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KrisEnergy Q3 loss widens to US$16.7m on lower oil prices, sale volumes

UPSTREAM oil and gas firm KrisEnergy, which is undergoing a financial restructuring, saw its net loss deepen to US$16.7 million for its third quarter ended Sept 30, from a loss of US$11 million for the year-ago period.

Loss per share stood at 1.1 US cents for the quarter, compared with a loss per share of 0.7 cent a year ago.

Revenue for Q3 almost halved to US$22.9 million, down 41.6 per cent from US$39.2 million a year ago, due to lower average realised selling prices for oil and liquids. This was partially offset by higher average realised selling prices for gas in Thailand, KrisEnergy said on Tuesday.

Overall, the group’s average realised oil and liquids sale price fell by 19.3 per cent to US$57.15 per barrel for the third quarter, and dipped 10.4 per cent to US$60.10 per barrel for the nine months.

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Revenue for the nine months to Sept 30 also fell, declining 28.2 per cent to US$91.5 million, weighed down by lower oil prices and sale volumes.

No dividend was declared for the quarter, the same as a year ago.

Shares of KrisEnergy have been suspended since Aug 14.