Exploration Production KazMunaiGas: financial results over 2014
Exploration Production KazMunaiGas (EP KMG) has published its consolidated financial statements for 2014.
- In 2014, the proceeds amounted to 846 billion tenges ($4 722 million), which is by 4% more than in 2013. The revenue growth in tenges was caused by increase in prices of the supplies to the domestic market by 20% and higher price for export sales as a result of increasing the rate of tenge to the US dollar by 18%, which was partially offset by a decrease in the volume of exports. Total revenue and other income, including the share in associates and joint ventures in the amount of 60 billion tenges ($336 million) and financial income in the amount of 21 billion tenges ($116 million), was 927 billion tenges ($5 174 million), that’s by 4% more than in 2013.
- Operating expenses amounted to 212 billion tenges ($1 183 million) that is by 31% more than in 2013, mainly due to higher employee benefit costs of production units.
- The net income made up 47 billion tenges ($263 million), reduced by 67% as compared with 2013, mainly due to a significant impairment of Ozenmunaigas’ assets, recognized in the fourth quarter of 2014. The company also received income from foreign exchange differences in the amount of $53 billion tenges ($296 million), thus the total pretax income for the period made up 100 billion tenges ($559 million).
Production figures
In 2014, EP KMG including its shares in Kazgermunai (KGM), CCEL and PetroKazakhstan Inc (PKI) produced 12 328 thousand tons (250 thousand barrels per day), which is by 60 thousand tons (less than 1%) less than in 2013.
Ozenmunaigas (OMG) extracted 5328 thousand tons (107 thousand barrels per day) – by 2% more than in 2013. Embamunaigas (EMG) extracted 2 823 thousand tons (57 thousand barrels per day), slightly less than in 2013. As a result, the total production of OMG and EMG amounted to 8 151 thousand tons (164 thousand barrels per day) -by 1% more than in 2013.
The share of EP KMG in the production of CCEL, KGM and PKI made up 4 177 thousand tons (85 thousand barrels per day), by 4% less than in 2013 year, mainly due to the natural reduction of the PKI’s production by 8% and the KGM’s production by 3%.
