HIGHLIGHTS
Operational
Upstream:40% production decrease, 26,775boe/day compared to 44,550boe/day (FYE 2020) Oil production of 8,849bbls/day (vs 15,912bbls/day in FYE 2020)
Natural Gas production of 16,227boe/day (vs 26,881boe/day in FYE 2020)
NGL production of 1,699bbls/day (vs 1,757bbls/day in FYE 2020)
Downsttream: 8% increase in traded crude oil volumes of 17.4 million (vs 16.1 million in FYE 2020) 39% increase in traded refined petroleum products (962,370 MT compared to 694,653 MT in FYE 2020)
Financial 68% Turnover increase, N803.5 billion compared to N477.1 billion (FYE 2020) Profit-After-Tax of N32.9 billion compared to Loss-After-Tax of N140.7 billion (FYE 2020) 10% Total Group Borrowings increase, N460.8 billion compared to N419.6 billion (FYE 2020)
Commenting on the results,
Although a surge in militancy and sabotage activities across the
Moving forward, we remain committed to driving growth within our upstream and trading businesses, whilst simultaneously diversifying our portfolio by investing in non-fossil and climate friendly energy solutions through
We will continue to update our esteemed shareholders as progressive developments are made in the coming year'
Operating Profit
The Operating Profit of N78.8 billion in 2021 was driven by higher revenue as well as a reversal of asset impairments totalling N104.9 billion largely due to the following:
Reversal of Impairment of Non-Current Receivables: Following the recovery of a longstanding receivable, impaired in prior years due to uncertainty around its collectability, the impairment provision has now been reversed to the tune of N30.4 billion.
Reversal of Impairment of Trade and Other Receivables: This relates to reversal of impairment provisions to the tune of N73.9 billion, made in prior years on a receivable due from a third-party following reduction in said receivables.
Profit-After-Tax
The Profit-After-Tax for FYE 2021 of N32.9 billion was driven primarily by a higher operating profit, as well as a 374% increase in Finance Income to N44.1 billion (compared to N9.3 billion in 2020).
Total Borrowings
Total Borrowings increased by 10% to N460.8 billion (compared to N419.6 billion in FYE 2020).
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