Dana Gas profit slashed

Dana Gas reported a net profit of $12 million for the first quarter ended March, down on $45 million in the same quarter last year.

First quarter group production remained strong, with the company delivering an average of 68,700 barrels of oil equivalent per day from its assets in Egypt and in the Kurdistan region of Iraq. Group production has remained stable on a year-on-year basis as the Q1 2014 production was at 68,800 boepd. The company continued to be profitable despite the significant fall in global energy prices, the difficult macroeconomic environment in Egypt and the unpredictable security environment in Iraq, the company said in a statement.

Dana Gas delivered gross revenues of $ 115 million in the first quarter, although this represents a year on year decline from $ 180 million in the same period last year, due to the impact of lower hydrocarbon prices. Group earnings before interest, tax, depreciation and amortization were US$ 55 million compared to $ 106 million in Q1 2014. Similarly, net profit was positive but also lower mainly due to lower hydrocarbon prices.

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Image: Dana Gas