PetroEnergy Achieves Hefty 2018 Net Income
April 22, 2019
PetroEnergy Resources Corporation (PERC) and its subsidiaries posted a consolidated net income of Php 695 Million in 2018 driven largely by the following: 1) additional revenues from its 12 MW Maibarara-2 geothermal plant which went on commercial operations on April 30, 2018, 2) record generation from the Nabas wind plant due to very high capacity factors in the first and third quarters of last year, and 3) a 20% increase in oil revenues due to the strengthening of global crude oil price from US$ 53.20/bbl in 2017 to US$ 70.10/bbl in 2018.
This consolidated net income is a 63% increase over last year’s Php 427 Million. Net income attributable to equity holders of PERC also increased by 120% from Php 191 Million in 2017 to Php 421 Million in 2018.
PERC, through it renewable energy holding unit PetroGreen Energy Corporation, operates four power generating units – the 20MW Maibarara-1 and 12 MW Maibarara-2 geothermal plants under Maibarara Geothermal Inc. (MGI), the 36 MW Nabas-1 wind farm by PetroWind Energy Inc. (PWEI), and the 50MWDC Tarlac-1 solar plant under PetroSolar Corporation (PSC). PERC also derives revenues from petroleum operations through its Etame oil concession in offshore Gabon, operated with its US, Chinese, and South African consortium partners.
PERC President Milagros V. Reyes declared, “We are pleased that our calibrated diversification and expansion are paying off not only for our shareholders but for our host communities as well. Increases in our revenues translate to higher national government royalty share for indigenous energy resources development, increased ER 1-94 remittances to both national and local governments, and more direct and sustained community partnership projects.”