Dana Gas Making Cutbacks After $9m Oil Prices Loses

Dana Gas Making Cutbacks After $9m Oil Prices Loses

The UAE’s Dana Gas reported third quarter gross revenue of $93m as compared to $174m and an overall net loss of $9m, reported Gulf News.

This is versus a net profit of $38m in the third quarter 2014, principally due to lower prices but also to lower production, the company said.

According to Bloomberg Dana’s shares fell 7% at 11:33 a.m. in Abu Dhabi.

“The business environment has been difficult for the whole of the petroleum sector over the course of this year and it appears that it will continue to remain difficult during 2016,” said CEO Patrick Allman-Ward. “We do expect our next quarter to be similarly financially challenged.”

The company will cut operating expenses by about 10 to 20% a year, as it has since 2013, to conserve cash amid expected low oil prices, Allman-Ward added. General and administrative costs will be cut by about 55%, he said.

Login

Welcome! Login in to your account

Remember me Lost your password?

Lost Password