DONG Energy reported steady 2011 core profits compared with 2010, partly due to lower gas sales earnings, however warned that 2012 profits would stall. Oil and gas production edged up to 26.4 Mboe in 2011 from 24.4 Mboe the previous year, while electricity generation amounted to 20.4 TWh from 20.2 TWh. Oil production rose a modest 3% to 9.3 Mboe and gas output, primarily from DONG's stake in the Ormen Lange field in Norway, increased by 11 % to 17.1 Mboe. Gas sales, excluding consumption at DONG's own power plants, rose to the equivalent of 115.6 TWh in 2010 from 108.5 TWh.
Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at DKK13.8bn (US$2.46bn) from DKK14.1bn in 2010 (US$2.51). In Energy Markets, EBITDA was down DKK1.0bn (US$178m) at DKK2.0bn (US$356m), primarily reflecting lower earnings from gas sales under fixed-price and oil-indexed contracts.