RH PetroGas (T13) H2 2024 earnings summary

Executive summary

• FY2024 net profit rose to US$18.3m from US$3.2m, supported by lower operating costs and the absence of the prior-year exploration write-off.

• Strategic priorities were operational efficiency, mature-field production support, exploration and community investment across Indonesian assets.

Financial highlights

• Revenue was US$92.520m, down 1.7% YoY from US$94.091m, reflecting lower realised oil prices and crude liftings.

• Gross profit increased 38.0% to US$35.928m from US$26.026m as cost of sales fell 16.9% to US$56.592m.

• Profit before tax was US$31.699m vs US$5.210m; income tax expense rose to US$13.421m from US$2.057m.

• EBITDAX rose to US$33.1m from US$25.3m; operating cash flow was US$33.8m vs US$16.8m.

• Other expenses fell to US$2.131m from US$19.580m, mainly as FY2023 included a US$17.727m unsuccessful exploration write-off.

Outlook and guidance

• Two exploration wells, Karim-1 and Northwest Klagagi-1, are planned back-to-back in H2 2025, subject to environmental permits.

• A pilot enhanced oil recovery project in Kepala Burung is approved to begin in 2025; EAOR scale-up is under assessment for 2026 onward.

• Remaining firm work-programme commitments were US$40.2m at 31 Dec 2024; US$10.845m was expected to be incurred in the next 12 months.

• Salawati's pilot surfactant huff-and-puff programme is to add three wells in 2025, with a final four planned for late 2025 and early 2026.