London-listed Kazakh oil and gas producer KazMunaiGas Exploration Production, or KMG EP, (RDGZ.KZ) said Friday its net profit declined 75% on the year to 20.75 billion tenge ($137.6 million) in the second quarter of 2009 due to lower oil prices.
KMG EP said in a statement its operating expenses increased to KZT86.4 billion from KZT72.5 billion.
The company said it capital expenditure budget for 2009 "increased by over 13% to KZT45 billion from KZT40 billion as of end of first quarter in 2009, reflecting improved market environment and drilling 25 new development wells."