KazMunaiGas EP profit up in Q1 on high oil price
May 15. Reuters. ALMATY
* Kazakh oil firm Q1 net profit rises 27 pct yr/yr
* Q1 net profit 75 bln tenge ($508 mln)
* High oil price supports revenues, production down
Kazakh oil producer KazMunaiGas Exploration Production said on Tuesday net profit rose 27 percent year-on-year in the first quarter of 2012 due mainly to higher oil prices.
KMG EP, the London-listed unit of Kazakh state oil and gas company KazMunaiGas, said net profit in the first three months of the year totalled 75 billion tenge, or $508 million. Earnings per global depositary receipt rose by 32 percent to $1.2.
The company said its revenues grew by 8 percent to 207 billion tenge ($1.4 billion) due to a 14 percent increase in the average realised price of its oil, which was offset by reduced export volumes.
The average price of a barrel of Brent crude in the first three months of the year was $119, or 12 percent more than a year earlier, the company said.
KazMunaiGas EP produced 3.03 million tonnes of crude oil, or 249,000 barrels per day, in the first three months of 2012. This was 5 percent less than in the same period of last year, due to bad weather at oilfields in western Kazakhstan.
Kazakhstan holds about 3 percent of the world’s recoverable oil reserves and is the largest former Soviet oil producer after Russia. Foreign companies control a significant proportion of the 80 million tonnes of oil produced in Kazakhstan last year.