Dana Gas's 2014 profit plummet by 20%
Dana Gas’s 2014 revenues recorded a 5% annual increase, reflecting a growth in production despite the sharp fall in oil prices during the second half of 2014. The net revenue rose by 3.26% to US475M. The company posted a lower net profit of US$125M in FY2014, compared to US$156M in FY13, i.e. a 20% decline.In 2014, the company's net production went up by 6% to 68,900 boepd as compared to 2013’s average of 64,700 boepd.
-Egypt Gas's (Dana Gas's subsidiary) LPG, condensate and crude oil full year output averaged 39,900 boepd, 9% higher, as compared to 36,700 boepd in 2013.
-In the KRI, the Company’s share of production in the Khor Mor field improved by a respectable 3% to 28,500 boepd, as compared to 27,600 boepd in 2013.
In Egypt, collections were the highest since 2007 at US$210M, of which cash collections attained US$163M with further offsets of US$47M.
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