StockMarketWire.com - Hydrocarbons producer and explorer IGas reported that losses more than doubled as sales decline and oil prices fell sharply.

For the year ended 31 December 2019, adjusted pre-tax losses widened to £49.1m from £25.1m on-year as revenue fell to £40.9m from £42.9m.

The fall in revenue was driven by lower oil prices and a 3% decrease in oil sales volumes.

Oil prices remained volatile in 2019 with the average monthly price of Brent crude ranging between $59 a barrel (bbl) and $71 pr bbl.

The lower average price of $64 per bbl for the year versus $71 per bbl for 2018 also had a negative impact on revenues, the company said.

'Given the fall in oil prices, we have reviewed our capital expenditure programme for the year and reduced it principally to maintenance capex, abandonment and capital for projects already in execution,' IGas said.

'We have limited committed capex in 2020, and given the oil price environment have trimmed our capital expenditure budget by £4 million to £6 million, with a focus on key capital projects,' it added.


At 9:52am: [LON:IGAS] Igas Energy PLC share price was -0.55p at 29.45p



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