Taqa reaches five-fold rise Q1 profits
Posted: 06 May 2008
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The Abu Dhabi National Energy Company (Taqa) has reported a net profit of Dh 397.6 million during the first three months of 2008, a figure more than five times higher than its Dh 3.6 million in the same period in 2007.
Revenues surged to Dh 3.97 billion from Dh 1.05 billion a year earlier, with revenues from oil and gas for the first time surpassing those from the company’s traditional electricity and water business.
Upstream activity generated revenues of Dh 2.1 billion (including gas storage), 53% of total revenues and 58% of the total segment net profit, the company said.
The results reflect a number of recent acquisitions, including Taqa's purchase of substantial oil and gas producing assets in Canada.
Total production was 10.2 million barrels of oil equivalent in 2008 first quarter between Canadian asset Taqa North (8.1 million boe) while European assets Taqa Energy and Taqa Bratani (2.1 million boe).
Average net realised price of crude oil sold was $83 per barrel for Taqa North in Canada and $101 per barrel in Europe for Taqa Energy and Taqa Bratani. The average price for the total production in Canada and Europe was $87 per barrel, the company reported.
The company has recorded a total average daily oil and gas production at 112.3 thousand boe per day in the 2008 first quarter.
“The results for the first quarter of 2008 tell a very different story to that of Q1’07due to the acquisitions made during the year,” said Peter Barker-Homek, chief executive officer of Taqa.
During 2007, Taqa made strategic acquisitions that have transformed it into a global energy company comprised of quality energy assets. Today, Taqa operates in nine countries, and employs 2,800 people who come from 38 different nations.
“Integration has been a major focus for the quarter, and for the first time we can begin to see the impact of the acquisitions we have made in the last year, including PrimeWest, the company’s largest acquisition to date,” Barker-Homek added.
Taqa completed its Cdn $5 billion acquisition of PrimeWest Energy Trust in January 2008. The company said now maintains a position as one of Canada’s top ten energy companies in terms of net proven natural gas reserves and in the top 12 in terms of oil and gas production. |
