Yet again, AWE has reported awful profits. Production numbers were good – down 14% because of shut downs at the BassGas project – and revenue fell just 8% for the past six months, which isn’t bad in the light of slumping oil prices and lower output. Yet add in high operating costs, high depreciation, amortisation and interest charges, and there was no profit left. The business actually lost $14m for the half.
That’s not even counting over $90m of impairments due to falling oil prices. Worst of all, consistently poor results aren’t expected to improve within the next two years.