Street Calls of the Week
Investing.com -- Capricorn Energy stock surged 9% after the company reported progress in recovering outstanding receivables from Egypt’s national oil company, with $37 million collected in July and August.
The oil and gas producer confirmed it expects a further $50 million payment in October from the Egyptian General Petroleum Corporation (EGPC), reducing its outstanding balance to $160 million as of end-August from $172 million at the end of June.
Capricorn maintained its full-year production guidance of 17-21 thousand barrels of oil equivalent per day (kboe/d), after reporting first-half production of 20.3 kb/d. The company also announced a reduction in capital expenditure for the year, lowering its forecast to $75-85 million from the previous range after deferring some non-drilling expenses to 2026.
Operating expense guidance remained unchanged at $5-7 per barrel of oil equivalent. The company ended June with $96 million in cash and did not declare a dividend for the first half of the fiscal year 2025.
Parliamentary ratification of Capricorn’s amended license terms in Egypt remains outstanding, which represents a key milestone for the company’s operations in the region.
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