In today’s briefing:
- Rex 1H22 Results: All Eyes on Recovery in Oman; Trading on 8.3% Dividend Yield
Rex 1H22 Results: All Eyes on Recovery in Oman; Trading on 8.3% Dividend Yield
- Rex reported a disappointing set of results mainly due to continued struggles in Oman. While Oman production was well over 10K bpd in 1H21 it deteriorated every month in 1H22.
- Revenue was 99.45M USD (+31%) but we estimate it would have been closer to 149M USD if the Yumna field wouldn’t have stopped producing for almost 70 days in 1H22.
- YTD stock is -23% and can only reverse if management proves Oman is ready to rebound. Dividend payments will start on a quarterly basis as of October 2022.
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