By an OGJ Online Correspondent
CALGARY, Feb. 26�Hurricane Hydrocarbons Ltd., Calgary, reports its net income in 2000 was $155 million (US), more than 18 times 1999's net income.
The company, which produces and refines crude oil in Kazakhstan, attributed the gains to acquisition of the 160,000-b/d Shymkent refinery, which processes its crude, and to a favorable international price environment.
Hurricane also reported gross revenue increased by a factor of 3.4 to $523 million, and cash flow increased by a factor of 10.5 to $179 million.
The company reported average yearly production increased 30% in 2000 to 84,090 b/d and reserves 6% to 487 million bbl, replacing 190% of 2000 production.
Hurricane plans to increase production in 2000 by 30% to average 109,000 b/d and has a $180 million budget in 2001 for pipeline construction, facilities, and field development.
