Dana reports 64% jump in profit in January-September
Abu Dhabi-based Dana Gas reported a net profit of $161mn in the first nine months of 2022, up 64% year/year owing to higher realised commodity prices and lower operational costs, it said on November 9.
The company’s 9M revenues increased 24% yr/yr to $415mn while operating costs declined by 7% yr/yr. Dana's realised prices for the first nine months averaged $85/b for condensate and $43/boe for LPG compared to $51/b and $34/boe respectively in 9M 2021.
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In the first nine months, production in the Kurdistan Region of Iraq increased 1% yr/yr and at the beginning of the fourth quarter, production capacity increased at the Khor Mor gas plant by 50mn ft3/d to 500mn ft3/d following the successful completion of further plant de-bottlenecking enhancements.
The group’s overall production in 9M 2022 was 60,600 boe/d, a 4% reduction from 63,200 boe/d in 9M 2021. This was due to a 10% production drop in Egypt, mainly as a result of natural field declines. Production output in the KRI increased slightly with production averaging 34,300 boe/d versus 34,000 boe/d last year.