Australia's Cooper Energy boosts earnings guidance
Sydney-listed Cooper Energy has revised higher its earnings guidance for the year ending June 30 (FY2022) as a result of higher gas prices and higher sustained Orbost gas processing plant processing levels, the company said on May 16.
Cooper expects its underlying earnings before interest, depreciation, amortisation and exploration (EBIDAX) to be A$57-68mn ($39.2-46.8mn) from A$53mn-$63m previously. “The range for underlying EBITDAX has been revised upward to A$57-68mn, reflecting stronger recent performance at the Orbost gas processing plant and a reasonable expectation of continuing higher realised Australian east coast wholesale gas prices in the spot market, noting the market volatility,” it said.
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The Orbost plant processes gas from Cooper’s Sole gas field offshore Victoria for supply to customers in south-east Australia.
Production guidance was narrowed to 3.2mn-3.4mn barrels of oil equivalent, from 3mn boe-3.4mn boe. Sales volume guidance was also narrowed to 3.7mn boe-3.9mn boe, from 3.7mn boe-4mn boe previously.
Cooper in April reported a 37% year/year increase in sales revenue during the three months to March 31 (Q3) owing to higher sales volume and gas prices.