KazMunaiGas Exploration Production increased revenues by 11 percent in 2012

Oil&Gas Materials 13 March 2013 13:32 (UTC +04:00)

Azerbaijan, Baku, March 13 / Trend E. Kosolapova/

KazMunaiGas Exploration Production increased revenues by 11 percent to 797 billion tenge ($5.346 billion) in 2012 compared to 2011 results, the company reported on Wednesday.

"This resulted from a 6 percent increase in export volumes and a 39 percent increase in domestic selling prices, compared to 2011," the company said.

Meanwhile company's net profit decreased by 23 percent to 161 billion tenge ($1.079 billion) in this period. Earnings per share decreased by 21 percent to 2,320 tenge ($2.59 per GDR).
According to KMG EP, decrease in net profit mainly resulted from impairment of assets, higher income taxes, higher employee costs and lower share of income from associates and joint ventures, partially offset by the benefits of higher export volumes and higher prices for domestic supply.

Operating cash flow in 2012 increased by 4 percent to 155 billion tenge ($1.039 billion).
Company's capex in the reporting period increased by 3 percent to 108 billion tenge ($725 million). Of this amount, 8.3 billion tenge ($56 million) was spent on exploration drilling.

KMG EP is among the top three Kazakh oil and gas producers. The overall production in 2011 was 12.3 million tons (an average of 250 kbopd) of crude oil, including the Company's share in Kazgermunai, CCEL and PetroKazakhstan Inc. The total volume of proved and probable reserves, as of late 2011 was 226 million tons (1.7 billion barrels), including shares in the associates of about 2.1 billion barrels.