India’s Reliance Industries Limited is doing exceptionally well when it comes to its shale gas business in the US, from which it garnered a revenue of INR 1,617 crore in the first quarter of the current financial year, compared to INR 1,557 crore from domestic oil and gas production.
Reliance has also become the first company in the private sector in India to post USD 1 billion net profit in a quarter.
According to a press release:
Reliance’s Shale Gas business continued on its growth path. During 1Q FY15, revenues were at USD 270 million and EBITDA was at USD 201 million reflecting Y-o-Y growth of 26% and 22% respectively.
Net sales volume (Reliance share) stood at 41.4 BCFe, up 28% Y-o-Y and 10% Q-o-Q. Sequential growth in revenue and profits were impacted by higher basis differentials for natural gas and condensate. This was partially offset by lower operating costs.
Gross JV production is now averaging above 1 Bcfe/day and Reliance share of production at 48.6 Bcfe in 1Q FY15. Strong growth in production was driven by impressive rise in producing well count and continued strong well performance across JVs.
Pioneer JV continued on liquid focused development in Eagle Ford, producing 676Mmcfe/d (including ~64,500 bbl/d of condensate) at gross JV level. Production at Chevron Marcellus JV stayed strong at 312 Mmcfe/d, while improvement in midstream situation and market conditions enabled production at Carrizo to reach new levels of 176 Mmcfe/d during the quarter.
Overall capex for the quarter was at $ 331 million and cumulative investment across all JVs stands at $ 7.36 billion. Substantial part of Pioneer and Carrizo JV capex are met through cash from respective JV operations. Chevron JV capex continues to account for the substantial part of funding needs.
Source: youroilandgasnews.com
Reliance has also become the first company in the private sector in India to post USD 1 billion net profit in a quarter.
According to a press release:
Reliance’s Shale Gas business continued on its growth path. During 1Q FY15, revenues were at USD 270 million and EBITDA was at USD 201 million reflecting Y-o-Y growth of 26% and 22% respectively.
Net sales volume (Reliance share) stood at 41.4 BCFe, up 28% Y-o-Y and 10% Q-o-Q. Sequential growth in revenue and profits were impacted by higher basis differentials for natural gas and condensate. This was partially offset by lower operating costs.
Gross JV production is now averaging above 1 Bcfe/day and Reliance share of production at 48.6 Bcfe in 1Q FY15. Strong growth in production was driven by impressive rise in producing well count and continued strong well performance across JVs.
Pioneer JV continued on liquid focused development in Eagle Ford, producing 676Mmcfe/d (including ~64,500 bbl/d of condensate) at gross JV level. Production at Chevron Marcellus JV stayed strong at 312 Mmcfe/d, while improvement in midstream situation and market conditions enabled production at Carrizo to reach new levels of 176 Mmcfe/d during the quarter.
Overall capex for the quarter was at $ 331 million and cumulative investment across all JVs stands at $ 7.36 billion. Substantial part of Pioneer and Carrizo JV capex are met through cash from respective JV operations. Chevron JV capex continues to account for the substantial part of funding needs.
Source: youroilandgasnews.com
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