Oil producer Capricorn Energy swung to an annual pre-tax loss on Thursday, after it took a $10.6 million impairment charge for its Egyptian joint venture.
The Egypt-focused firm took the charge after an assessment of its Alam El Shawish West JV with Cheiron Oil & Gas showed reduced future production.
Capricorn, which reaffirmed its 2026 production forecast, said it was monitoring the Middle East conflict. It did not flag any immediate impact but said it was prepared to adjust its operations if needed.
The company posted a loss before tax from continuing operations of $4.6 million for the year ended December 31, 2025, compared to a profit of $13.9 million reported the year earlier.
It made $134.9 million in annual revenue, down from $147.8 million a year earlier, but higher than analysts' expectations of $129.6 million, according to LSEG estimates.
(Reuters - Reporting by Ankita Bora and Prerna Bedi in Bengaluru; Editing by Subhranshu Sahu and Sumana Nandy)