Cooper Energy share price spikes following FY22 results and update

Cooper Energy posts earnings today.

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Key points

  • Cooper Energy shares are lifting in early trade on Monday 
  • The moves come after it posted FY22 earnings, with a record set of results 
  • In the past 12 months, the Cooper Energy share price has gained 20% 

The Cooper Energy Ltd (ASX: COE) share price is trading 3% higher on Monday following the release of its financial results for the 12 months ended 30 June 2022.

At the time of writing, the share is fetching 23.3 cents apiece, down from its 52-week closing high of 59 cents in January.

Cooper Energy share price lifts on FY22 results

Key takeouts from the period include:

  • Revenue up 56% year on year to $205.4 million
  • Underlying EBITDA (excluding exploration) also gained 169% from the previous year to $80.7 million
  • Underlying net profit after tax of $14.4 million, up from a $25.9 million loss in FY21
  • Balance sheet with more liquidity after $244 million equity raise and new $420 million debt facility established
  • Guidance of 50% EBITDA growth "at the lower end" before exploration costs

What else happened during this period for Cooper Energy?

It was a year of records for Cooper Energy, with the company scoring its largest year of production, revenue, EBITDA and underlying profit.

Full-year production came into 3.31 million barrels of oil equivalent (MMboe), whereas revenue was up 56% year on year.

It also saw a large swing in NPAT from a $26 million loss in FY21 to a $14 million return to the black this year.

Cooper Energy also made the claim to be Australia's "first net zero gas and oil producer", in its announcement.

Management commentary

Speaking on the announcement, Cooper Energy managing director, David Maxwell said:

[T]he business imperatives achieved in FY22, and the supply of increasing gas volumes to the Australian East Coast domestic gas market, underpin the significant contrast to where the business was 12 months ago.

FY22 was a transformative year for Cooper Energy. We are positioned as a competitive integrated
business operating our two integrated gas hubs, with the commensurate step change in cash generation for future growth.

What's next for Cooper Energy?

The company is forecasting a 12–21% increase in production for FY23, calling for 3.7–4MMBoe in the 12 months.

This calls for an underlying EBITDA of $120–$180 million, a gain of 49–86%, whereas capital expenditures are projected to land between $28–$33 million.

In the past 12 months, the Cooper Energy share price has gained 20%.

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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