By Kjetil Malkenes Hovland

Denmark's DONG Energy AS, part-owned by Goldman Sachs Group Inc. (GS), said Wednesday that it expected several oil fields to be delayed, and was lowering its expected oil and gas returns from 2015 to 2020 as the energy company swung to net profit from a loss a year ago.

It blamed the field delays, disappointing exploration results, low gas prices, and local tax changes, for its reduced returns forecast. Over the five years Dong said it now targets an average 12% return on capital from its oil and gas arm.

The company said the 170-million-barrel Hejre field, the biggest development in the Danish part of the North Sea for many years, would not start up as planned in 2016 as the work on the upper part of the platform was challenged by delays in Dong's supplier consortium. "Production is therefore not expected to start until 2017," said DONG Chief Executive Henrik Poulsen.

The Laggan-Tormore field off Shetland, operated by Total SA (TOT), was now expected to start up in 2015 instead of the end of 2014 amid delays in the construction of a gas treatment plant, DONG said.

Second-quarter net profit was 180 million Danish kroner ($31.84 million), up from a DKK241 million net loss a year earlier. However, half-year earnings rose significantly on the year to DKK2.64 billion on divestment of two U.K. wind projects and higher gas output, despite lower power generation and gas sales during warm and windy weather.

"DONG Energy saw a strong earnings improvement in the first half of the year, driven by the two growth areas wind power and exploration and production," said Mr. Poulsen.

"The exploration and production business will not be driven by a specific volume target, but will maintain a strong focus on investment returns and value creation with accentuated capital discipline," said the company, echoing similar intentions from other oil and gas companies.

Oil and gas production increased 76% on the year to 111,300 barrels of oil equivalent per day in the second quarter, mainly due to an increase in the company's ownership stake at the Ormen Lange gas field off Norway.

The company's oil production has been hampered by an outage at the Siri field off Denmark, where cracks were found in the platform's structure. The company said the problem was now fixed, but hadn't received regulatory approval. The repair work is estimated to have cost DKK3.5 billion.

Revenue was DKK16.04 billion in the first quarter, from DKK16.90 billion a year earlier.

The company is controlled by the Danish government which has a 59% stake. New Energy Investment S.a.r.l., managed by Goldman Sachs, owns 18%, energy company SEAS-NVE owns 11%, while other shareholders including pension funds ATP and PFA control minor stakes.

-Write to Kjetil Malkenes Hovland at kjetilmalkenes.hovland@wsj.com

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