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Annual Results

Hunting hit by sustained low oil prices

02 March 2017 07:47

Hunting's revenues fell to $$455.8m in the year to the end of December - down from $810.5m in 2015.

The group said its results reflected the difficult market conditions facing the global oil and gas industry caused by the sustained low oil price leading to lower demand for our products and services.

The group posts an underlying loss before interest, tax, depreciation and amortisation of $48.9m against a profit of $61.9m in 2015 and an underlying loss from operations of $92.2m (2015: $16.4m profit).

The reported loss from operations was $140.7m (2015: $282.2m loss) .

Chief executive Dennis Proctor said: "Hunting's 2016 results reflect the difficult market conditions facing the global oil and gas industry caused by the sustained low oil price leading to lower demand for our products and services.

"Towards the end of 2016 optimism was seen across the energy market, following the announcements by OPEC to reduce oil production and improving onshore activity levels in the US, particularly in West Texas.

"While this is positive news for the industry, Hunting is still focused on cost controls and aligning its operations with the short-term outlook.

"US onshore activity levels are increasing, providing better trading for businesses such as Hunting Perforating Systems, while the international picture remains subdued.

"For the Group as a whole, operating losses have been incurred during the opening months of 2017, however, management anticipate moving back to monthly profitability later in the year, subject to a continuing recovery across the whole market."

Story provided by StockMarketWire.com

Related Company: HTG

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