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Premier Oil sees 2016 revenue slip 10 pct despite record production

Reuters - UK Focus

LONDON, Jan 12 (Reuters) - North Sea-focused oil producer Premier Oil (LSE: PMO.L - news) said full-year revenue slipped 10 percent year-on-year in preliminary results, despite production levels hitting an improved target.

The company, whose operations stretch from the Falkland Islands to Indonesia, said 2016 revenue is expected to have fallen to around $980 million, down from $1.1 billon the previous year.

Premier Oil's 2016 production reached a record high of 71,400 barrels per day (bpd) and is expected to climb to 75,000 bpd this year without contribution from its new Catcher field, set to come on stream later this year.

The company also said it expected to continue benefiting from the weak sterling that has brought operating expenses down to $15.7 per barrel, 11 percent below expectations. (Reporting by Karolin Schaps; Editing by Mark Potter)