Dong Energy Expects Positive Cash Flow from Oil, Gas in 2017

Reuters

Feb 4 (Reuters) – Denmark's Dong Energy, which confirmed plans to press ahead with an initial public offering, expects positive cash flows from its struggling oil and gas division in 2017, its chief executive said on Thursday.

"We expect to have a positive cash flow from oil and gas in 2017," Dong's Chief Executive Henrik Poulsen said during a conference call, adding that earnings before interest, taxes, depreciation and amortisation (EBITDA) were expected to be significantly lower this year than in 2015.

Dong took a 15.2 billion Danish crowns ($2.3 billion) charge against its oil and gas assets in 2015 due to low oil and gas prices.

He also said Dong expected to start gas production from Britain's Laggan Tormore field in the first quarter of this year, but its Danish Hejre oil field will not start producing in 2017 as previously expected.

($1 = 6.6879 Danish crowns)

(Reporting by Nerijus Adomaitis in Oslo; editing by David Clarke)

 

Copyright 2016 Thomson Reuters. Click for Restrictions.

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