Dana Gas posts an 85% slump in Q2 2015 profit
Dana Gas reported an 85% plunge in its second-quarter profit as production declined and prices dropped. Q2 Net result fell to US$6.8M from US$46M a year earlier. The production fell by 9%, led by an 18% drop in Egypt.Dana's Egyptian unit delivered 35,010 boepd in the second quarter (an 18% yoy drop) due to aging oilfields and delays in drilling. However, its share of production in the Kurdistan region of Iraq rose by 4% to 30,000 boepd over the same period.
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