Serica Energy's UK first-half profits and production fall

Serica Energy, an oil and gas company, reported a lower profit for 2024's first half on Tuesday. A tax charge of $106 million was to blame.

A planned shutdown of the Triton Hub, located in UK Central North Sea, also affected production.

Serica reported that it produced 43.700 barrels equivalent to oil per day (boepd), down from 49.350 boepd last year.

Serica said that due to unplanned downtime, its full-year production average is expected to fall below the previously stated range of 41-46,000 boepd, according to a company statement.

According to expectations, the full-year capital spending is expected to be approximately $260 million before tax.

Serica's production has increased dramatically through recent acquisitions and investment.

Serica stated that the company will continue to screen cash-generating M&A opportunities in its home market and the North Sea region, as well expanding into other geographies.

Serica will buy North Sea rival Tailwind Energy Investments in late 2022 for 644million pounds ($842.87million). Mercuria, the energy trading company, will be its largest investor and help it increase production.

The London-based firm reported a profit after taxes of $82.5 millions for the six months ended June 30 compared to $98.5 million one year ago. ($1 = 0.7641 pounds)

(source: Reuters)