Neptune Energy Announces 'Strong' Q1 2020 Results
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Neptune Energy (Neptune E&P UK Ltd)
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Neptune Energy (Neptune E&P UK Ltd)
27 May 2020
Neptune Energy today announced its financial results for Q1 of 2020.
Neptune Chief Executive Officer, Jim House said: "Despite the challenges posed by the COVID-19 pandemic, Neptune’s operational performance in the first quarter of the year was strong. Our resilience plan and hedging activity mitigated weaker commodity prices, resulting in a robust financial performance.
"We have taken decisive action across the business to increase liquidity and reduce cost, while preserving long-term value. We continue to review our business to identify opportunities to reduce operating expenditure further and focus on value over volume.
"The second quarter of the year is likely to be more challenging and we expect production to be lower, reflecting planned maintenance and development-related shutdowns and weaker commodity prices.
"We remain mindful of the impact of the pandemic and have put in place measures to support our people, our suppliers and the communities in which we operate.”
