Engie’s LNG profit drops

France’s Engie, previously known as GDF Suez, said its Global Gas & LNG business line revenues were at EUR 1,08 billion in the first quarter, down 34.6 percent on a gross basis versus end of March 2014.

This decrease is explained by the drop in oil and gas price, but also by the strong decrease of the LNG activity in volumes and prices on European and Asian markets, Engie said in its first quarter report on Monday.

Total hydrocarbon production at the end of March was up by 1.3 Mboe (14.0 Mboe versus 12.7 Mboe at the end of March 2014) thanks to contributions coming from fields commissioned in 2014, Juliet in the UK, Amstel in the Netherlands and Gudrun in Norway.

Engie’s total revenues as of March 31 were EUR 22,073 million, down 3 percent as compared to the year before.

EBITDA for the period was EUR 3,557 million, down 10.4 percent. This was due to drop in oil and gas price, exploration-production activities and on LNG sales, and by the unavailability of Doel 3 and Tihange 2 nuclear plants, Engie said.

LNG World News Staff; Image: Elengy