Pertamina net profit drops by half to US$570 mln in H1

JAKARTA ( – State owned energy company PT Pertamina posted net profit of US$570 million in the six months to June period, plunged by 46 percent from US$1.13 billion in the same period last year.

President Director of PT Pertamina Dwi Soetjipto said the fall of net profit was driven by lower premium price, which was sold below market price. This resulted in losses in downstream businesses.

The premium fuel price was set by the government. Although the government takes into consideration the world oil price, the monthly fuel price was not always follows the market price.

In the first semester, Pertamina posted revenues of US$21.79 billion, fell 40.69 percent from the same period last year, partly due to lower oil price. Indonesia’s ICP (Indonesian Crude Price) fell to US$59.4 per barrel in the first half, compared to US$106.6 per barrel in the same period last year.

Operating expenses reached US$20.22 billion, down 35.2 percent from last year, while its EBITDA (earnings before interest, tax, depreciation and amortization) reached US42.32 billion.

Pertamina’s oil and gas production increased by 6 percent in the first half, reaching 550,890 barrels of oil equivalent per day (boepd), consisted of 270,760 barrels of oil per day and 1.60 billion standard cubic feet per day (BSCFD) of gas, driven by increase oil production from overseas oil and gas blocks. Overseas blocks contributed 73,500 bopd in the period, while gas production reached 88.25 MMSCFD.

In the first half, Pertamina realized US$1.87 billion in investment in upstream oil and gas sector as well as in development of gas infrastructures, such as gas teminals, Arun LNG terminal, Arun-Belawan transmission pipeline and others.

In related development, Pertamina plans to issue global bonds worth US$1 billion to fund its investment this year. (*)

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