March 19, 2020 / 7:48 AM / in 22 days

Genel Energy expects spending to be $100 mln in 2020, posts annual profit

March 19 (Reuters) - Iraqi Kurdistan-focussed Genel Energy said on Thursday it expects capital expenditures to be about $100 million in 2020 based on current oil prices, as it posted an annual operating profit.

The company reported an operating profit of $132.3 million for the year ended Dec. 31, compared with a loss of $254.6 million a year earlier.

Genel, however, warned that the coronavirus pandemic was impacting its operations in the Kurdistan region.

Reporting by Shanima A in Bengaluru; Editing by Aditya Soni

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