Abu Dhabi National Energy Co (TAQA) posted a net loss of $687 million for 2013 due to a decline in the value of its oil and gas holdings in North America, Reuters are reporting.
TAQA swung from a profit after minority interests of $177 million in 2012. As a result, it said its board had recommended no dividend for 2013; for 2012, it had recommended 10 fils per share.
The one-off impairment of $884 million was mostly due to “a reduction in the long-term assumptions for natural gas prices in North America and is in line with recent write-downs by other natural gas producers in the region,” TAQA said.
It added that the impairment did not affect the company’s ability to continue operations or service its debt.
Total revenues fell 7 percent last year to $7 billion, the company said.
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