Pertamina EP reports higher profit, revenue on stronger oil price
Upstream company PT Pertamina EP (PEP), a subsidiary of state-owned oil and gas firm PT Pertamina, said net profit last year increased to US$615 million, higher than $500 million in the previous year.
Meanwhile, revenue increased to $2.7 billion from $2.4 billion, thanks to higher oil price toward the end of last year.
Oil output last year totaled 77,200 bpd, lower than 83,632 bpd in 2016. Meanwhile, gas production stood at 1,018 mmscfd compared to 989.2 mmscfd in the previous year. Oil and gas output last year totaled 253,000 boepd.
PEP President Director Nanang Abdul Manaf said on Wednesday that despite the lower oil production, revenue increased last year thanks to higher oil price. He added that the higher financial performance was also made possible as the company released its crude oil stock, allowing for oil lifting of 77,900 bpd, higher than production. “We had stock, the price was good so we sold them,” Nanang said.
He said that last year the company spent $644 million in capital expenditure, and $1.1 billion in operating expenditure. “We drilled 61 wells last year. We drilled 10 exploration wells, of which four completed in January,” he said.
PEP, which currently operates 21 oil and gas fields scattered in 15 provinces, plans revenue of $2.7 billion this year, and net profit of $547 million.