Kuwait Energy and NOV Q4 profits surge

Kuwait_Energy_NOV_1Kuwait Energy and National Oilwell Varco (NOV) have both reported higher Q4 revenues, rising 27 per cent and 30 per cent respectively.

Record revenues and production

Kuwait Energy reported record revenues of US$50.4mn, up 26.9 per cent from Q4 2010 and up 5.2 per cent from Q3 2011. While NOV's Q4 profits rose to US$574mn, up from US$440mn a year ago.

Kuwait Energy achieved a record production rate of 15,018 barrels of oil equivalent per day in Q4 2011, up 12.3 per cent from Q4 2010, supported by an increase in production in Egypt.

Expanding operations

Kuwait Energy plc Deputy Chairman and Chief Executive Officer, Sara Akbar, said: "We have closed a record quarter in production and revenues thanks to an increase in production from our Egypt oil assets. We continue to focus on expanding our operations in our existing oil and gas assets and especially in Egypt and Iraq."

NOV saw new orders during the quarter hit US$1.67 billion, reflecting continued good demand for oilfield equipment.

Focus on efficiency and technology

Pete Miller, Chairman, President and CEO of NOV, remarked, "We achieved solid results in 2011. We used the year to focus on efficiency and technology. We believe that the oil and gas industry will continue to need to upgrade the world's rig fleet."

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