Pertamina Revenue Grows by 19 Percent in First Half 2017
JAKARTA, Indonesia, Aug. 17, 2017 /PRNewswire/ — PT Pertamina (Persero) (PERTAMINA) today announced its financial results for the first half of 2017.
Supported by significant operating performance growth, the revenues during the period were US$20.5 billion, compared to US$17.2 billion in the first half of 2016, equivalent to a 19% growth. The revenue growth rate is relatively low compared to Indonesia's crude price (ICP) increase, which has reached US$ 48.9 per barrel during the first half of 2017 (YoY increase 35%).
"In the first half of 2017, the external environment is still very 'volatile' with the world oil price continuing to rise. The rising of crude oil price has become an incentive for the upstream business. It is, however, also affected the increase in cost of goods sold in the downstream sector which has a significant impact on the company's net profit," said Massa Manik, President Director of PERTAMINA.
The net profit was US$ 1.4 billion, which has decreased 24% compared to the first half of 2016. PERTAMINA's operational performance also showed encouraging growth compared to the same period last year. Oil and gas production has increased 8% to 692 thousand barrels of oil equivalent per day (MBOEPD) during the first half of 2017.
The increase in oil and gas production consisted of oil which has increased 12% to 343 thousand barrels of oil per day (MBOPD). Meanwhile, natural gas grew by 4% with 2,022 million cubic feet per day (MMSCFD).
Sales of fuel oil (BBM) has increased 4% to 32.60 million kiloliters (KL). Similarly, non-fuel sales of domestic gas, petrochemicals and lubricants have increased 6% in the first half of 2017 to 7.82 million KL. The increase of non-subsidized fuel sales portion also contributes to Pertamina's revenue increase.
PERTAMINA is Indonesia's leading integrated energy company. We are committed to an ongoing process of transformation and continuous improvement that will lead to our achieving global standards of operational, environmental, and corporate performance. PERTAMINA is present throughout the value chain of the energy sector, including the exploration and production, refining, manufacturing and marketing of oil products and petrochemicals; and the development of biofuels, geothermal power and other sustainable alternative energy sources.
PERTAMINA is the largest oil and gas producer in the country. We are among the biggest operator and preferred partner of many international oil and gas players on large-scale projects in Indonesia. Internationally, PERTAMINA holds oil and gas exploration and production assets in 12 countries, including Algeria, Colombia, Canada, France, Gabon, Iraq, Italy, Malaysia, Myanmar, Namibia, Nigeria and Tanzania.
Vice President Corporate Communication
PT Pertamina (Persero)
SOURCE PT Pertamina (Persero)