24 May 2017 15:40

Crude Oil Price is Getting Volatile, Pertamina's Oil and Gas Production Increase by 6%

JAKARTA - PT Pertamina (Persero) maintains positive growth on its performance during the first quarter of 2017, supported by an increase of upstream oil and gas production by 6% and fuel sales by 5% compared to the same period in 2016.


Oil production in this period reaches 337 thousand barrels per day, increase by 10 percent compared to the first quarter of 2016 by 312 thousand barrels per day. Similarly, gas production reaches 2,010 mmscfd,increase 2% compared to the first quarter of 2019 at 1,975 mmscfd. Overall, Pertamina's oil and gas production in the first quarter is increased by 6%.


Fuel sales rises by 5% to 15.85 million KL, with a positive trend on non-subsidized fuel consumption by consumer preference switching from Premium to Pertalite and Pertamax which has taken a sales share of about 55.7% from total sales of Pertamina gasoline series. The growth also occurred in non-fuel oil sales (domestic gas and petrochemical) which rise 6% to 3.68 million KL.


Total refinery volume is decreased by about 8% which affected on the decrease in total production output and also valuable product with the same quantity compared to first quarter of 2016. Pertamina throughout this year has indeed planned some refinery maintenance program to guarantee its refinery reliability.


"The current condition of crude oil prices is still volatile, but Pertamina is relatively able to maintain the growth rate of operating performance in various business lines of the company. Crude oil price volatility greatly affects the company's financial performance which is seen from a bias in the increase of crude oil price compared to the increase in revenue and other financial performance, "said President Director of Pertamina Massa Manik.


The upward trend in world oil prices during the first quarter of 2017, which was also marked by the increase of Indonesian Crude Price (ICP) to US $ 51.03, or increase by 69% over the same period last year, only increase the company's revenue by 19% to US $ 10.15 Billion from the first quarter of 2016 by US $ 8.55 billion.


It also had an impact on the (EBITDA) of the first quarter of 2017 amounted to US $ 1.89 billion, lower than the same period in 2016 by US $ 2.18 billion. Net income also fall 24% to US $ 0.76 billion compared to the same period of 2016 by US $ 1.01 billion.


Meanwhile, the capital expenditure realization amounted to US $ 1.1 billion is larger than the same period last year of US $ 0.36 billion. The increase is triggered by the realization of 2016 project financing disbursements disbursed in the first three months of 2017, which dominated by upstream investment.


Pertamina still highly committed to the realization of various refinery projects, both Refinery Development Master Plan and New Grass Root Refinery, which is targeted to be thoroughly completed by 2025 with a total capacity of 2 million barrels per day.


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