OUR KPIs
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 (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 the performance of both the subsurface and facilities.
Performance in 2024
While the first few months of 2024 saw robust production, issues with the gas compressor at Triton resulted in downtime in both May and the second half of the year. This reduced operational efficiency outside planned maintenance at Triton to 58% from 80% in 2023. Pump failure at the Bruce Hub in Q4 also impacted the overall production figure, and resulted in a decline year-on-year despite positive early results from the Triton drilling programme.
Reserves and resources (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 identify resources and then convert them to reserves, maximising life of field production. The Company also aims to add barrels through acquisition.
Performance in 2024
Serica’s assets contain 117.5 mmboe of oil and gas 2P reserves net to the Company as of 31 December 2024, with a broadly even split between oil and gas. The reduction in reserves reflects production of 12.0 mmboe in 2024, as well as the result of a reassessment of well performance and opportunities across the portfolio, notably reserves relating to the potential SCE/SCW infill wells on BKR reducing by 9.5 mmboe. With the addition of 30 mmboe from The Greater Buchan Area, and other prospects across the portfolio being high-graded, 2C resources increased significantly from 21.5 mmboe to 88.7 mmboe.
Cash flow from operations after tax ($ million)
Definition
Cash generated from operations, less current tax, excluding adjustments in respect of prior years.
Relevance
Illustrates Serica’s operational cash flow and financial performance in a high-tax environment, representative of the cash generation of the business prior to discretionary decisions regarding capital allocation.
Performance in 2024
Despite operational issues at the Triton FPSO impacting production and revenues, cash flow from operations after tax increased on the prior year to $403 million in 2024, as a result of a significantly lower current tax charge in 2024 due to group relief effects resulting from the Q4 Triton performance.
Shareholder returns ($ million)
Definition
Return of capital to shareholders via dividends attributable to the calendar year, and share buy-backs.
Relevance
Serica aims to offer shareholders 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.
Performance in 2024
Serica announced a 2024 final dividend of 10 pence per share, equating to an estimated $50 million. This reflects confidence in future cash flows, while prudently rebalancing our capital allocation approach to give us increased flexibility over the medium-term to allocate capital to the areas where it will deliver best value for shareholders. The adjustment will allow us to invest in the exciting drilling and development programmes in our portfolio and be opportunistic in accretive M&A, all while retaining our highly competitive shareholder distributions.
Lost time incident rate (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.
Performance in 2024
We were pleased to report another year meeting our aim of zero LTIs. This does not mean that we are complacent, and Serica has put in place and is already activating a detailed Process Safety Improvement Plan for 2025.
Carbon intensity (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.
Performance in 2024
Scope 1 emissions from the Bruce installation totalled 200,221 tonnes of CO2, the lowest level of operating emissions over the last six years, except for 2023, when an extended summer shutdown for planned maintenance caused a significant drop. An ambitious carbon intensity target of 15.5 kg CO2/boe for the Bruce installation in 2024 was narrowly missed due to plant instability in the latter half of the year, with the carbon intensity being 17.0 kgCO2/boe, still below the UKCS average of 21 kg CO2/boe (NSTA).
