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Pertamina sees 2011 net rise to $2.33 bil on higher oil prices

Thursday, 16 February 2012 | 00:00
Indonesia's state-owned oil and gas company Pertamina booked a net profit of Rupiah 21 trillion ($2.33 billion) for full-year 2011, up 25.2% from 2010's Rupiah 16.77 trillion due to high oil prices, according president director Karen Agustiawan.
This is above the company's target of Rupiah 17.7 trillion in net profit for 2011. Indonesia's average realized crude price was $115/barrel last year, compared with a target of $95/b, Platts reported previously.
EBITDA was Rupiah 51.13 trillion, Agustiawan said in a parliamentary hearing late Tuesday. That is up from the targeted Rupiah 39.49 trillion.
Full-year revenues totaled Rupiah 590.67 trillion, and operating profit came to Rupiah 49.88 trillion. Comparison figures for 2010 were not available.
The company exceeded its gas output target for the year, producing an average 1.53 Bcf/d in 2011, compared with the targeted 1.519 Bcf/d. But it failed to meet its oil production target of 208,100 b/d, pumping only an average of 193,500 b/d due to facilities damage, reservoir problems, permit issues and equipment problems, Agustiawan said.
Among Pertamina's many subsidiaries, the biggest contribution to the consolidated net profit came from its upstream businesses, which posted net of Rupiah 24.01 trillion -- or 96% out of the total net profit from subsidiaries, Pertamina's communication vice president Mochamad Harun said.
Source: Platts
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