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Cairn India Limited: EBITDA at ₹ 1,067 Crore is the Highest in Past 6 Quarters
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PR Newswire
MUMBAI, India, Feb 9, 2017
MUMBAI, India, Feb 9, 2017 /PRNewswire/ --
Vedanta Limited: The following release was issued today by Vedanta Limited's subsidiary Cairn India Limited.
| Financial Highlights |
- Revenue at ₹ 2,149 crore; up 5% QoQ
- EBITDA at ₹ 1,067 crore; up 3% QoQ
- Net profit at ₹ 604 crore; down 22% QoQ primarily due to forex loss on rupee depreciation
- Strong free cash flow of ₹ 1,469 crore in subdued oil price environment; solid Cash and Cash Equivalents position of ₹ 25,975 crore
| Operational Highlights |
- Average gross oil and gas production across assets firm at 182 kboepd, in-line with expectation considering execution of the planned maintenance shutdown at Rajasthan
- Mangala EOR continues excellent performance; additional production from polymer injection increases further from ~52 kboepd to ~55 kboepd
- RJ water-flood operating cost remains low at US$ 4.3/boe; blended operating cost also competitive at US$ 6.3/boe
| Development / Exploration Highlights |
- RDG - Phase-1: All 15 new wells are online; Phase-2: Tendering for new terminal and rig on track
- Aishwariya EOR - FDP submitted to the JV partner, polymer injectivity test planned in Q4 FY17, first polymer injection expected in Q1 FY19
- Bhagyam EOR - Polymer injectivity test commenced in October 2016, revised FDP to be submitted in Q4 FY17, first polymer injection expected in Q4 FY19
- Aishwariya Barmer Hill - >25% reduction in capex to US$ 220 million for EUR of 30 mmbbls; Stage-1: Production from appraisal wells expected in Q1 FY18; Stage-2: Project execution expected to begin in FY18
- Palar-Pennar - Commencing exploratory drilling in February
- Rajasthan - Completed processing of 3D seismic data for 'Air Field South' and DP
| Corporate and Regulatory Developments |
- The proposed merger of Vedanta Limited and Cairn India was approved by all sets of shareholders in September 2016 and we expect the transaction to complete in the first quarter of CY2017.
- The PSC extension writ is sub judice in the Hon'ble High Court of Delhi.
- With respect to the crude export writ, Cairn has filed an appeal before the Division Bench of the High Court.
- DGH has initiated consultation process to formulate National Data Repository (NDR) policy for data sharing, accessibility and dissemination. NDR will facilitate promotion and regulation of hydrocarbon exploration and development activities in India.
Mr. Sudhir Mathur, Acting CEO of Cairn India commented:
We have made use of the challenging oil price environment to achieve competitive returns even at Brent US$ 40 per barrel for planned projects. We are in active discussions with world class oil field services companies to partner for the end to end outsourcing of certain projects. This would help us further optimize costs, expedite project execution through better vendor coordination, and act as a force multiplier, allowing us to target a larger number of projects simultaneously.
The alignment between OPEC members to address the global supply glut would further enhance our project economics as we look to aggressively scale up investments."
| Operational Review |
During Q3 FY17, Cairn had a gross production of 16.7 mmboe across all the assets, of which working interest production was 10.7 mmboe. Gross Sales was 17.1 mmboe averaging at 185,339 boepd.
| Average Daily Production | Units | Q3 FY17 | Q2 FY17 | q-o-q (%) | Q3 FY16 | y-o-y (%) |
| Total Gross operated* | Boepd | 191,230 | 206,230 | (7%) | 211,843 | (10%) |
| Gross operated | Boepd | 181,818 | 196,399 | (7%) | 202,668 | (10%) |
| Oil | Bopd | 177,820 | 189,873 | (6%) | 196,135 | (9%) |
| Gas | Mmscfd | 24 | 39 | (39%) | 39 | (39%) |
| Working Interest | Boepd | 115,829 | 125,575 | (8%) | 128,402 | (10%) |
| | ||||||
| Rajasthan (Block RJ-ON-90/1) | ||||||
| Total Gross operated* | Boepd | 162,880 | 176,691 | (8%) | 178,679 | (9%) |
| Gross operated | Boepd | 154,272 | 167,699 | (8%) | 170,444 | (9%) |
| Oil | Bopd | 153,621 | 164,833 | (7%) | 167,979 | (9%) |
| Gas | Mmscfd | 4 | 17 | (77%) | 15 | (74%) |
| Gross DA 1 | Boepd | 141,176 | 151,880 | (7%) | 150,496 | (6%) |
| Gross DA 2 | Boepd | 13,095 Werbung Mehr Nachrichten zur Vedanta ADR Aktie kostenlos abonnieren
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