RH PetroGas (T13) H1 2024 earnings summary

Executive summary

• 1H 2024 revenue rose 12.1% YoY to US$48.2m; net profit increased to US$9.2m from US$3.1m, supported by higher realized oil prices and lifted volumes, plus lower cost of sales.

• Operating cash flow was US$18.1m; cash and bank balances were US$49.0m at 30 June 2024.

Financial highlights

• 1H revenue US$48.187m, up 12.1%; cost of sales fell 14.2% to US$28.583m; gross profit more than doubled to US$19.604m from US$9.688m.

• Profit before tax was US$17.497m versus US$6.159m; net profit was US$9.200m versus US$3.065m.

• Income tax expense rose to US$8.297m, including US$7.220m attributable to the two PSCs and a US$1.077m reversal of deferred tax assets.

• Oil sales were US$41.621m and natural gas sales US$6.566m in 1H 2024.

Outlook and guidance

• Plans include another exploration well in operated assets in Q4 2024, alongside continued workovers, well services, development and exploration drilling.

• Remaining exploration work commitments were US$45.8m at 30 June 2024, from total firm commitments of US$68.2m net to working interests under the two PSCs.