Enterprise Oil unveils record results
Enterprise Oil has become the latest oil company to reveal record results.
The company has reported a record post-tax profit of £529m for 2000 as it expanded its international operations.
Four new fields were brought on stream during 2000 as production averaged 280,563 barrels of oil per day, the group's highest to date and 31% greater than 1999.
There was also exploration of new oil supplies in the UK, Ireland, Norway, the US Gulf of Mexico and Brazil.
Profit before tax in 2000 was nearly £1.1bn, a massive increase from the £289.2m recorded the year before.
The figures confirm that the oil companies had an incredibly successful 2000, which has prompted protests from lorry drivers who have denounced their 'mind-boggling' profits.
In February, BP Amoco announced that it made nearly £10bn during 2000, only days after Shell revealed that its earnings last year were £9bn.
Enterprise Oil's chairman Sir Graham Hearne says: "In 2000 we achieved record turnover, profits, production and reserves. The year was marked by operational success in the group's existing core areas and by significant progress in developing new core areas with future growth potential.
"Enterprise's outstanding performance in 2000 demonstrates its ability to generate both growth and returns."
Earnings per share were 106.9p, compared with 34.8 p in 1999, and the full-year dividend is 8p, against 7.3p the year before. Analysts say the company is doing so well that it could be a takeover target.
