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Dana Gas Sees Q4 Challenges, Cost Cuts Coming

Posted by November 16, 2015

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

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