Nalcor Energy’s profit in the first two quarters of 2017 is up significantly over the same period last year.
Reporting its financial results for the second quarter of 2017 today, the company posted a profit of $135 million up to June 30 this year, $98 million more than the first two quarters 2016.
Profit for the second quarter – April to June – was $78 million, compared to $9 million for the same period in 2016.
According to a news release from the company, the main reasons for the increase were higher oil revenues from increased production and higher oil revenues, a one-time adjustment to the Bull Arm lease revenue related to the close-out value of the ExxonMobil Canada Properties sublease agreement and regulatory adjustments in Hydro Regulated associated with the conclusion of the 2013 General Rate Application.
As well, Nalcor reports its total assets as of June 30 is valued at $17.6 billion, approximately $3.5 billion higher than they were on Dec. 31, 2016.