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KrisEnergy swings back to profitability in 1Q despite lower production

PC Lee
PC Lee5/12/2017 08:17 AM GMT+08  • 1 min read
KrisEnergy swings back to profitability in 1Q despite lower production
SINGAPORE (May 12): KrisEnergy reported 1Q17 earnings of US$55.7 million compared to a loss of US$18.3 million a year ago.
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SINGAPORE (May 12): KrisEnergy reported 1Q17 earnings of US$55.7 million compared to a loss of US$18.3 million a year ago.

Revenue fell 4% to US$31.8 million led by lower production due to a combination of natural decline and ongoing mechanical issues at the Wassana oil field in the Gulf of Thailand.

The average realised price for its oil and liquids significantly increased to US$46.82/bbl in 1Q17 versus 1Q16 when the average realised price was at the lowest since the company’s establishment at US$20.85/bbl.

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