Abu Dhabi National Energy Co. (TAQA), the state-controlled oil explorer and power supplier, reported a full-year loss of 18.55 billion dirhams (US$5.05 billion) for 2016 on March 30.

The net loss was largely fueled by a 16.9 billion dirham post-tax impairment related to its oil and gas assets due to the lower commodity price environment, TAQA said in a statement.

TAQA, 75% owned by the government of Abu Dhabi, recorded a net loss of 1.8 billion dirhams for the previous year. It did not provide a quarterly earnings breakdown for 2016.

Like most global oil firms, TAQA has been under pressure because of the drop in oil prices. The company has reported losses in the preceding six quarters.

TAQA has embarked on a major cost-cutting program, which reportedly generated 13.2 billion in cost savings over the past two years.

Annual revenue fell 17% to 16.1 billion dirhams, which TAQA said was largely due to lower commodity prices and volumes.

Oil production fell to 137,300 barrels of oil equivalent per day (boed), a decrease of 5% compared to 2015.

TAQA said its Iraq project--the 30 Mboed Kurdistan Atrush facility--is on track with first oil expected this year.

In October, Taqa raised US$750 million, tapping its US$1 billion 2021 and 2026 bonds issued in June.

(US$1 = 3.6726 UAE dirham)