Taqa up oil production & confirm $163mn net income
Production increases to 158,500 barrels of oil equivalent per day
TAQA, the Abu Dhabi National Energy Company, generated net income of $163mn and reduced its debt by over $816mn during the first nine months of 2014.
TAQA’s oil and gas production averaged a new record level of 158,500 barrels of oil equivalent per day during the nine month period, up 17% compared to the first nine months of 2013. The company increased its power generation capacity by 700 megawatt (MW) to 17,095 MW following the expansion of the Jorf Lasfar power station in Morocco.
Greater focus on managing costs and achieving greater business efficiencies resulted in a 9% reduction in general and administrative costs and reduced unit operating costs in our UK and North American businesses.
Higher production levels and increased operational efficiencies supported by higher oil and gas prices raised underlying revenues by 14% to 16,886 million dirhams, and resulted in a record EBITDA of 11,446 million dirhams, up 21% against the same period in 2013.
TAQA’s net income after minority interests was $168 mn, up from $21mn in the first nine months of 2013.