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Genel Energy (GENL) investor relations material
Genel Energy H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Maintained a strong balance sheet and resilient platform, increasing cash by $30 million since the start of the year, with cash holdings reaching $225 million after a successful bond refinancing extending maturity to 2030.
Operations in Kurdistan faced temporary disruption due to drone attacks, but no injuries occurred and production is expected to restart soon at reduced levels.
Strategic focus remains on diversifying cash generation and production, with new activity commencing in Oman (Block 54) and ongoing preparations for drilling in Somaliland.
Portfolio streamlined by relinquishing non-core assets in Morocco, Sarta, Qara Dagh, Taq Taq, and Lagzira, reducing liabilities and simplifying operations.
Disciplined capital allocation prioritizes acquisitions and supports a regular dividend program.
Financial highlights
Net cash position increased to $134.4 million at HY2025 (31 Dec 2024: $130.7 million); cash balance at $225 million.
Tawke PSC generated $6 million in free cash flow from production, with overall free cash flow of $4.7–$5 million in H1 2025.
Operating costs per barrel at Tawke PSC remained below $4, providing resilience against oil price volatility.
Revenue for H1 2025 was $35.8 million, down from $37.6 million in H1 2024.
EBITDAX rose to $25.3 million from $13.3 million year-over-year, aided by reversal of arbitration accrual and lower G&A costs.
Outlook and guidance
Year-end net cash guidance reiterated as unchanged, even with reduced production levels at Tawke.
Physical activity in Oman to begin around year-end, with testing results expected by end of Q1 2026.
Somaliland drilling contingent on establishing appropriate conditions with the new government.
Export resumption from Kurdistan remains uncertain; ongoing discussions between KRG and Iraqi authorities.
FY2025 free cash flow expected to fund Oman Block 54 work and new asset acquisitions.
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