Capricorn Energy, a U.K. oil-and-gas company, has stated that it expects its full-year production to be at the lower end of the guided range. The company's pretax loss has narrowed during the first half of the year, and a special dividend has been declared.
Capricorn Energy has projected that its full-year production will fall within the range of 32,000 to 36,000 oil-equivalent barrels per day. This is at the lower end due to drilling fewer wells and encountering weaker production performance in the first six months.
Narrowed Pretax Loss
During the first half of the year, Capricorn Energy experienced a decrease in its pretax loss. The loss decreased from $55.5 million in the prior-year's similar period to $32.3 million. However, revenue fell from $137.4 million to $98.8 million.
Focus on Leaner Operations
Chief Executive Randy Neely stated, "The company is on its way to becoming a much leaner organization, focused on tight cost control, shareholder returns, and maximizing value from our Egypt portfolio."
Capital Expenditure and Special Dividend
Capricorn Energy expects its full-year net capital expenditure to range from $117 million to $127 million. Additionally, the company has declared a special dividend of 56 pence, which is set to be paid on Oct. 20. Furthermore, there is a target of a $25 million share buyback by the end of the year, with $15 million already being repurchased.