Private equity-backed Neptune Energy expects output to slip to 155,000 barrels of oil equivalent per day (boe/d) this year, the company said on May 29, as it reported operating cash flow of $362.3 million for the first quarter.

The company produced 162,000 boe/d in 2018 and in the fourth quarter reported an operating cash flow of $416 million.

Neptune, which is backed by Carlyle Group and CVC Capital Partners and has liquidity of about $1.3 billion, is one of a handful of U.K.-based private-equity backed energy groups industry sources expect to eventually list.

It produces in Norway, the Netherlands, Britain, Germany, North Africa and in the Asia Pacific.

Last year, Neptune bought Norwegian and Danish offshore oil and gas assets from German gas utility VNG. In 2017 it acquired the oil and gas unit of France’s Engie for $3.9 billion.

As of the end of March, Neptune said it had hedged about 55% of its output for this year with an average floor price of $58 per barrel and $61 for next year, for which it has hedged about 39% of its output.

It has a ceiling in place for the hedges at $71 per barrel this year and $78 for 2020.