September 16th, 2011
Global Energy Development is an international energy development company hat focuses on exploration and production in Latin America. The company has swung to a profit in the first half of 2011 thanks to higher oil prices and an increase in production. The company posted pre tax profits of 2.64 million pounds during this period as compared to a loss of 1.33 million pounds in the first half of last year.
Revenues increased to over 17 million pounds, up from 11 million pounds last year. Average gross production was up 15% to over 240,00 barrels in the first half of 2010, and average net profit per barrel rose to $61. According to executives at the company, the volatility in publicly traded oil markets can have a large impact on the operations of the company. They see the recent declines in oil price as a concern, although they believe that in the long run oil prices will rise based on strong fundamentals.