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Dragon Oil's full-year oper profit falls on higher costs, charge

Reuters - UK Focus

Feb 17 (Reuters) - Energy group Dragon Oil Plc (LSE: DGO.L - news) 's full-year operating profit fell 16 percent as it spent more to sell its crude oil and took a $24 million impairment charge from well exploration in its Philippines asset.

The company, which slashed its 2015 capital expenditure budget by a quarter last month, raised its full-year dividend by 3 cents to 36 cents per share.

Operating profit for the year ended Dec. 31 fell to $578.6 million from $687.7 million a year earlier.

Revenue rose 4 percent to $1.09 billion, helped by a 17 percent increase in the volume of crude oil sold.

Dragon (SES: E1:MT1.SI - news) sold its crude oil at an average realised price of $81 per barrel in 2014, lower than the $91 per barrel it realised in 2013. Cost of sales in 2014 rose by $33 million to $357 million.

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Dragon exited 2014 producing at a rate of 92,008 barrels of oil per day (bopd) and it expected to hit 100,000 bopd at the end of this year.

Dragon produces oil from its asset off the Caspian Sea in Turkmenistan, and has exploration blocks in the Philippines, north Africa and the Middle East.

The company, which has been looking for growth in new markets, abandoned its pursuit of Irish producer Petroceltic International Plc in December, blaming the fall in crude oil prices. (Reporting by Abhiram Nandakumar in Bengaluru; Editing by Gopakumar Warrier)