PetroEnergy posts strong 180% profit growth in 1H 2017
August 18, 2017
Publicly-listed energy company, PetroEnergy Resources Corporation (PERC) reported a 180% increase in consolidated net income of US$6.55 MM in the first half of 2017 compared to US$2.34 MM in the same period last year. This translates to 401% increase in net income attributable to the equity holders of the Parent Company (PERC).
PERC’s strong performance was largely driven by higher income contribution from its renewable energy projects: 20MW Maibarara Geothermal Power Project in Batangas, 36MW Nabas Wind Power Project in Aklan, and the 50MW DC Tarlac Solar Power Project in Tarlac. Total electricity exported from the three plants rose to 174,810 MWh in the first half of 2017 compared with 152,898 MWh in same period last year.
“Our renewable energy facilities are showing good results in terms of energy yield and operational efficiencies. We are optimistic that if we are able to sustain this performance, we will be on-track in achieving our full year targets,” said PERC’s President Milagros V. Reyes. PERC’s subsidiary, Maibarara Geothermal Inc. (MGI), is also expecting to start the commercial operations of its 12MW Maibarara-2 expansion before the end of 2017. Earlier this month PERC disclosed that it obtained the environmental clearance for its Puerto Princesa Solar Power Project (PPSP) which will be the first utility-scale green power project in the whole of Palawan.
Slightly higher average crude oil prices also contributed to the profit increase, with average price reaching US$50.38 per barrel for the first half of 2017 compared to US$35.59 per barrel in the same period last year. PERC’s petroleum asset in Gabon West Africa produces ~16,000 barrels of oil per day (BOPD) from four (4) producing fields.
“We continue to develop, under our PetroGreen Energy Corporation (PGEC) holding unit, a pipeline of modest-sized renewable energy projects in high-demand or poorly-served areas because we believe this is the fastest way to add much needed power capacity for the country while ensuring shorter payback period for our investments”, adds PERC Vice President F.G. Delfin Jr. PERC’s Maibarara-2 expansion is currently the only active geothermal facility being constructed in the Philippines. PERC also supplies 8.4% of wind power and 7.1% of solar power capacities in the entire country.