TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
Pertamina turns around net loss in H1 as oil prices rise
The oil and gas giant booked a US$182.81 million net profit in the first half, compared with a $767.92 million net loss from the same period last year, according to its latest financial report.
Change Size
Pertamina headquarters in Central Jakarta in an undated photo. (Courtesy of Pertamina)
S
tate-owned oil and gas giant Pertamina booked a net profit in the first half of this year, turning around a net loss from the same period last year, mainly as crude oil prices returned to pre-pandemic levels.
Pertamina, which is Indonesia’s biggest oil and gas company, booked a net profit of US$182.81 million in the January-June period, compared with the $767.92 million net loss from the same period last year, according to its latest financial report.
Pertamina’s acting senior vice president of corporate communications and investor relations Fajriyah Usman attributed the rising profit to the rising Indonesian Crude Price (ICP), higher energy demand and lower development and production costs.
“We will continue taking strategic measures to enhance revenue and efficiency in all business segments,” she said in a statement on Monday.
The global crude oil price benchmark Brent averaged $73 per barrel in June, the first month when the Brent price averaged more than $70 per barrel since May 2019, according to the US Energy Information Administration.
Indonesia’s own benchmark ICP rose 91 percent year-on-year (yoy) to $70.23 per barrel in June, Energy and Mineral Resources (ESDM) Ministry data shows.
Read also: Pertamina sees net profit down 58.44% in 2020
