Genel Energy expects spending to be $100 million in 2020, posts annual profit
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(Reuters) - Iraqi Kurdistan-focussed Genel Energy said on Thursday it expects capital expenditures to be about $100 million (86.97 million pounds) in 2020 based on current oil prices, as it posted an annual operating profit. The company reported an operating profit of $132.3 million for the year ended Dec. 31, compared with a loss of $254.6 million a year earlier. Genel, however, warned that the coronavirus pandemic was impacting its operations in the Kurdistan region.