Bullish indicating open at $55-$60, IPO prices at $37
Investing.com -- Genel Energy Plc (LON:GENL) on Tuesday reported a net profit of $1 million for the first half of 2025, beating expectations of a $12 million loss, primarily due to a $9 million partial reversal of an arbitration cost award.
The company’s net cash position stood at $134 million at the end of the first half, flat compared to the first quarter of 2025. Kurdistan Regional Government (KRG) net receivables remained steady at approximately $50 million following Genel’s exit from Sarta, Qara Dagh, and Taq Taq.
Production for the first half averaged 19,600 barrels of oil per day (bopd), representing a 4% decrease from the first quarter’s 20,520 bopd. All production from the Tawke PSC was sold domestically within the Kurdistan Region of Iraq.
Tawke production is currently offline following a drone attack announced on July 16. The operator is developing a plan to resume optimal production as quickly as possible.
Despite this disruption, Genel maintained its year-end 2025 net cash guidance, stating that the impact from lost production is expected "to be mitigated by judicious cost control and insurance cover."
The company continues discussions regarding the Iraq-Türkiye pipeline, noting an "increased level of engagement between interested parties in recent weeks," though the timing for resumption of exports remains uncertain.
In Oman, testing of discovered hydrocarbons on Block 54 is scheduled to begin around the start of next year, with results expected toward the end of the first quarter of 2026.