Urals Energy swings to loss of $300,000 in 2013 on ruble volatility
MOSCOW. July 1 (Interfax) - Cyprus-based Urals Energy posted a net loss of $300,000 in 2013 compared with a net profit of $2.6 million in 2012, the company reported.
Urals Energy blamed the decline on movement in the ruble exchange rate.
The foreign exchange loss amounted to $3.7 million in 2013 compared with a foreign exchange gain of $2.6 million in 2012. Excluding the loss, Urals would have posted a profit of $3.4 million in 2013.
Operating profit totaled $2.8 million in 2013 compared with $100,000 in 2012. The gross profit rose 39% to $12.4 million.
EBITDA amounted to $10.5 million, 36% higher.
Urals Energy has oil production assets on Kolguyev Island and Sakhalin Island with 8.2 million tonnes of combined 2P reserves. It also has an oil refinery on Sakhalin with capacity to process 4,100 barrels per day into diesel fuel, gasoline, kerosene and fuel oil.
Urals Energy's subsidiary on Kolguyev, ArcticNeft, produced 250,426 barrels of oil in 2013, up slightly from 250,394 barrels in 2012. The subsidiary on Sakhalin, Petrosakh, produced 470,415 barrels last year, down from 487,810 barrels.
ArcticNeft is currently producing 680 bpd and Petrosakh - 1,168 bpd, corresponding to production level at the end of 2013.
Urals delivered 198,537 barrels of ArcticNeft oil to Petraco last year (down from 231,594 barrels in 2012). This year it plans to dispatch a loaded tanker to Petraco in October-November.