Premier Oil has used its second consecutive year of record oil production to make bigger than expected cuts into its huge debt pile.
The London-listed oil and gas company expects its financial results to reveal end-of-year debtsof $2.3bn, after shaving $390m off the total following a boom in its oil output.
Premier told investors it found $100m more than expected to help pay off debt after producing an average of just over 80,000 barrels of oil a day in 2018.
The record production helped Premier post a $300m rise in annual profit of $1.4bn last year.
Tony Durrant, chief executive of Premier, said the company enjoyed a very good fourth quarter in which it produced an average of 92,000 barrels…
Read the full article at: https://www.telegraph.co.uk/business/2019/01/10/record-production-helps-premier-oil-cut-debt/