Phoenix Global 2021 Loss Narrowed as Energy Prices Strengthened — Energy Comment

By Jaime Llinares Taboada

Phoenix Global Resources PLC on Friday reported a narrowed operating loss for 2021, as stronger oil and gas prices boosted revenue. Here’s what the Argentina-focused upstream company had to say:

“Revenue for the year was $78.4 million (2020: $54.0 million), comprising revenue from oil sales of $76.0 million (2020: $52.2 million) and revenue from gas sales of $2.4 million (2020: $1.8 million).”

“The increase in oil revenue year-on-year resulted primarily from an increase in the average realized oil price per barrel and higher sale volumes.”

“Adjusted EBITDA $13.1 million (2020: Adjusted EBITDA loss of $7.2 million)”

“Cash generated from operations $49.6 million (2020: cash used in operations $6.3 million)”

“Operating loss of $58.7 million (2020: loss of $219.7 million)”

Write to Jaime Llinares Taboada at [email protected]; @JaimeLlinaresT

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