43
CreatingWealth for Shareholders
DolphinEnergy generates economic value
for its shareholders, namelyMubadala,
Oxy, andTotal. DolphinEnergy has a
fiscal responsibility todeliver against
stated objectives and has thus far
consistently delivered financial results
that exceed budgetedgoals: In 2008 the
company exceeded gas revenue target by
47% and in2009 by 21%. The company
also achievedamajor financial milestone
in 2009whenpermanent financingwas
completed, securing $4.1billionof debt,
while settling a conventional loanand
Islamic loan of $3.45billion.
DolphinEnergy’s financedepartment (13
staff) is also responsible for ensuring that
all management, shareholder and statutory
requirements aremet. The company has
put inplace strong internal controlswith
clear segregation of duties andappropriate
financial systems, policies and procedures.
DolphinEnergy usesSystemsApplications
andProducts (SAP) financial systems and
Direct EconomicValueGeneratedandDistributed (US $000s)
(pertains to downstreamoperations and forms part of DolphinEnergy
financial statements)
2007
2008
2009
Direct economic valuegenerated
Net SalesRevenues
123,182 662,726 726,358
Economic valuedistributed
Operating costs
12,938
35,296
47,651
Employeewages and benefits
22,214
33,419
36,861
Payments to providers of capital
41,492
286,367 372,546
Payment togovernment - gross taxes
-
-
-
Community investment
330
2,197
2,537
Depletion, depreciationand amortization
15,071
46,794
52,367
Economic value retained
31,137
258,653 214,396
Fiscal Responsibility
2007
2008
2009
(%GasSales performance versus fore-
cased revenue target)
NR
147
121
act as amain user innewdevelopments
andupgrades, optimizing theutility of
these systems.
The company’s financial statements
are prepared following the International
Financial ReportingStandards (IFRS) and
are subject to a third party audit. Dolphin
Energy produces its financial statements
ona quarterly basis, whichare third
party audited, sharedwith shareholders,
andapproved by theBoardof Directors
and shareholders. The company also
has aStrategic andCorporatePlanning
department that prepares economic
evaluations andmonitors the investments
of the company to help assure that the
monies the company spends are used in
aneconomically prudent manner. Dolphin
Energy continuously develops its finance
staff withnecessary skills and knowledge,
with special emphasis indevelopingQatari
andKuwait nationals.
