Key performance indicators (‘KPIs’) provide measurable benchmarks that allow stakeholders to assess strategic progress and the health of a company. Our revised KPIs offer a clear view of how well Serica is achieving its goals, and sum up progress in core areas at a glance.
Production
27,600
(boepd)
Definition
Production is measured in barrels of oil equivalent produced per day, with gas production converted accordingly.
Relevance
Production from Serica fields constitutes the source of all revenue generation, and illustrates both the subsurface and facilities performance. Serica aims to maximise production through targeting drilling and facilities optimisation, while also seeking value additive production growth through M&A.
Reserves and resources
220
(mmboe)
Definition
Comprises proven and probable reserves (2P) and the best estimate of contingent resources (2C).
Relevance
Illustrates long-term sustainability of Serica’s production, and potential within the portfolio. Serica aims to extend the life of mature hydrocarbon fields through utilising our subsurface expertise to convert resources to reserves, and maximise life of field production. The Company also aims to add barrels through acquisition.
Cash flow from operations after tax
180
($ million)
Definition
Cash generated from operations, less current tax.
Relevance
Illustrates Serica’s operational cash flow and financial performance in a high-tax and volatile environment, representative of the cash generation of the business prior to discretionary decisions regarding capital allocation.
Shareholder returns
85
($ million)
Definition
Return of capital to shareholders via dividends paid in the calendar year, and share buy-backs.
Relevance
Serica aims to offer shareholder a mix of growth and returns, and is committed to returning value to shareholders through a reliable and sustainable dividend, supplemented by share buy-backs. The level of returns illustrates underlying performance and cash flow prospects.
Lost time incident rate
4.1
(per million hours)
Definition
Any work-related injury at operations under the direct control of Serica’s management system which results in a person being unfit for work on any day after the day of occurrence, measured in number of LTIs per million man hours worked.
Relevance
HSE is of primary importance to Serica, and the Company aims for continuous improvement of our HSE performance, providing a safe working environment for our staff.
Carbon intensity
19.6
(kgCO2/boe)
Definition
The amount of CO2 emitted per unit of hydrocarbon produced, reported as kilograms of CO2 per barrel of oil equivalent (boe) exported from the Bruce platform.
Relevance
Serica contributes responsibly towards meeting the UK’s energy needs through the energy transition, producing oil and gas with emissions below the North Sea average. For 2025, the company has set a net producing portfolio target of <20 kgCO2/boe.
