Media

TAQA Second Quarter and First Half 2009 Financial Results

Strong performance of Downstream business and increased capacity partially offsets weaker year-on-year commodity prices
Improving commodity price trend boosts quarter-on-quarter performanceAbu Dhabi, UAE – Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported financial results for the second quarter and first half of 2009.Key highlights for the first six months of 2009:Key highlights for the second quarter of 2009:CommentPeter Barker-Homek, Chief Executive Officer of TAQA, said:
“Our downstream performance has been exemplary, with average technical availability rising from 89% in Q1 to 97% in Q2. We also benefited from the consolidation of Red Oak, and the increased capacity of Taweelah B, which have boosted downstream revenues.We continue to drive operational excellence and this is reflected both in the confidence placed in us by our partners in the North Sea who have entrusted the operatorship of the Brent system to us, as well as the over AED 30 million of synergy savings we have achieved at TAQA North during the last six months alone.As the oil price has improved from its lowest point, our second quarter performance has shown an improvement in comparison to the first three months of the year. With the oil price trending up to over US$70 per barrel post-quarter, we are now a long way from the lows we saw earlier in the year. While performance of our upstream business is still lower than the same period in 2008, when oil prices were very strong, we have seen a welcome strengthening in business performance.”Market overviewWhile year-on-year oil prices were significantly lower than in 2008, when the WTI price on 1 April 2008 was US$95.07 and Brent was US$96.11, global energy markets continued to improve quarter on quarter, with the Brent oil price rising from US$52.70 at the 1 April 2009 to US$69.90 on the 30 June 2009. This position was also reflected in North America, with the WTI crude price rising from US$53.79 to US$70.84.Gas prices were largely flat, with the Henry Hub Natural Gas Price increasing from US$3.55 / mmbtu on 1 April 2009 to US$3.70 / mmbtu on 30 June 2009.Although the US dollar strengthened against the Canadian dollar year-on-year, rising from CDN$1.02 / US$1 on 1 April 2008 to CDN$1.26 / US$1 on 1 April 2009, it weakened during the second quarter to CDN$1.16 / US$1 on 30 June 2009, reaching a low of CDN$1.08/US$1 on 2 June 2009.Downstream Upstream and midstreamFinance Corporate activity during the periodPost period developments- ENDS -Contact Information for Media:Allan Virtanen
TAQA Media Relations, Abu Dhabi
Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.comAbout TAQAEstablished in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA’s power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA’s oil and gas business includes exploration and production, underground gas storage and pipeline transportation.Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL