Sign up
Oil Capital

KrisEnergy highlights better realised oil prices as it reports on first quarter

“The significant rise in oil prices in the first quarter versus last year is a positive outcome but there remains considerable uncertainty."
Offshore oil rig
Realised oil prices rose by 124%

KrisEnergy Ltd (SGX:SK3) highlighted an improvement in crude oil prices as it reported results for the first quarter of 2017.

“The significant rise in oil prices in the first quarter versus last year is a positive outcome but there remains considerable uncertainty as evident by the drop in Brent crude below the US$50 per barrel mark in the first week of May,” said Jeffrey MacDonald, interim chief executive.

“As a company, we remain focused on reining in operating and general and administrative costs, increasing production of our existing producing assets, maximising efficiencies in our operations and undertaking the next phase of the restructuring process, which combines portfolio management with progressing our developments.”

Realised oil prices rose by 124% versus the comparative period of last year.

At the same time, production volumes lowered by 28% to 13,610 barrels per oil equivalent per day from 19,014 boepd - oil and liquids amounted to 7,749 bpd, while gas volumes totalled 35.3mln cubic feet per day.

Revenue for the quarter totalled US$31.8mln, down 3.9% from US$33.1mln, and earnings (EBITDAX) fell 12.8% to US$17.2mln compared to US$19.7mln. Operating costs also lowered to US$12.4mln, versus US$19.2mln in the same three months of last year.

The company noted a near halving in depreciation, depletion and amortisation charges which reduced to US$15.3mln following asset impairments recognised last year and alongside a US$77.5mln non-cash net fair value gain the company reported a US$57.1mln profit before tax, versus a US$19.7mln loss.

Why Invest In KrisEnergy? Read More Here

Register here to be notified of future SK3 Company articles
View full SK3 profile View Profile

KrisEnergy appoints new chairman


KrisEnergy to focus on Gulf of Thailand

View All

Related Articles

With USOP’s apparent period of inactivity coming to an end, however, McDonnell strikes an enthusiastic tone as he talked Proactive Investors through plans that could add much needed materiality to its much speculated upon potential.

© oil Capital 2018

Oil Capital, a subsidiary of Proactive Investors, acts as the vanguard for listed oil companies to interact with institutional and highly capitalised investors.
Headquartered in London, Oil Capital is led by a team of Europe's leading analysts and journalists, publishing daily content, covering all key movements in the Technology market.