KazMunaiGas EP says 2013 net profit down 12 pct to $932 mln

Feb 20. Reuters. ALMATY

* FY net profit down 12 pct at 141.8 bln tenge ($932 mln)
* Revenue up 2 pct at 816.7 billion tenge
* Produces 12.39 mln tonnes of crude oil including jv stakes

KazMunaiGas EP says 2013 net profit down 12 pct to $932 mlnKazakh oil producer KazMunaiGas Exploration Production (KMG EP) said on Thursday its net profit fell by 12 percent in 2013, mainly due to increases in taxes, higher production costs and a decline in income from joint ventures.

KMG EP, the London-listed unit of Kazakh state oil and gas company KazMunaiGas, said in a statement net profit reached 141.8 billion tenge ($932 million) last year.

In the first quarter of last year the company’s management had made a 56 billion tenge impairment charge relating to the increase in export customs duty.

The company, which owns about 50 onshore oil and gas deposits in western Kazakhstan, said its revenue in 2013 totaled 816.7 billion tenge, 2 percent higher than a year earlier.

KMG EP produced 12.39 million tonnes of crude oil or 251,000 barrels per day, including stakes in joint ventures.

Its capital expenditures amounted to 144 billion tenge, which is 18 percent higher compared with 2012.

The increase in capex was mainly due to a rise in the number of wells drilled from 256 to 311, as well as the construction of production facilities, purchase of equipment and implementation of a modernisation programme.