Dana Gas Profit Falls 50% as Output in Egypt to Iraq Declinesby
Realized prices drop for condensates, liquid petroleum gas
Hearing on Iran arbitration damages to start in September
Dana Gas PJSC, which produces natural gas in Egypt and Iraq, reported a 50 percent decline in first-quarter profit as sales slumped due to lower hydrocarbon prices and reduced output.
Net income dropped to 22 million dirhams ($6 million) in the three months ended March 31 from 44 million dirhams in the same period a year earlier, Dana Gas said in an e-mailed statement on Wednesday. Sales dropped 29 percent to 301 million dirhams.
Dana Gas sold condensate for an average $30 a barrel in the quarter, down 41 percent from a year earlier, and got an average $29 per barrel of oil equivalent for liquid petroleum gas, down 29 percent, according to the company. Production fell 12 percent in Egypt and 16 percent in the semi-autonomous Kurdish region in northern Iraq.
The company and partners are discussing with the Kurdish Regional Government how it will get a $1.96 billion payment awarded to them in a November arbitration ruling, Chief Executive Officer Patrick Allman-Ward said on a conference call. A separate arbitration involving work in Iran on a gas import contract will begin Sept. 1 and last for two weeks, he said.