Capricorn Energy saw its share price fall 2.1% to 208.2p in early morning trading on Tuesday after it reported production of 36,500 boepd and $57.1m revenue in 2021.
The oil producer saw a $1 billion return to shareholders over 2021 and 2022, following a tax dispute with the Indian government which ended with a tax refund to the company in 2021.
Capricorn reported further profit following its procuring of Shell’s Egypt operations in 2021.
The company also reported a $895 million post-tax profit after its devastating $394 million loss in 2020.
Capricorn reported an operating loss of $131 million, however, a slight deterioration in its 2020 loss of $130 million.
“2021 was a transformational year for Capricorn; we continued to successfully reshape our portfolio and achieved a positive resolution of our Indian tax dispute,” said Simon Thomson, Chief Executive at Capricorn Energy.
“We acquired an attractive portfolio of low breakeven oil and gas production in Egypt, where we are already delivering production growth and emission reductions, and which has significant further opportunities for value creation.”
“We also retain the balance sheet capacity to further expand the production base through value-accretive acquisitions.”
“We look forward to continuing to deliver our strategic aims in 2022 with a strong commitment to safety, social responsibility and our pathway to net zero carbon emissions by 2040.”