Israeli energy conglomerate Delek Group reported a wider fourth-quarter 2016 profit, boosted by the sale of two natural gas sites and higher income from its E&P operations.
Delek said on March 30 it earned 375 million shekels (US$104 million) in the fourth quarter, up from 54 million a year earlier.
Delek, through its subsidiaries, has major shares in the Tamar and Leviathan gas fields off Israel's coast. Profit from E&P was 119 million shekels in the quarter, compared with 58 million in the same period in 2015.
It said it produced a record 9.4 billion cubic meters of natural gas at Tamar in the quarter, reaching peak production after four years.
During the quarter, it sold its stakes in the Karish and Tanin gas fields as mandated by the government to sell off some assets in a bid to open the sector to competition. The US$148 million sale led to a gain of 253 million shekels, Delek said.
The company expects production at Leviathan to begin by the end of 2019. The project's partners have budgeted $3.75 billion for its development.
Delek declared a dividend of 200 million shekels, or 16.69 shekels per share, for the quarter.
(US$1 = 3.6176 shekels)
Recommended Reading
To Dawson: EOG, SM Energy, More Aim to Push Midland Heat Map North
2024-02-22 - SM Energy joined Birch Operations, EOG Resources and Callon Petroleum in applying the newest D&C intel to areas north of Midland and Martin counties.
Chevron Hunts Upside for Oil Recovery, D&C Savings with Permian Pilots
2024-02-06 - New techniques and technologies being piloted by Chevron in the Permian Basin are improving drilling and completed cycle times. Executives at the California-based major hope to eventually improve overall resource recovery from its shale portfolio.
Texas Earthquake Could Further Restrict Oil Companies' Saltwater Disposal Options
2024-04-12 - The quake was the largest yet in the Stanton Seismic Response Area in the Permian Basin, where regulators were already monitoring seismic activity linked to disposal of saltwater, a natural byproduct of oil and gas production.
For Sale, Again: Oily Northern Midland’s HighPeak Energy
2024-03-08 - The E&P is looking to hitch a ride on heated, renewed Permian Basin M&A.
NAPE: Turning Orphan Wells From a Hot Mess Into a Hot Opportunity
2024-02-09 - Certain orphaned wells across the U.S. could be plugged to earn carbon credits.