Centrica

Printable company profile from OilVoice

Address
1st Floor
Charter House
50 Windsor Road
Slough
UK
Tel +44 (0)1753 494000
Fax +44 (0)1753 494001
Web http://www.centrica.co.uk
Email edward.bassett@centrica.com

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Future Plans

The markets in which Centrica operate are changing. As gas demand increases globally, UK Continental Shelf production is in decline and new sources of gas will be required to fill the supply gap. The sourcing of gas is becoming a global business. Strategic infrastructure will become increasingly important. And because the market is changing Centrica see the need to evolve in order to remain competitive. The company plan to secure competitive gas and power for their downstream customer supply businesses by continuing with an 'asset right' approach that achieves the right blend of their own assets, long-term contracts and short-term trading. Centrica has acquired exploration interests in Norway, the UK, Egypt and Trinidad, as part of its strategy to widen its search for new supplies for its British Gas customers. It also holds two operating licences in Nigeria.

Production

2006 operating profit was down 15% to £864 million (2005: £1,020 million) due to a 37% reduction in gas volumes partially offset by a 35% increase in selling price. The 51% reduction in Morecambe production volumes was due to management decisions to carry out remedial work on South Morecambe's cooler units during an extended summer maintenance period and our decision to switch off the field in response to low intraday gas prices especially in the fourth quarter of the year. This was partially offset by a 16% increase in other production volumes mainly due to the full year effect of Centrica's 2005 acquisition of the Kerr McGee fields and the acquisition of an increased share in the Statfjord field. These fields contributed to the 47% increase in oil and condensates production which reached 5.6 million barrels of oil equivalent (MBOE) (2005: 3.8 MBOE) with average selling prices of £34/BOE (2005: £29/BOE). The 36% increase in variable production costs is due to the increased proportion of volumes from the newer fields where depreciation levels are higher.

Who's Who

Roger Carr
Chairman
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Sam Laidlaw
Chief Executive
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Helen Alexander CBE
Non-Executive Director
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Phil Bentley
Group Finance Director
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Mary Francis
Senior Independent Non-Executive Director
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Andrew Mackenzie
Non-Executive Director
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Paul Rayner
Non-Executive Director
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Jake Ulrich
Managing Director, Centrica Energy
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Paul Walsh
Non-Executive Director
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Offices

United Kingdom
Head Office
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