Publicly listed subsidiaries of Omani state energy firm OQ released their preliminary first-half results this week. Across the board, the companies booked year-on-year gains in revenue and profit.
Upstream subsidiary OQ Exploration and Production (OQEP) recorded a 9.8% year-on-year increase in revenues from $1.1bn to $1.2bn, and profits rose 18% to $512mn. The gains were “supported by higher realized oil prices, better production performance and disciplined cost management,” it said in its preliminary earnings release. (CONTINUED - 234 WORDS)