lunes, 12 de junio de 2017

Cuadrilla’s cuts costs to stem losses as shale project faces further opposition

The Preston New Road Action Group has been granted the right to appeal Cuadrilla's plans to frack in Lancashire

The Telegraph
By  Jillian Ambrose
11 JUNE 2017

Cuadrilla has cut deep into its spending and reduced its workforce by a fifth to stem its mounting losses as it faces yet further delay to its flagship shale fracking project.

The slow progress of the UK’s shale industry in recent years has saddled parent company Cuadrilla Resources Holdings with successive multi-million dollar annual losses as it waits for shale gas revenues to offset its ongoing operational costs.

The fracking company had hoped for a reversal of fortunes after its opponents lost a High Court legal challenge against the Preston new Road project earlier this year. But late last week the Preston New Road Action Group was granted the right to appeal the decision, reopening the possibility of further delay to an income stream for Cuadrilla.

The company’s latest financial result shows it managed to narrow losses to $11.54m last year from $17.7m in 2015 by cutting $5.5m from its operating and administrative expenses, which include staffing and overheads and the costs of the planning process, to $11.7m last year.

The efforts include reducing the number of directors from three to two and cutting the overall headcount by a fifth to 23 Lancashire-based staff….

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