Genel Energy Reports 2024 Results Highlighting Positive Cash Flow and Diversification Efforts

Genel Energy has released its audited financial results for 2024, demonstrating progress in cash flow generation and strategic diversification. The company shifted from cash outflow in 2023 to a positive cash flow in 2024, with cash from the Tawke PSC covering organizational costs. Genel also expanded into Oman through an interest in Block 54, marking a step towards diversification.

The average production increased by 58% to 19,650 bopd. Revenue was $74.7 million, with production costs of $17.6 million. Despite an operating loss of $52.4 million, strong cash flow from operations and reduced capital expenditure led to a $19.6 million free cash flow.

Genel plans to maintain a strong balance sheet and expand assets in Oman and other regions in 2025. The company aims to resume exports from the Kurdistan Region of Iraq to international markets, seeking to boost revenues and recover amounts owed by the Kurdistan Regional Government.