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RWE Dea's After-Tax Profit Rises in 2012

RWE Dea, the natural gas and crude oil production unit of German utility RWE AG (RWE.XE), said Wednesday after-tax profit increased in 2012 despite mildly falling oil and gas production.After-tax profit for 2012 was 528 million euros ($689.13 million), up from EUR200 million the previous year. The increase was largely due to high gas and oil prices as well as a strong U.S. dollar, in which oil sales are denominated.Revenue was also up by around 5% to more than EUR2 billion.Gas and oil production fell because of project delays, but the company plans to reverse the decreasing production trend with investments, particularly in Norway and the U.K."In order to reach our goal of doubling yearly production, we are investing greatly in the current field development and in further promising exploration projects," Chief Financial Officer Johannes Karlisch said.The company invested EUR658 million in 2012, slightly less than the previous year.The comments come after parent company RWE said at the ...

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