Singapore's KrisEnergy Cuts 2Q Loss
Singapore-based upstream company KrisEnergy reduced its 2Q2018 loss thanks to higher average realised oil price, the company said August 14.
The southeast Asia-focused producer said its net loss in 2Q2018 stood at $33.1mn compared with $81.8mn in the same quarter last year. KrisEnergy’s 2Q2018 revenue was 45.7mn, up 24.7% year on year.
Realised oil price for 2Q2018 was $69.82/b, up 51.4% year on year. This is the highest quarterly average oil price since 4Q2014. The gas sales price from the B8/32 licence in Thailand’s Gulf of Thailand was $4.35/’000 ft3, up 5.8% year on year. This was highest since 1Q2015, the company said. KrisEnergy produced 10,902 barrels of oil equivalent per day in 2Q2018, down 13.8% year on year.
The net loss after tax in 1H2018 was $51.3mn versus a net loss of $26.1mn in 1H2017 while revenue was $88.2mn, up 28.8% year on year.