Dana Gas Sees Q4 Challenges, Cost Cuts Coming

The chief executive of Dana Gas expects the fourth quarter to be "similarly challenging", after the United Arab Emirates-based energy firm swung to a third-quarter loss on lower hydrocarbon prices.

"We need to prepare ourselves for the continued low oil price environment going forward," Patrick Allman-Ward told reporters on a results call.

He added the firm would look to cut general and administrative expenses by 55 percent in 2016 and operating expenses by a smaller amount.

The firm on Sunday reported a loss of $9 million in the three months to Sept. 30, versus a net profit of $38 million in the corresponding period of 2014, citing market conditions.

Reporting by Tom Arnold