Premier Oil Makes Annual Pre-Tax Loss Despite Cost Cuts, Higher Output

Reuters

LONDON, March 9 (Reuters) - North Sea focused Premier Oil missed analysts' annual profit forecasts as it made its third consecutive annual loss before tax despite a heavy squeeze in costs and higher production.

The oil producer, which has been trying to agree new lending terms with its creditors for nearly a year, reported an annual pre-tax loss of $390.6 million, compared with an $830 million loss in 2015 and analyst estimates of a $93 million profit.

Premier Oil said it expected to be net cashflow positive this year, however, and that refinancing talks were expected to end in late May after lenders and bondholders had signed off on new terms.

(Reporting by Karolin Schaps; editing by Jason Neely)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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