Kazakh Zhaikmunai company doubles net income in 2012
Azerbaijan, Baku, March 18 / Trend E. Kosolapova/
Zhaikmunai LP, the oil and gas exploration and production enterprise with assets in north-western Kazakhstan, increased net income by 98 percent to $162 million in 2012, the company reported on Monday.
"This higher profitability was driven by increased revenues from increased production," the company said.
Zhaikmunai's revenues increased by 115 percent to $737 million in this period.
The company's revenue increased primarily due to the additional revenues generated by the increased production from the Gas Treatment Facility.
EBITDA increased by 133 percent to $460.3 million. The EBITDA margin increased by 8 percent to reach 63 percent in 2012.
Zhaikmunai's crude oil and GTF products production increased by 182 percent to 13,520,040 barrels of oil equivalent.
The total average daily production (crude oil and GTF products) in 2012 hit 36,940 barrels of oil equivalent per day.
Zhaikmunai is an independent oil and gas enterprise currently engaging in the exploration, development and production of oil and gas. Its principal producing asset is the Chinarevskoye Field located in north-western Kazakhstan.