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)
Recommended Reading
DUG Haynesville: Rockliff's Alan Smith Talks Future of Haynesville, LNG [WATCH]
2023-03-31 - Nissa Darbonne spoke with Alan Smith, president and CEO of Rockcliff Energy at Hart Energy's DUG Haynesville Conference in Shreveport about the future of LNG demand and exports and the Haynesville shale play.
Toby Rice: EQT Considers Own East Coast LNG [WATCH]
2023-03-17 - EQT President and CEO Toby Rice told Hart Energy in an exclusive interview at CERAWeek by S&P Global that the company has been considering its own LNG projects.
Q&A: Excelerate Energy’s Steven Kobos Talks LNG, Fuel-Switching and China
2023-03-20 - Steven Kobos, CEO of Houston-based Excelerate Energy, spoke with Hart Energy about the LNG industry in the aftermath of Russia’s invasion of Ukraine and why Chinese demand is the biggest outlier for 2023.
Chesapeake Intentionally Reducing Haynesville Gas Production, Rigs
2023-03-30 - The Oklahoma City-based E&P is intentionally letting Haynesville natural gas production fall off this year as the industry faces a volatile supply-demand imbalance.
International Players Eye Haynesville Potential Through M&A
2023-03-31 - Majors and IOCs flush with cash are eyeing the Haynesville, which could potentially gin up more M&A activity over coming years, Energy Advisors Group partner Adrian Goodisman said during Hart Energy’s DUG Haynesville conference in Shreveport, Louisiana.