• 14 May 2009
  • Global

TAQA First Quarter 2009 Financial Results

Significant increase in oil & gas production and net power generation capacity
AED 4.2 billion revenues and AED 40 million net profitAbu Dhabi, UAE – Abu Dhabi National Energy Company PJSC, a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported financial results for the first quarter of 2009.Key highlights:CommentPeter Barker-Homek, Chief Executive Officer of TAQA, said:“There is little doubt that the first quarter of 2009 has been a one of the most challenging to-date, for both TAQA and the global economy. However, despite difficult conditions in global energy markets, which have seen the price of oil hit lows of $41.15 per barrel in February 2009, the results I present today are once again a clear endorsement of TAQA’s diversification strategy and proven management team. They also support our long-term objective of building a distributed asset base in North America, Europe and the Middle East.We remain committed to rigorous and disciplined cost control and to ensure that as production and net capacity increases, so too do efficiencies across the group.As I look out into 2009, I take pride in the strength of our position and quality of the team we have built. TAQA remains well funded with no short-term refinancing needs and significant free cash flow to cover existing obligations and fund opportunities for future growth.”Market overviewDuring the first quarter of 2009, global energy markets continued to decline sharply, particularly when compared with the first quarter of 2008. This saw the Brent oil price fall from US$96.97 at the end of March 2008 to US$50.56 at the end of the same quarter of 2009.This position was also reflected in North America, with the WTI crude price falling from US$96.25 to US$51.37. Throughout the quarter, US crude oil inventories continued to rise, which put pressure on prices. The lowest point was reached in February 2009, but there has been a steady recovery in recent weeks.The US dollar also strengthened against the Canadian dollar from CDN$1.02 / US$1 on 31 March 2008 to CDN$1.26 / US$1 on 31 March 2009, reaching a high of CDN$1.29/US$1 on 9 March 2009.DownstreamUpstream and midstreamFinanceCorporate activity during the periodPost period developments- ENDS -Contact Information for Media:Allan Virtanen
TAQA Media Relations, Abu Dhabi
Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqa.comAbout TAQAEstablished in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA’s power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA’s oil and gas business includes exploration and production, underground gas storage and pipeline transportation.Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. For more information about TAQA visit: www.taqa.com or Twitter: @TAQAGLOBAL

Sign up for TAQA news