Cairn India announced annual financial report of FY15
India’s largest independent gas & oil exploration and production company, Cairn India announced its financial results for the annual period that ended on March 31, 2015 where numerous financial achievements of the company were highlighted.
Due to the reduced crude oil prices, the revenue of Cairn India hit highest of Rs 14,646 crore and the profits it made after paying all the taxes amounts upto Rs 6,541 crore. The significant cash flow of the oil and gas producing giant, from operations hit Rs 8,765 crore and reached its highest gross capital expenditure ever, which is Rs 19,047 crore. Cairn India stands with strong cash and cash equivalent position at Rs 16,867 crore.
Cairn India executed the largest exploration and appraisal programme in Rajasthan till date where 34 exploration and appraisal wells were drilled during the whole financial year 2015. 9 wells became resourceful for hydrocarbons. Cairn India completed upto 4,000 kilometer of 3D seismic data acquisition across all the portfolios, which is 72% of whole planned program.
Managing Director and CEO of Cairn India, Mr. Mayank Ashar said, “Restructuring the organisation to align with an SBU structure in the early part of the year geared up the organisation to capture value along each line of business. This helped us to respond to the current oil price slump better than most of our global peers. Our strong functional excellence, coupled with the restructuring, enabled us to focus on the core MBA fields and provided us the operational flexibility to reduce operating as well as capital cost and curtail projects to ensure shareholder value accretion. Detailed work is ongoing to allow us to respond faster to a V-shaped recovery in oil prices. Despite record low oil prices and substantial cut in capex, we will maintain Rajasthan production at a minimum.”