JAKARTA (TheInsiderStories) – Indonesia state-owned energy company PT Pertamina posted net profit of US$1,42 billion in 2015, edged lower from $1.45 billion in previous year, attributable to lower oil price.
In the year, Pertamina posted revenues of US$41.76 billion and EBITDA at US$5.13 billion with EBITDA margin of 12.28 percent, the highest over the past 5 years.
In 2015, Pertamina invested US$3.62 billion, 75 percent of which was allocated to upstream business sector. In addition, the company paid back its debts amounted to US$4.07 billion. The company also undertook efficiency measures in all layers of the company’s management. The company gained value added worth US4608.41 million from the move.
Pertamina President Director Dwi Soetjipto said at a press conference that the sharp drop of oil price from US$106 per barrel in 2014 to around US$42 per barrel has affected the financial performance of oil companies, including Pertamina.
The drop of oil price has forced oil and gas companies around the globe to apply efficiency measures such as a cut in capital expenditure, operating expenditure which to some extent cut number of workforces.
Dwi said Pertamina has gone in the opposite direction. As many oil and gas companies financial performance slowed down by double digit, Pertamina only recorded a slight decline in term of net profit. This was due to various measures undertaken by Pertamina throughout the year.
In the upstream, Pertamina produced 606,700 barrels of oil equivalent per day, increased 11 percent from 548,500 boepd in previous year. Gas production increased from 1.61 billion standard cubic feet per day (BSCFD) to 1.90 BSCFD, while geothermal steam power increased by 8 percent to 3,056.82 Gwh electricity equivalent.
In processing area, the company resumed the operation of RFCC Cilaap and TPPI that have contributed to the company’s revenues. Yield valuable of Pertamina’s refineries increased to. 75.52 percent from 73.14 percent previously.
In marketing business unit, a price cut in various fuel products and an introduction of Pertalite fuel in July 2015 have also boosted the company’s revenues. In the second half of the year, 373,040 kilo liters of Pertalite were sold. In addition, Pertamina still controlled 59.1 percent of lubricant markets.
Its subsidiary Pertagas recorded an increase of gas transpotation and commercial gas by 4 percent and 18 percent respectively from previous year. In the year Pertagas transported 531.17 BSCF, while commercial gas reached 48.230 BBTU.
Dwi said the improved financial performance on the back of slowdown economy injected optimism to the company to expand its businesses in the coming years. “Our focus at the moment is investing in upstream business, downstream in particular refineries as well as developing gas infrastructures. (*)