THE Trinity Exploration and Production run by North Sea veteran Bruce Dingwall returned to the black in the first half when the oil firm completed a refinancing directors believe has put it on a stable footing.
Trinidad-focused Trinity, which has a corporate development office in Edinburgh, made $1.9 million (£1.4m) operating profit before exceptionals in the six months to June, after losing $0.9m last time.
The company benefited from the increase in the crude price from the lows seen in the first half of 2016. It got an average $46.3 per barrel for its output, against $32.8/bbl last time. It said a fall in average production, to 2,397 barrels daily from 2,612 bod, reflected the natural decline in output from established fields.
Trinity recorded a $25.1m exceptional gain to reflect the impact of the arrangement reached with creditors in January, which ended a period of uncertainty. It had incurred hefty losses amid the crude price plunge.
Mr Dingwall said the company is focused on growing production while maintaining financial discipline.
Trinity plans to complete upgrade work which Mr Dingwall thinks could allow it to grow production to 3,000 bod soon.
He started Trinity after running Aberdeen-based Venture Production, which Centrica bought for £1.3 billion in 2009.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules here