Chile state oil and natural gas firm Enap posted net income of US$77mn in the first half of this year compared to a US$170mn loss in the year-ago period, according to the company's latest MD&A.
Enap management credited the return to profitability to a rising volume in gas sales, lower operating costs through increased gas use and increased operation of Enap refineries.
First half operations revenues were flat at US$5.72bn, however, sales revenue rose 14.8% to US$4.13bn in 1H13 from US$3.59bn in 1H12, Enap said.
In the same period cost of sales fell 6.2% to US$5.38bn from US$5.73bn in 1H12. Enap sold 5.12Mm3 of gas in 1H13, up from 4.53Mm3 in a year ago.
Source: http://www.bnamericas.com/news/oilandgas/gas-returns-chile-state-oil-firm-enap-to-black-in-1h13
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