Taqa third-quarter profit fell 27 per cent as it was saddled with a higher tax bill.
The Abu Dhabi oil exploration and power company reported a profit of Dh107 million in the three months to the end of September.
Taqa, also known as Abu Dhabi National Energy Company, is looking to offset its losses by decreasing general and administrative costs.
“Our focus on operational efficiencies and cost reduction has led to an 11 per cent reduction in unit operating costs in North America,” said Ryan Wong, the chief financial officer.
Taqa’s North American operations focus on conventional oil and gas exploration and production. It has proven plus probable reserves at 443.5 million barrels of oil equivalent (boe), with a total average daily production of 87,100 boe a day.
Slashing operating costs and liquidating non-core assets have helped to reduce the company’s debt.
“We have reduced debt by over Dh3 billion using excess cash flow and proceeds from the disposal of non-core assets, which exceeded Dh500m during the period,” Mr Wong said.
Taqa has focused its capital investment strategy, which has resulted in lower capital expenditures. The company said that fourth quarter capex was currently being reviewed as a result of oil prices plummeting as Brent crude traded near its lowest close in four years.
Taqa’s chief operating officer Edward LaFehr said that the firm was focusing more on capital investment across the board in addition to cost-cutting measures. “These efforts are even more important now in today’s challenging commodity price environment,” he added.
lgraves@thenational.ae
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Company%20Profile
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Israel Palestine on Swedish TV 1958-1989
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Rating: 5/5
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Company%20profile
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