a challenging year. CEO Paul Weir emphasized the company's focused efforts on profitability, shareholder value, and creating a resilient business model capable of transformational growth. Genel has significantly reduced its workforce and operational costs, exited specific licences, and leveraged local sales to offset the impact of export suspensions.

The company reported a notable decline in production and revenue in 2023, attributed to the suspension of the Iraq-Türkiye pipeline since March 2023 and global oil price fluctuations. Despite these challenges, Genel has maintained a strong balance sheet with net cash exceeding $100 million and actively pursued strategic acquisitions to diversify income streams. The company also highlighted its arbitration efforts concerning the Bina Bawi and Miran PSCs termination, expressing confidence in their case.

Genel's commitment to sustainability and community investment was also evident, with reported zero lost time incidents and a carbon intensity below the global industry average. Looking forward, the potential reopening of the pipeline and recovery of overdue receivables from the Kurdistan Regional Government could significantly enhance cash generation and shareholder value in 2024.