The Abu Dhabi National Energy Company (TAQA), with operations in 11 countries, has released its preliminary financial results for 2017. After posting an annual loss of $5.2bn in 2016 due to an “exceptional impairment charge” of $6bn, the firm has announced a profit of $46.5mn.
Acting chief operating officer Saeed Hamad Al Dhaheri said, “TAQA has come through an extremely tough market environment, with the company’s preliminary financial results reflecting the company’s resilience. Turning to a net profit in 2017 is therefore an impressive and notable achievement. Higher hydrocarbon prices, together with sustained cost efficiencies, benefited our oil and gas business, while the power and water business continued to deliver a robust operational and financial performance.”
Total revenues increased 3% to $4.6bn “primarily driven by higher commodity prices that benefitted the oil and gas business”. Nevertheless, TAQA’s 126,200 barrels of equivalent oil per day (boe/d) in 2017 was down by 8% from 2016’s total of 137,300 boe/d, impacted by natural decline, prior capital expenditure reductions and planned North Sea platform maintenance.
