Senex Energy Limited (ASX:SXY) has affirmed its annual production guidance, reported a fall in quarterly output and sales and cut its capital expenditure by 20 per cent.
The oil and gas company’s output fell 5.3 per cent to 0.36 million barrels of oil equivalent in the December quarter and sales revenue dropped 33.5 per cent to $28.2 million.
Senex believes the quarter was characterised by energy market volatility and materially lower oil prices but the company says it took action to maintain its strong funding position.
Senex has now scaled back its annual CAPEX to between $85 million and $90 million, implemented cost savings and secured a floor price for oil sales for the second half of the 2015 financial year.
Senex Energy reported a net profit of $37.89 million in the 2014 financial year.
