Chrysaor and Premier Oil have issued their last sets of separate financial results ahead of completing their merger at the end of the month.
Both periods are for the 12 months to December 31, 2020.
Premier Oil took a $1.3billion loss (after tax) during 2020, compared to $164.3m profits the prior year.
The firm said this was mainly driven by one-off charges, including an $817m partial de-recognition of Premier’s UK ring fence tax losses, which are expected to be re-recognised once the Chrysaor merger completes.
Revenues were down 40% from $1.58bn in 2019 to $949.4bn, as lower production, coupled with vastly reduced oil prices, took its toll.
Pre-tax, Premier recorded losses of $605.3m.
Chairman Roy Franklin praised the work of former CEO Tony Durrant, who stepped down in December, looking forwards to the merged firm, Harbour Energy.
He said: “I, along with my fellow Directors, recognise the challenging circumstances and the personal impact on our employees that has resulted from the COVID‐19 pandemic and would like to take this opportunity to thank them for their continued dedication, hard work and support.”
Meanwhile Chrysaor issued its own set of results for 2020, showing losses of $778.4million for the year (pre-tax the figure is $977.7m), compared to $218.8m profits in 2019.
Impairment of assets, goodwill and exploration write-offs racked up, however revenues increased on 2019’s $2.35bn to $2.41bn.
CEO Phil Kirk said 2020 was a year of “extraordinary challenges and enormous change”.
Operational performance was “robust”, with production at 173,000 barrels of oil equivalent per day.
Meanwhile a “strong commodity hedge programme” supported those strong revenues, while the firm also progressed the integration of ConocoPhillips’ UK business.
Mr Kirk said: “Our first priority, through the coronavirus pandemic, has been the safety of our people and I would like to thank our staff, their families, partners, suppliers and contractors for the commitment they have shown through this period.”
Premier Oil and Chrysaor’s merger is due to complete on March 31.
Mr Kirk added: “I look forward to our, and our industry’s, next chapter and look back proudly at what we have achieved so far on our journey.”