Dong Energy, formerly known as Dansk Naturgas and Dansk Olie og Naturgas, holds the place as the largest integrated energy company in Denmark. The company’s primary business focus is on oil exploration and drilling, plus meeting the electricity and natural gas needs of the nation. The company is publicly traded on the Copenhagen NASDAQ under the symbol DENERG. Dong Energy’s majority stockholder is the government of Denmark, which holds 76% ownership rights until 2025.
The company was originally founded by the Danish government in 1972 under the name Dansk Naturgas A/S. After getting involved in the production of electricity in the early 2000s, the company acquired and merged with a series of electricity providers in 2005. These acquisition targets included Elsam and Energi E2, NESA, Københavns Energi and Frederiksberg Forsyning. After the mergers were completed, the company was renamed Dong Energy. It’s worth noting that Dong Energy provides 49% of Denmark’s electricity and 35% of the natural gas for heat production.
As for the company’s oil operations, much of the exploration and drilling work is focused on areas in the Danish part of the North Sea, Barents Sea and in portions of Norway where most of the company’s natural gas reserves are held. The company also owns and maintains oil and gas pipelines that run through parts of Germany, Norway, Sweden and Denmark.
Dong Energy maintains its headquarters in Fredericia, Denmark. The company’s 6,700 employees (2015) are led by Henrik Poulsen (CEO) and Thomas Thune Andersen (Chairman). For the fiscal year ended in 2015, the company had total operating revenues of 18.5 billion DKK, which resulted in a net loss of (12.1) billion DKK. To date, the 12.1 billion DKK loss is the largest annual loss ever recorded by a Danish Corporation. Much of it was created by operational issues in the Hejre (Heron) oil field.