Through the Third Quarter of 2016, Pertamina's Profit Surpassed ExxonMobil's.

14/11/2016 11:13 WIB

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Net Profit of Oil and Gas Companies (January-September 2016)

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Through the Third Quarter of 2016, Pertamina's Profit Surpassed ExxonMobil's.

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Net Profit of Oil and Gas Companies (January-September 2016)

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From January to September 2016, Pertamina's net profit reached US$2.83 billion. This figure is up 209 percent compared to the same period the previous year, which only reached US$914 million. Pertamina's success in cost savings and efficiency is one of the reasons for the increase in profit up to the third quarter of 2016. Until the third quarter of 2016, Pertamina was able to achieve savings of US$1.643 billion. This figure has exceeded the 2016 target of US$1.64 billion.

Throughout 2016, world crude oil prices remained depressed. Crude oil prices have not been able to rise above US$50 per barrel, unlike two years prior when they reached US$100 per barrel. This is a major concern for oil and gas industry players. Several global oil and gas companies even reported losses in 2016.

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