Centrica to exit oil and gas production, Conn to go


Centrica has confirmed it will exit oil and gas exploration and production and that CEO Ian Conn will step down next year.

The group posted a statutory operating loss of £446m in H1 2019 compared to a statutory profit of £704m in H1 2018. Adjusted operating profit collapsed by 49 per cent to £399m. The consumer division took a £300m hit from the domestic price cap, with adjusted operating profit down 44 per cent to £240m. Centrica Business operating profit plummeted 89 per cent to £11m.

The company said it would focus on cutting costs to become the “lowest cost provider in all our markets” in a bid to remain competitive.

See the first half results here.

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