Lower on uncertain backdrop
Dana gas, the UAE energy company, reported a Q4 2016 profit of US$7m compared to US$134.2m in Q4 2015. It posted a US$33m profit for 2016, nearly four times lower than the full year profit of US$144m in 2015. Excluding the RWE payment, Dana Gas lost US$64m in 2015. FY2016 revenue fell by 6% to US$392m as compared to US$417m in 2015. The total 2016 average production increased by 5% to 67,050 boepd, from 63,900 boepd in 2015.
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