22-23 / 116
23
“2014 was the most successful year
in Kuwait Energy since establishment.
We made our largest discovery in
Block 9, yielding large reserves &
resources that elevated the scale of
the Company.”
Sara Akbar, CEO
Financial And Operations Highlights
Units
2013
(1)
2014
Financial Performance
Sales revenue
US$ million
262.5
270.8
Cost of sales
US$ million
128.2
140.5
Operating cash flow
US$ million
189.9
182.1
Net profit/(loss)
US$ million
(295.8)
42.7
Capital Expenditure
Property, Plant & Equipment
US$ million
229.0
209.3
Exploration & Evaluation Assets
US$ million
80.7
56.8
Total Capital Expenditures
US$ million
309.7
266.1
Financial Position
Total Assets
US$ million
791.1
935.5
Debt
US$ million
277.1
360.3
Total Equity
US$ million
370.2
416.5
Earnings / (loss) per Share
US cents
(91.0)
13.0
Reserves and Production
Average Daily WI Production
Boepd
23,360
25,252
Proven & Probable WI Reserves
(2)
Mmboe
213.1
671.3
Total Wells Drilled
Exploration
Number of wells
7
6
Development & Appraisal
Number of wells
50
48
1. Financial comparatives have been restated (see Note 2 of the Financial Statements). As in 2014,
the Group retrospectively adopted IFRS 11 Joint Arrangements and changed its accounting policy
for intangible exploration and evaluation assets from ‘modified full cost method’ to a ‘successful
efforts method’.
2. Reserve estimates are Kuwait Energy working interest and are certified by GCA.
Site Operations in Block 9
Ahmed Haidar
SVP Production & Development
“Block 9 is adjacent to super giant oil
fields and near existing infrastructure,
making it a prized asset.”