Dana Gas' Annual Profit Falls To $182M As Oil Production Drops

UAE energy firm Dana Gas has reported a 42.5% year-on-year plunge in net profit to $182 million (AED 667 million) in 2022 amid a drop in oil production.

The figure is down from $317 million (AED 1.16 billion) in 2021, according to a bourse filing Wednesday.

The result came below the analysts’ profit estimates of $223.5 million, based on data provider Refinitiv.

However, revenues rose 17% to $529 million (AED 1.9 billion) in 2022 compared to $452 million (AED 1.7 billion) in 2021 due to higher realized prices and output in the Kurdistan Region of Iraq (KRI).

Operational costs dropped by 5% to $57 million (AED 209 million) in 2022 from $60 million (AED 220 million) in the previous year.

Cash balance at year-end reached $151 million (AED 553 million), including $88 million (AED 322 million) held at the Pearl level.

The group collected a total of $318 million (AED 1.2 billion) in 2022, with Egypt and the KRI contributing $85 million (AED 311 million) and $233 million (AED 854 million), respectively.

At the end of 2022, Dana's Egypt and KRI receivables grew to $30 million and $64 million, respectively.

Average group production marginally fell in 2022 to 60,200 barrels of oil equivalent per day (boepd), a 3% drop from 62,100 boepd in the previous year.

The lower output resulted from an 8% reduction in Egypt to 25,900 boepd due to a decline in natural fields. But that was offset by a 1% rise in production in the KRI to 34,300 boepd, compared to 33,800 boepd in 2021.

Production in the KRI and Egypt was uninterrupted throughout the year.

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