Capricorn Energy returns $1bn to shareholders as Shell deal pays off
Revenue from its Egyptian production bumped the total cash generated from oil and gas production by $56m (£42.7m) in the year to 31 December.
The acquisition of Shell’s Egypt portfolio based in the western desert, has opened the company up to production growth.
However, the energy supplier swallowed an operating loss of $131m (£100m), up from 2020’s loss of $130m (£99m).
The company did manage to swing from its 2020 profit loss of $394m (£300m), raking in $895m (£682m) in profit after tax over the 12-month period – including a lofty $1bn tax refund from India.
“From the proceeds of asset sales and the Indian tax refund we have committed to nearly $1bn of capital returns to shareholders in 2021 and 2022,” energy boss Simon Thomson said in a statement.
“2021 was a transformational year for Capricorn; we continued to successfully reshape our portfolio and achieved a positive resolution of our Indian tax dispute.”