UAE's ADNOC Gas Q3 profit slips 4% on lower prices | Reuters
State oil giant Abu Dhabi National Oil Company's gas unit, ADNOC Gas, said on Tuesday its third-quarter net profit fell 4% from the corresponding period a year earlier, as lower prices were partly offset by higher volumes.
ADNOC Gas (ADNOCGAS.AD) reported $1.116 billion in net profit in the quarter ending Sept. 30. That beat three analysts' mean estimate of $1.099 billion, according to LSEG data.
Revenue dropped 12% in the third quarter to $5.8 billion from the previous year.
Revenue was hit by "a less favourable pricing environment" but feedstock cost declined 11% to $3.466 billion, "benefiting from the Gas Supply and Payment Agreement (GSPA) with ADNOC Upstream," ADNOC Gas said.
ADNOC Gas "expects to gradually increase leverage to fund growth capex requirements," it said in a results presentation.
Capital expenditure rose 80% year-on-year in the third quarter to $347 million, driven by growth projects including one to supply higher volumes of natural gas to customers in the Northern Emirates of the UAE and another to maximize ethane recovery.
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