Pertamina books $570m profit in H1

State owned oil and gas firm PT Pertamina announced on Wednesday it was able to book a good profit in the first half of year ? amounting to US$570 million ? despite the sharp oil price drop.

The firm attributed the financial performance to the improved performance of all business lines and efficiency measures.

?Many companies around the world has been taking breakthrough actions in order to survive, ranging from capex cuts to manpower reduction since the beginning of the year. Amid such situations, Pertamina was able to overcome challenges and improve its operational performance and carry out efficiencies to gain US$570 million profit despite suffering losses in the beginning of the year,? President Director Dwi Soetjipto said in a statement.

Indonesian Crude Price (ICP) dropped to $59.4 per barrel in the first half of the year, a sharp decrease $104.6 per barrel in the same period of last year. The rupiah depreciated 10 percent during the period.

The firm?s total and gas production rose 6 percent to 550,890 boepd in the first half the year, consisting of 270,760 bpd of oil, and 1.6 bscfd of gas. Overseas assets produced 73.5 bpd of oil, 88.25 mmscfd of gas.

In the second quarter of the year, the firm?s refineries were able to achieve production costs which are lower than oil fuel import prices ? an evidence that the refineries have been operating efficiently. Oil fuel sales were down 7.16 percent to 30.07 million kl due to lower consumption.

The volume of gas transported by the firm increased 4 percent to 246.98 bscf, while gas sold by the firm to end buyers reached 19.71 bcf. LNG sales rose to 38,750 bbtu.

Editing by Johannes Simbolon