Avner and Delek Drilling enjoyed increased profits due to higher Tamar gas sales and lower development costs.
Delek Group Ltd. (TASE: DLEKG) energy exploration and production unit Avner Oil and Gas LP (TASE: AVNR.L) reported $65.9 million profit in 2014, up from $50 million in 2013. Profit in the fourth quarter of 2014 was $18.4 million, up from $16.7 million in the corresponding quarter of 2013. Avner's revenue rose to $188.2 million in 2014 from $166.5 million in 2013.
Sister company Delek Drilling Limited Partnership (TASE: DEDR.L) reported profit of $70.5 million in 2014, up from $61.2 million the previous year. Fourth quarter profit was $20.1 million, compared with $19.5 million in the corresponding quarter. Revenue in 2014 was $193.6 million, up from $174.9 million in 2013.
The rise in profit was due to higher gas sales from the Tamar field and lower development costs, partly offset by higher financing costs.
Published by Globes [online], Israel business news - www.globes-online.com - on March 19, 2015
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Tamar