OQ Group reports historic financial and operational performance

Muscat: Oman’s OQ Group announced its full-year 2022 financial performance results, reporting the highest net profit in the group’s history.

The record performance was driven by strong operational performance in the majority of the group’s businesses and an advantageous market environment.

In 2022, the global integrated energy group recorded consolidated revenue, adjusted EBITDA and net profit of $39.126 billion, $6.179 billion, and $3.850 billion, respectively.

The group’s robust performance was higher than both the 2022 budget and the 2021 actual performance. This was primarily driven by higher production volumes, favourable prices in both its upstream and downstream businesses and a strong performance from its trading arm.

“This year has been an exceptional year for OQ, witnessing the strongest financial and operational performance in its history, while at the same time anchoring OQ as an energy transition enabler in the Sultanate of Oman,” said Mulham Al Jarf, OQ Chairman.

Key highlights
In January, OQ commissioned its OQ Liquified Petroleum Gas (OQ LPG) facility in Salalah. OQ Exploration & Production (OQ E&P) commissioned Bisat-C, the third crude oil processing plant in the Bisat oil field, helping to increase its production capacity to more than 55,000 barrels per day in 2022.

In line with Oman Vision 2040’s goals to attract foreign investments in the Sultanate, OQ continued pursuing opportunities across its streams, including petrochemicals and hydrogen.

OQ Gas Network (OQ GN) effectively capitalised on the growing global LNG demand to deliver a record-breaking 39.4 billion cubic metres of natural gas to customers.

OQ’s Board of Directors approved the Group’s decarbonisation plan. Additionally, OQ was announced as Oman’s 'Renewable Energy' champion, with OQ’s Alternative Energy pillar (OQ AE) entering into low-carbon, clean energy, and hydrogen projects with the potential to generate more than 30 GW of renewable energy in Oman.

In the journey towards maximising In-Country Value (ICV), the Group spent $453 million in 2022.
Reflecting on OQ’s results, Talal Al Awfi, Group Chief Executive Officer said: “With an increased focus on building financial resilience, improving operations, optimising cost, and establishing an operating model that drives accountability, we are more equipped than ever to face market challenges and be more resilient in the face of adverse conditions.”