KrisEnergy Losses Widen in 2019
Asia Pacific-focused producer KrisEnergy has reported $168.9mn in losses for 2019, versus $137.4mn for the previous year, as a result of increased charges and a decline in revenues.
The Singapore-based independent booked $86.7mn in depreciation, depletion and amortisation charges, compared with $49.8mn in 2018. Operating costs were down 38% at $49.4mn but revenues dropped 13% to $126.5mn. The impact of lower oil and gas prices were compounded by a 4.3% dip in production to 10,230 barrels of oil equivalent/day.
Kris posted a $82.7mn loss for the fourth quarter versus $75.1mn a year earlier. Its revenues doubled yr/yr to $37.1mn, but its operating costs ballooned to $20.5mn from $3mn a year before.
Kris, which is undergoing debt restructuring, had total debt of $503.1mn at the end of the year, while its total equity came to only $145.9mn. It warned last week it would fail to meet principal and interest payments totalling $4.5mn due on February 21 under two term loans, and S$4.2mn ($3mn) in interest due on February 22, under notes maturing in 2023. The company's debt moratorium has been extended until May 27 2020.
Kris operates in Bangladesh, Cambodia, Indonesia, Thailand and Vietnam.