Abu Dhabi National Energy (TAQA), the state-owned oil explorer and power supplier, reported a first-quarter net loss hurt by low oil prices. The company, majority-owned by Abu Dhabi’s government, reduced its first-quarter revenue by 24% following a 43% drop in the price it sold its oil and gas, Reuters reported.

In addition, the company informed in an statement that despite significant cuts in capital expenditure, it produced 153,700boe/d in the first quarter, down 3% versus a year earlier. Moreover, the revenue from electricity and water fell slightly, Rigzone added.

By his side, TAQA’s Chief Operating Officer, Edward LaFehr, said in the statement: “We continue to execute our strategy to meet the challenges of the low commodity price environment”. Last March, the company said it slashed its proposed capital expenditure for 2016 by 42%  in response to lower oil prices.

Earlier this month, TAQA said it was not in talks with any entity to sell its oil and gas assets after Reuters reported that it was considering whether to sell its overseas oil and gas assets to another Abu Dhabi state-owned entity. Meanwhile, it was also reported that TAQA is also considering an international bond issue.