Our KPIs
Net 2P reserves
Net 2P reserves of 82 MMbbls represent a reduction by 2024 production of the Tawke PSC*.
Definition
2P reserves are proved plus probable reserves.
Relevance to strategy
2P reserves underpin the production, cash generation and valuation of the Company.
Objective: enhance the value of our existing 2P reserves through active reservoir management and cost-effective development. In addition, add new 2P reserves through a combination of derisking contingent resource to commerciality, exploration of prospective resources, and through new business activity.
Performance
Genel's 2P working interest reserves totalled 82 MMbbls at the end of 2024. The Tawke PSC saw a revision to 2P reserves by 2024 production of 7.2 MMbbls on the Tawke PSC*.
*Subject to final confirmation of Tawke PSC Reserves and Resources by the Operator
Net production
Production increased by 60% compared to the previous year.
Definition
Production is average annual production measured in barrels of oil produced per day (bopd).
Relevance to strategy
Production from our fields is sold to generate revenue so is a key metric for measuring subsurface, operational, and investment success.
Objective: optimise reservoir performance through the lens of maximising cash generation and long-term value delivery.
Performance
Development of the domestic sales market has resulted in a significant increase in production from last year, which suffered from minimal production between the end of March and October following the suspension of exports. Despite the lack of access to exports impacting both volume demand and the drilling of new wells on the Tawke PSC, production was very stable and consistent in 2024, and maintained close to the exit rate from the previous year. This performance has been achieved through the successful delivery of an active well intervention and production management programme.
Free Cash Flow
Free cash flow of $20 million, from a $71 million outflow in the previous year.
Definition
Cash flow generated from operating activities, minus capital expenditure.
Relevance to strategy
Free cash flow drives value delivery by providing funding required to deliver shareholder value through investment and the payment of dividends.
Objective: deliver resilient, sustainable free cash flow that provides funding for investment and the payment of dividends.
Performance
Both production and realised price per barrel continue to be significantly impacted by the suspension of exports, with realised price per barrel of $35/bbl being about half of what we would expect to achieve when exporting. This means that revenue generation and free cash flow continues to be significantly impacted adversely. Through disciplined and determined actions, cessation of unprofitable activity, cost reductions, and positive management of working capital balances, the Company has generated free cash flow of $20 million. A significant improvement from the prior year, when there was a cash outflow of $71 million.
Dividends announced
Genel did not announce a dividend in the 2024 financial year.
Definition
The combined total distribution of the final and interim dividends announced in the calendar year.
Relevance to strategy
Dividends are an important component of our strategy for delivery of shareholder value.
Objective: to build a business with resilient and diversified cash flows that support payment of a regular dividend.
Performance
The Company's dividend programme paid over $200 million of dividends (72p per share) between its first distribution in the first half of 2019 to its most recent distribution in the first half of 2023, when dividends were suspended following the suspension of exports in March of that year. The Company is focused on diversifying and expanding the resilience of its cash generation in order to restart the payment of a regular dividend.
Lost time incidents
Zero LTIs were recorded in 2024.
Definition
Lost time incident frequency measures the number of lost time incidents per million work hours. A lost time incident results from the occurrence of a Lost Time Injury ('LTI').
Relevance to strategy
The safety of our workforce remains critical to Genel's success. Genel is committed to safe and reliable operations across our portfolio, aiming for no lost time incidents.
Objective: in pursuit of safe business practices, we set ourselves a lost time incident frequency target of zero.
Performance
Zero LTIs recorded in 2024. Over four-and-a-half million work hours have been recorded since the last LTI.
SPILLS – LOSS OF PRIMARY CONTAINMENT
Zero LOPC occurrences were recorded in 2024.
Definition
Loss of Primary Containment ('LOPC') refers to any unplanned or uncontrolled release of material from its primary containment. For example, potentially harmful or hazardous substances or products being unexpectedly released from a pipeline, vessel, or tank.
Relevance to strategy
Part of our commitment to being a sustainable business relies on minimising impact to the natural environment from our operations. As such, asset integrity is a priority for Genel which allows for continuous safe operations and which also mitigates potential impact to the environment.
Objective: safe operations with zero LOPC occurrences.
Performance
The zero LOPCs recorded in 2024 represents seven consecutive years of zero LOPCs.