Taqa has recorded a 158% increase in net profit after a surge in North Sea production.
The company’s total first quarter revenues were up 34% on last year to $1.98billion, while underlying revenues, including power, water oil and gas, were up by 39% to $1.61billion.
North Sea production increased by 118% to 62,900 barrels of oil equivalent a day (boed). The restoration of production for the Cormorant Alpha platform and the addition of new assets both helped fuel the increased figures.
Additionally, stronger natural gas prices in North America, successful cost cutting measures and the higher technical availability in the firm’s global power fleet have also contributed to the results.
“Our first quarter result was helped by the restoration of North Sea oil production at Cormorant Alpha and higher natural gas prices in North America, but we also demonstrated our ability to increase capital efficiency and control costs,” said Stephen Kersley, chief financial officer at Taqa.
“We are well positioned with ample liquidity, and look forward to driving continued improvement in earnings and coverage ratios.”
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