Domestic Crude Oil and Natural Gas Sales Were Pertamina's Biggest Revenue Driver in 2022

PT Pertamina (Persero)'s net profit reached Rp56.60 trillion in 2022, the highest profit ever recorded in its history. This profit was driven by the state-owned enterprise's (SOE) substantial revenue. According to *Katadata*, Pertamina's President Director, Nicke Widyawati, stated that the company's total revenue reached US$84.89 billion, or more than Rp1.2 quadrillion.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to US$13.59 billion, equivalent to Rp202.14 trillion. The company's EBITDA increased by 47% year-on-year (YoY).

According to its financial report, the largest contributor to revenue was the sale of crude oil, natural gas, geothermal energy, and domestic oil products, totaling US$51.85 billion or Rp772.14 trillion (assuming an exchange rate of Rp14,889 per US$). This figure significantly increased compared to the 2021 revenue of US$39.30 billion or Rp585.16 trillion.

The second largest revenue component was the export of crude oil, natural gas, and oil products, amounting to approximately US$9.30 billion or Rp138.45 trillion. Thirdly, there was revenue from government subsidy cost reimbursements of US$6.30 billion or Rp93.75 trillion. Marketing service fees contributed the fourth largest revenue, with a value of US$107.07 million or almost Rp1.60 trillion.

Pertamina claims that its financial performance is directly proportional to its sustainability performance. Pertamina achieved the number 2 global ranking in the Integrated Oil & Gas sub-industry by Sustainalytics with an ESG score of 22.1 points in October 2022, an improvement from its previous score of 28.1 points.

With its excellent performance last year, Pertamina also reaffirmed its position as the only Indonesian company included in the Fortune Global 500, ranking 223rd, up from its previous ranking of 287th.

The following are the components of Pertamina's sales and revenue throughout 2022:

* Domestic sales of crude oil, natural gas, geothermal energy, and oil products: US$51,857,368,000 (Rp772.14 trillion)
* Export sales of crude oil, natural gas, and oil products: US$9,298,430,000 (Rp138.45 trillion)
* Government subsidy cost reimbursement: US$6,296,622,000 (Rp93.75 trillion)
* Marketing service fees: US$107,078,000 (Rp1.60 trillion)
* Business income from other operating activities: US$17,300,744,000 (Rp257.60 trillion)
* Total revenue from contracts with customers: US$84,860,242,000 (Rp1,263.55 trillion)
* Rental income: US$28,013,000 (Rp417.10 billion)
* Total sales and other business income: US$84,888,255,000 (Rp1,263.97 trillion)