Output: form Ormen Lange helps Dong
Gas boost helps DONG bottom line
Gas production at Denmark's DONG Energy leapt 81% in 2009, helping cushion a drop in earnings caused by lower oil, gas and power prices, the state-owned company said today.
"Extraordinarily low demand for energy led to low prices for our core products: power and natural gas," DONG Energy said in its annual report.
Group revenue fell 19% in 2009 to Dkr49.26 billion ($8.98 billion), while earnings before interest, tax, depreciation and amortisation fell 35% to Dkr8.84 billion.
DONG's natural gas output, most of which came from its stakes in Norwegian fields, rose to 15.5 million barrels of oil equivalent in 2009 from 8.5 million boe in 2008, it said.
The group's oil production fell 15% last year to 8.5 million boe, but combined oil and gas production increased 29% because of the growth in gas, it said.
The company's gas production exceeded its oil output for the first time, DONG said.