Dana Gas revealed its preliminary un-audited results for the year ended 31 December 2014.
The company saw full year gross revenue reach US$ 683 million (AED 2.50 bn), a 5% annual increase despite a sharp fall in oil prices during the second half of 2014. This revenue increase was predominantly due to higher production from Egypt and the Kurdistan Region of Iraq. Production in Egypt rose 9% to 14.6 million barrels of oil equivalent (boe) and KRI production increased 3% to 10.4 million boe, boosting overall group production by 6% to 25.1 million boe in 2014, Dana Gas said in a statement.
Operating profits were US$ 10 million (AED 37 million) higher in 2014 as compared to 2013. The company posted a lower net profit of US$ 125 million (AED 457 million). This was mainly due to falling oil prices in the 3rd and 4th quarters of the year. In 2013, the company posted a net profit of US$ 156 million (AED 571 million), enhanced by a one-off gain of US$ 39 million (AED 143 million) from the sale of MOL shares. On a quarterly basis, Q4 2014 revenue was US$ 142 million (AED 521 million) with net loss US$ 4 million (AED 15 million) as compared to US$ 186 million (AED 682 million) and net profit of US$ 35 million (AED 128 million), respectively in Q4 2013. The net loss during the quarter was primarily due to lower realized hydrocarbon prices and recognition of an impairment charge.
As of 31 December 2014, Dana Gas had collected cash of US$ 163 million (AED 597 million) from Egypt, excluding $ 47 million of offsets against Block 6 signature bonus and accounts payable. The company was also able to commence direct, local sale of condensate and LPG in the KRI, resulting in US$ 34 million (AED 125 million) of collections. Cash balance at year end stood at US$ 184 million (AED 674 million).
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Image: Dana Gas