Sound financial management is crucial to planning and executing our strategy of steady, long-term growth.
Perenco's performance has remained strong for more than a decade, generating substantial increases in asset value. Growth was achieved through acquisitions and investments funded largely from cash generated by operations.
Stable oil and gas prices of 2012, combined with an increased production, generated a strong cash flow and net profit . Production has increased through investment in development projects and by acquisition of additional reserves.
In 2012, revenues amounted to US$5.9bn for a net production of 173,556 barrels equivalent per day. The investments in exploration and development amounted to a record US$1.2bn.
At the end of 2012, a strong overall balance sheet, with solid cash balance and a very low debt/equity ratio, left Perenco in an excellent position to fund its diversified exploration portfolio, large development projects, ongoing operations and external growth.
Perenco's accounts are audited annually by Deloitte & Touche, London.