Kazakh KazMunaiGas Exploration Production decreases net profit

Azerbaijan, Baku, Nov. 7 / Trend E. Kosolapova/

Kazakh KazMunaiGas Exploration Production (KMG EP) decreased net profit in the first nine months of 2013 by 46 percent compared to the same period of 2012 to 93.2 billion tenge ($615 million), the company reported.

"Net profit was decreased largely due to an impairment charge posted in the first quarter of 2013, as well as a decline in income of joint ventures and associates and higher production costs," the company said.

The company's revenues in the reporting period stayed at almost the same level 606 billion tenge ($4 billion) compared to the same period of 2012.

"The decline of Brent price by 3 percent and 142,000 tonnes lower export sales were partially offset by 281,000 tonnes higher domestic sales," the company said.
The company expects that domestic sales from core assets in 2013 will remain at the planned level.

Production expenses in the first nine months of 2013 were 126 billion tenge ($832 million), which is 20 percent higher compared to the same period of 2012 mainly due to an increase in employee benefits and repairs and maintenance.

Selling, general and administrative expenses in the first nine months of 2013 amounted to 70 billion tenge ($461million), which is 5 percent lower than in the same period of 2012, primarily due to a decrease of employee benefits and sponsorship expenses. At the same time transportation costs grew by 16 percent compared to the same period of 2012 as a result of an increase in tariffs for the Uzen-Atyrau-Samara route.

In the first nine months of 2013 company's exploration expenses amounted to 10.5 billion tenge ($69 million), compared to 5.1 billion tenge ($34 million) in the same period of 2012. In the third quarter of 2013 the company recognized dry well expenses in the amount of 2.9 billion tenge ($19 million) relating to the exploration well drilled on the Zharkamys East block.

KazMunaiGas Exploration Production's operating cash flow in the first nine months of 2013 was 88 billion tenge ($581million), which is 7 percent lower than in the same period of 2012, mainly due to higher production expenses.

Purchases of property, plant and equipment and intangible assets (as per Cash Flow Statement) in the first nine months of 2013 were 89 billion tenge ($588 million) as planned, which is 17 percent higher compared to the same period of 2012 mainly due to the increase in the number of wells drilled and implementation of the modernization programme.

In the first nine months of 2013 KMG EP produced 9.227 million tonnes of crude oil (250,000 barrels of oil per day), including the company's stakes in Kazgermunai (KGM), CCEL (CCEL) and PetroKazakhstan Inc. (PKI), which is 119,000 tonnes, or 1 percent more than in the same period of 2012.

Ozenmunaigas JSC (OMG) produced 3.873 million tonnes (104,000 barrels of oil per day), an increase of 5 percent over the same period of 2012. Embamunaigas JSC (EMG) produced 2.124 million tonnes (57,000 barrels of oil per day), which is 1 percent more than in the same period of 2012. The total volume of oil produced at OMG and EMG in the first nine months of 2013 is 5.997 million tonnes (162,000 barrels of oil per day), which is a 4 percent increase over the same period of 2012.

KMG EP is among the top three Kazakh oil and gas producers. The Company's total consolidated volume of proved and probable reserves including shares in the associates, as at the end of 2012 was 204 million tons (1.5 billion barrels), out of which 148 million tons (1.1 billion barrels) relates to Ozenmunaigas and Embamunaigas.

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