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    CNA   GB00B033F229

CENTRICA PLC

(CNA)
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Centrica to Sell Spirit Energy's Oil & Gas Assets in Norway

12/08/2021 | 02:44am EST

By Jaime Llinares Taboada

Centrica PLC said Wednesday that it has agreed to the sale of Spirit Energy's oil-and-gas assets in Norway to Equinor ASA and Sval Energi AS for $1.08 billion.

Centrica, which owns 69% of Spirit Energy, said that the deal will also include a deferred commodity price-linked payment, and that the buyers will be transferred all 830 million pounds ($1.10 million) of decommissioning liabilities.

"We are pleased to continue to bring focus to Centrica's portfolio with these transactions, which are aligned with our strategy to reduce our exposure to carbon-intensive oil-and-gas exploration and production in a way that maximizes shareholder value," Centrica's Chief Executive Chris O'Shea said.

The deal is expected to be completed in the second quarter of 2022.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

12-08-21 0244ET

Stocks mentioned in the article
ChangeLast1st jan.
CENTRICA PLC -2.59% 69.12 Delayed Quote.-0.67%
EQUINOR ASA 1.05% 249.85 Real-time Quote.4.77%
WTI -1.03% 84.951 Delayed Quote.11.56%
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Analyst Recommendations on CENTRICA PLC
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Financials
Sales 2021 15 961 M 21 588 M 21 588 M
Net income 2021 363 M 491 M 491 M
Net Debt 2021 719 M 973 M 973 M
P/E ratio 2021 10,7x
Yield 2021 2,50%
Capitalization 4 135 M 5 606 M 5 592 M
EV / Sales 2021 0,30x
EV / Sales 2022 0,28x
Nbr of Employees 19 711
Free-Float -
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Mean consensus OUTPERFORM
Number of Analysts 17
Last Close Price 71,02 GBX
Average target price 79,63 GBX
Spread / Average Target 12,1%
EPS Revisions
Managers and Directors
Christopher OĺShea Group Chief Executive Officer & Executive Director
Katherine Beresford Ringrose Group Chief Financial Officer & Executive Director
Jonathan Scott Wheway Chairman
Chetan Ghosh Chief Investment Officer
Stephen Alan Michael Hester Senior Independent Director
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