Dana Gas blames weak oil prices for decline in Q1 profits

Dubai: Dana Gas, the Sharjah-based energy firm with interests in the UAE, Egypt and Iraqi Kurdistan, has blamed weak oil prices for a second straight quarter of declining profit margins 

Dana Gas, listed on the Abu Dhabi's stock exchange, reported on Tuesday a $12 million net profit for the first quarter, a 73 per cent drop compared to $45 million a year earlier. 

Gross revenue was $115 million for the three months ending March 31 compared to $180 million for the same period a year ago. 

Production was flat over the period at an average of 68,700 barrels of oil equivalent per day (boepd) from its Egyptian and Iraqi Kurdistan assets. A year earlier production was 68,800 boepd for the same period. 

Brent crude, the global marker for oil prices, was trading down 0.15% at $66.35 a barrel early morning local time on Tuesday. Last June, crude was trading around $115 a barrel. 

Earlier this year, Dana Gas also blamed weak oil prices for the $4 million loss it incurred in the last quarter of 2014.