UAE Energy Firm TAQA Posts Wider Q3 Loss On Oil Price Slump

Reuters

DUBAI, Nov 9 (Reuters) - Abu Dhabi National Energy Co (TAQA), the state-owned oil explorer and power supplier, reported on Wednesday a wider loss for the third quarter caused by the drop in oil prices.

TAQA, majority-owned by Abu Dhabi's government, made a net loss attributable to equity holders of 524 million dirhams ($143 million) in the three months ended Sept. 30, according to a bourse filing.

This compares with a net loss of 416 million dirhams in the previous-year period.

Like most global oil firms, TAQA has struggled in recent quarters against a backdrop of lower oil prices, reporting losses in the preceding five quarters.

This comes despite a heavy cost-cutting program instigated by the company. It said in August it had made more than 6.5 billion dirhams of cash cost and capital expenditure savings under a transformation program that was launched in 2015.

Revenues from oil and gas amounted to 1.18 billion dirhams in the three months, that ended on Sept. 30, compared with about 1.49 billion dirhams in the same period a year earlier.

Total revenue fell to 4.2 billion dirhams, from 4.83 billion dirhams in the corresponding period of last year.

Oil and gas production fell 1.9 percent year-on-year to 142,200 barrels of oil equivalent per day during the first nine months of 2016, which the company attributed to the result of capital expenditure reductions and the shut-in of the non-operated Brae Alpha platform in the first quarter.

(Reporting by Davide Barbuscia; Editing by Sherry Jacob-Phillips)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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