Abu Dhabi National Energy Co (TAQA) said on Wednesday that its first-quarter profit dropped 6.6% from a year earlier to $69.8mn blaming low oil prices, Reuters reports.
The company’s total revenues fell 29% to $1.4bn on the price decline since June last year.
But its global oil and gas production stayed steady at 157.9mn barrels of oil equivalent per day, despite a cut in capital spending, TAQA said.
TAQA reported a rise in output from its assets in Britain and the Netherlands. Revenues from selling electricity and water fell 6.6% during the quarter to $570mn.
Earlier this year the Abu Dhabi oil producer reported a net loss of $820mn for 2014 compared to $690mn in 2013.
In response to the lower oil price environment, TAQA said it reduced its capital expenditure for 2014 by 23% compared to 2013 and will cut its capex by 39% or $680mn for 2015.
The company has outlined plans to reduce capital spending in 2015 by 40% to $1.03bn and slash cash cost by $410mn over the next two years.
