Engie records fall in revenue

Engie, previously known as GDF SUEZ, has announced a fall in revenue (-3% on a gross basis, -5.9% on an organic basis) in the first quarter of 2015 to €22,073 million.

EBITDA for the period also fell 10.4% on a gross basis to €3,557 million, compared to the corresponding period of last year. This fall has partly been attributed to the impact from the drop in oil and gas price on exploration-production activities and on LNG sales.

Gas and LNG

Engie’s Global Gas and LNG business line recorded a 34.6% fall (on a gross basis) in revenue for 1Q15 to €1,087 million, compared to the corresponding period of last year. This decrease has been attributed to the drop in oil and gas price, as well as the strong decrease of LNG activity in volumes and prices on European and Asian markets. Total hydrocarbon production at the end of March 2015 is higher by 1.3 million boe, thanks to contributions from fields commissioned in 2014 (Juliet in the UK, Amstel in the Netherlands and Gudrun in Norway).

Engie said that the Group’s performance in 1Q15 is in line with the anticipated trajectory.

In the period, Engie also recorded its 1000^th LNG truck loading in Europe at Montoir-de-Bretagne, France.

Edited from press release by Callum O'Reilly

Read the article online at: https://www.lngindustry.com/regasification/28042015/engie-records-fall-in-revenue-654/