By Jaime Llinares Taboada
Serica Energy PLC on Thursday reported a significantly lower profit for 2020, reflecting lower prices and the 45-day shut-in of BKR production in the first half.
The independent oil-and-gas producer made a pretax profit of 12.5 million pounds ($17.2 million) last year, down from GBP108.8 million in 2019.
Revenue halved to GBP125.6 million from GBP250.3 million, as production fell 21% and prices were down around 33%.
The board recommended a dividend of 3.5 pence a share, up from 3.0 pence a share a year earlier.
The company said commodity prices have recovered since the fourth quarter, with gas prices reaching levels not seen since 2018.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT
