Genel Energy expects lower spending in 2020, posts annual profit

(Reuters) - Iraqi Kurdistan-focussed Genel Energy said on Thursday capital expenditures can be reduced to as little as $60 million (52.18 million pounds) this year as it looks to combat a plunge in oil prices, while posting an annual operating profit.Based on current oil prices, Genel expects capital expenditure to be around $100 million in 2020, compared with $158.1 million last year. Shares of the London-listed company were 10.6% higher at 60.4 pence by 0845 GMT, marking their biggest..