Hampered by poor collections
Dana Gas reported a 95% drop in Q4 2016 net profit to US$7m. For full-year 2016, the firm posted a US$33m profit, nearly four times lower than full-year profit of US$144m in 2015. 2016 Revenue fell by 6% to US$392m. Overall production rose by 5% to 67,050 barrels of oil equivalent per day (boepd), but the average realized price was US$33 per boe, compared with US$45 the year before. The company’s total collections for the year were US$200m, up from US$168m the previous year.
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