Demark-based energy group DONG Energy is planning to exit the oil and gas (O&G) industry as soon as the end of this year.
In connection with an interim report for the first nine months of 2016, DONG Energy says it has already initiated the process to divest its activities within the exploration and production of O&G. Specifically, the activities are expected to be sold before the end of 2017, and the O&G segment is therefore presented as discontinuing operations in the company’s financial statements for full-year 2016.
In turn, the company says, the profit for the year and cash flows of the O&G segment are presented separately from the group’s continuing operations, and the balance sheet items are presented as assets classified as held for sale.
In its third-quarter financial report in November, DONG Energy announced its intention to stray away from its O&G business and focus more on renewable energy.