TAQA FY 2020 Proforma Consolidated Results and Dividend Policy
Oil & Gas highlights
Significantly lower commodity prices, lower production and asset impairments
Global production slightly lower at 118.0 mboepd (-5% y/y) on delayed drilling campaigns
Weaker financial performance on significantly lower commodity prices
Revenues of AED 4.2bn (-31% y/y) reflecting the drop in TAQA's blended output energy
price to US$ 23.5/boe from US$ 33.4/boe (-30% y/y)
Net income includes a post-tax impairment charge to specific assets of AED 1.5bn
taken in Q1 following a revision of 2020 and 2021 oil price assumptions
Acquisition accounting exercise included further revisions to long-term commodity prices
Net loss to the Group of AED 1.5bn (FY 2019 profit: AED 1.1bn 1)
Benchmark gas prices (US$/mm Btu)
Oil & Gas highlights (AED million)
Production (mboepd)
FY 2019
FY 2020
Revenues
FY 2019
FY 2020
EBITDA
124.4
118
6,082
4,178
Margin
FY 2019
2,532
42%
FY 2020
733
18%
Benchmark oil prices (US$/bbl)
80
60
660
40
20
0
Brent
-20
WTI
-40
2019
8
00
Henry Hub
-AECO
NBP
4
2
Whith
0
2020
2019
2020
Net income (consolidated)1
FY 2019
FY 2020 -1,523
CAPEX
FY 2019
FY 2020
1,361
851
1,096
1. Historical line items below EBITDA reflect back-dated PPA
adjustments reducing DD&A in particular
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