---
title: "With the recent surge in oil prices, Genel Energy has reported record cash flow."
publisher: "Share Talk"
author: "sharetalk"
published: "2023-03-22T10:49:39+00:00"
modified: "2023-03-22T10:49:39+00:00"
date: 2023-03-22
canonical: "https://www.share-talk.com/with-the-recent-surge-in-oil-prices-genel-energy-has-reported-record-cash-flow/"
category: "Energy"
categories: ["Energy"]
tags: ["gas", "Genel Energy", "GENL", "oil", "Paul Weir"]
image: "https://i0.wp.com/www.share-talk.com/wp-content/uploads/2022/03/st-holder.jpg?fit=1536%2C1024&ssl=1"
format: "news"
language: "en-GB"
---

# With the recent surge in oil prices, Genel Energy has reported record cash flow.

**Published:** March 22, 2023
**Author:** sharetalk
**Categories:** Energy
**Tags:** gas, Genel Energy, GENL, oil, Paul Weir
**Featured image:** ![Stockmarket News](https://i0.wp.com/www.share-talk.com/wp-content/uploads/2022/03/st-holder.jpg?fit=1536%2C1024&ssl=1)

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In the past year, the company’s net cash holding increased by a factor of five.

**Genel Energy PLC (LSE: GENL, OTC: GEGYY)** experienced a five-fold increase in net cash, reaching US$228 million, in the past year as higher crude prices influenced the Kurdistan-based oil firm.

Production averaged 30,150 barrels per day for the year ending in 2022 (compared to 31,710 in 2021), but revenue rose 29% to US$433 million due to a 42% surge in crude prices. Underlying profits rose to US$362 million (2021: US$275 million), while Genel reported a net loss of US$7.1 million (2021: US$308 million) due to impairment charges and write-offs of US$350 million, primarily related to the Sarta field and Qara Dagh project.

Genel expects daily production to range between 27,000-29,000 barrels and capital expenditures to be between US$100 million and US$125 million for the current year.

In the full-year results statement, Paul Weir, Genel’s CEO, stated that the company’s production business generated record cash flow in 2022, resulting in a net cash balance exceeding US$200 million at year-end. With significant financial resources, the company now has a unique opportunity to cautiously deploy these resources to acquire new assets and expand and diversify its production business.

The dividend for the year remained constant at 18 US cents, with a final payment of 12 US cents.

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