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Oil and gas company Cabot Energy reported a decline in production and sales as efforts to rein in costs weighed on operations.
In the six months ended 30 June, gross production fell to 485 barrels of oil per day (bopd)from 761 bopd a year earlier as the company only capital expenditure was solely focused on critical items resulting in deferred production, in addition to the normal wells and field declines, Cabot said.
Sales volume totalled 87,555 barrels in the first half of the year, down from 139,632 barrels.
'Having successfully reduced production costs to less than US$20/bbl, we are seeing average sales prices rising quarter-on-quarter this year,' the company said.
'Our key focus now is to finalise the crucial asset-level debt financing and, if necessary, any further equity funding required to fund our work programmes in Canada. Provided that a positive outcome is reached, we look forward to executing our plans for these scheduled work programmes.'
At 8:44am: (LON:CAB) Cabot Energy Plc share price was -0.5p at 3.75p