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Razvedka Dobycha KazMunayGaz AO (KMGq.L)

KMGq.L on London Stock Exchange

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Latest Key Developments (Source: Significant Developments)

KazMunaiGas EP more than doubles first-quarter profit
Thursday, 27 Apr 2017 02:32am EDT 

April 27 (Reuters) - KazMunaiGas Exploration and Production KMGq.L:Reports 2017 first-quarter net profit of 2.3 billion tenge ($7 million) vs 0.9 billionn tenge a year earlier..Q1 revenue up 76 percent year on year at 214 billion tenge ($663 million)..Company attributes revenue leap largely to 58 percent Brent price increase and switch to a new oil processing scheme in April 2016..Recorded a foreign exchange loss of 59 billion tenge in the querter, hit by tenge weakness against the dollar..  Full Article

Kazakh KMG EP Q1 oil output falls 5 pct y/y
Tuesday, 25 Apr 2017 02:00am EDT 

April 25 (Reuters) - KazMunaiGas Exploration and Production (KMG EP) , KMGq.L::Produced 2.904 million tonnes of crude oil (238,000 barrels per day) in Q1 2017, down 5 percent year on year..The lower levels of production were largely due to a natural decline in production of oil at PetroKazakhstan and fewer wells drilled at Ozenmunaigas..  Full Article

KMG EP board proposes cash dividend, approves higher capex
Wednesday, 12 Apr 2017 03:56am EDT 

KazMunaiGas Exploration and Production (KMG EP) says: Based on 2016 results the board has recommended a dividend per ordinary and preferred share at 289 tenge; the company paid no dividend from 2015 profit; .Board of directors has approved an increase in capital expenditure for 2017 to 133 billion tenge ($427 million), 12 percent above previous guidance..  Full Article

Kazakh KMG EP 2016 profit drops after 2015 fx gain, revenue up
Friday, 17 Feb 2017 02:15am EST 

KazMunaiGas Exploration and Production : Net profit in 2016 was 132 billion tenge ($385 million) compared with 244 billion tenge ($1.096 billion) in 2015 . The decrease in net profit is largely due to a foreign exchange gain of 449 billion tenge in 2015 . Revenue in 2016 was up 37 percent year on year and amounted to 727 billion tenge ($2.128 billion) .The increase is the result of the company's switch to a new processing scheme, as well as a 54 percent increase in the average tenge–US dollar exchange rate.  Full Article

Kazakh KMG EP 2016 oil output falls 2 pct
Friday, 27 Jan 2017 02:23am EST 

KazMunaiGas Exploration and Production (KMG EP) : Produced 12.154 million tonnes of crude oil (245,000 barrels per day) for 2016, a 2 percent decrease on 2015; . Lower output mainly due to natural decline in production at PetroKazakhstan. Further company coverage: [RDGZ.KZ] (Reporting by Olzhas Auyezov) ((Olzhas.Auyezov@thomsonreuters.com;)).  Full Article

Razvedka Dobycha KazMunayGaz AO proposes no dividend for 2015 - Reuters
Wednesday, 30 Mar 2016 10:16pm EDT 

Razvedka Dobycha KazMunayGaz AO:State-controlled Kazakh oil firm Kazmunaigas Exploration and Production (KMG EP) says its board has recommended paying no dividend for 2015 - Reuters."The decision not to pay dividends is caused by sharp decline in oil prices since end of 2014, as a result of which the company's cash flow and operating profit turned negative," it said in a statement.  Full Article

S&P downgrades Razvedka Dobycha KazMunayGaz AO rating
Tuesday, 23 Feb 2016 11:32pm EST 

Razvedka Dobycha KazMunayGaz AO:Says Standard and Poor's downgraded the long-term credit rating of the company from "BB+" to "ВВ".Outlook is "Negative".Rating actions regarding the company were taken as a result of the downgrading of the sovereign credit rating of the Republic of Kazakhstan on Feb. 19.  Full Article

Razvedka Dobycha KazMunayGaz AO approves 2016 budget and 2016-2020 business plan
Thursday, 3 Dec 2015 03:41am EST 

Razvedka Dobycha KazMunayGaz AO:Says planned production in 2016 is expected to be 5,612 thousand tonnes (113 kbopd) from JCS OzenMunaiGas (OMG) and 2,822 thousand tonnes (57 kbpod) from JSC EmbaMunaiGas (EMG).Thus, the total planned production volume in 2016 from OMG and EMG is expected to be 8,434 thousand tonnes (170 kbopd) or 1% more than planned production in 2015 due to improving the efficiency of geological and technical measures.The total combined production of the company, including its stakes in KGM, CCEL and PKI, in 2020 is expected to be 3 pct lower than planned production in 2015.Capital expenditure in 2016 is planned at 85 billion tenge, 21 pct lower than the approved capital expenditure plan for 2015.Reduction is mainly due to the decrease of production drilling from 274 wells in 2015 to 171 wells in 2016.Cumulative capital expenditure in 2016-2020 is expected to be 414 billion tenge.Based on the assumptions used in the current business-plan for 2016-2020 it is expected that the company’s free cash flows in 2016-2020 will be negative.Thus, the business plan assumes a decrease in net cash position of the company from 938 billion tenge as of Sept. 30 to about 600 billion tenge at the end of 2020 before payment of dividends and acquisitions.  Full Article

S&P affirms Razvedka Dobycha KazMunayGaz AO rating
Monday, 16 Nov 2015 12:37am EST 

Razvedka Dobycha KazMunayGaz AO:Says Standard & Poor's Ratings Services (S&P) affirmed its long-term corporate credit rating on Razvedka Dobycha KazMunayGaz AO at BB+.The outlook on rating is negative.  Full Article

Razvedka Dobycha KazMunayGaz AO names Kurmangazy Iskaziev general director
Sunday, 27 Sep 2015 08:00pm EDT 

Razvedka Dobycha KazMunayGaz AO:Names Kurmangazy Iskaziev new general director and Chairman of management board.  Full Article

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ALMATY, May 16 Kazakh upstream venture Tengizchevroil produced 7.3 million tonnes (58 million barrels) of oil in the first quarter, it said on Tuesday, down from 7.4 million tonnes a year earlier.