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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 strong free cash flow and a resilient balance sheet in H1 2025, with disciplined capital allocation and cash generation covering costs.
Strategic focus on diversifying cash generation and production through acquisitions and geographic expansion, with progress in Oman and Somaliland.
Tawke PSC delivered robust production (~80,000 bopd in H1 2025), meeting domestic demand and generating free cash flow, despite temporary halts from drone attacks.
Exits from Sarta, Qara Dagh, Taq Taq, Karadag, Leggzira, and Morocco licences reduced liabilities and improved balance sheet flexibility.
Successful bond refinancing in April increased cash holdings and extended maturity to 2030, supporting strategic growth.
Financial highlights
Net cash increased to $134 million at HY2025 (from $130.7 million at YE2024); cash balance at $225 million.
Cash position increased by $30M since the start of the year, supported by a $25M bond raise and free cash flow from Tawke.
Production business generated $6M free cash flow; bottom line free cash flow was $5M for H1 2025.
Revenue for H1 2025 was $35.8 million, down from $37.6 million in H1 2024.
Operating costs at Tawke PSC remained below $4/bbl, supporting resilience against oil price volatility.
Outlook and guidance
Year-end net cash expected to remain stable, assuming successful production restart at Tawke.
FY2025 free cash flow expected to fund Oman Block 54 work and new asset acquisitions.
Initial results from Oman Block 54 expected in Q1 2026, with testing to begin around year-end.
Focus on resuming exports, which could more than double revenue per barrel, though timing remains uncertain.
Ongoing focus on asset acquisitions and geographic diversification, with Somaliland project remaining active.
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