KazMunaiGas Exploration Production posted a 5% rise in nine-month net profit, as strong crude prices offset a decline in production due to a long-running strike.
The London-listed arm of Kazakh state oil and gas company KazMunaiGas said January-September net profit increased to 165 billion tenge ($1.13 billion). Earnings per share rose 6% to 2,280 tenge, or $2.60 per global depositary receipt.
The company said on Monday the average price of Brent crude in the period was $112 per barrel, up 46% compared with the 2010 period.
Emergency power cuts at fields in western Kazakhstan and a strike at its Uzenmunaigas unit hit consolidated production, which fell 7% to 9.21 million tonnes, or 250,000 barrels per day.
KazMunaiGas EP said it expected to produce 8.5% less crude this year than it had originally planned. It said the production process at the Uzenmunaigas field had been "normalised".
Its crude oil exports declined 37% in the third quarter as a result of the strike, Reuters reported.
In financial terms, overall crude sales in the first nine months rose 23% to 536 billion tenge, as higher prices offset the decline in output.