Abu Dhabi National Energy Co (TAQA), the state-owned oil explorer and power supplier, reported last week a wider loss for the third quarter caused by the drop in oil prices.
TAQA, majority-owned by Abu Dhabi’s government, made a net loss attributable to equity holders of AED524mn ($142.66mn) in the three months ended September 30, according to a bourse filing.
This compares with a net loss of AED416mn ($113.26mn) in the previous-year period.
Like most global oil firms, TAQA has struggled in recent quarters against a backdrop of lower oil prices, reporting losses in the preceding five quarters.
This comes despite a heavy cost-cutting programme instigated by the company. It said in August it had made more than AED6.5bn ($1.77bn) of cash cost and capital expenditure savings under a transformation programme that was launched in 2015.
Revenues from oil and gas amounted to AED1.18bn (correct 321.3) in the three months that ended on September 30, compared with roughly AED1.49bn ($405.7) in the same period a year earlier.
Total revenue fell to AED4.2bn ($114.3mn), from AED4.83bn ($131.5mn) in the corresponding period of last year.
Oil and gas production fell by 1.9% year-on-year to 142,200 barrels of oil equivalent per day during the first nine months of 2016, which the company attributed to the result of capital expenditure reductions and the shut-in of the non-operated Brae Alpha platform in the first quarter.
