PetroEnergy bottom line gets lift from Maibarara-2 geothermal plant

YUCHENGCO-LED PetroEnergy Resources Corp. reported a 63% increase in consolidated net income last year to P695 million driven by several factors, including the additional revenue from its geothermal power plant in Sto. Tomas, Batangas.

Net income attributable to equity holders of the parent firm reached P421 million or more than double the previous year’s P191 million, the company told the stock exchange on Tuesday.

Aside from PetroEnergy’s 12-megawatt (MW) Maibarara-2 geothermal plant, which went on commercial operations on April 30, 2018, the other income growth driver cited by the company is the “record” power generation by its Nabas wind farm “due to very high capacity factors in the first and third quarters of last year.”

The company also attributed the profit growth to a 20% increase in oil revenues after the strengthening of global crude oil price to $70.10 per barrel in 2018 from $53.20 per barrel in 2017.

“We are pleased that our calibrated diversification and expansion are paying off not only for our shareholders but for our host communities as well,” said PetroEnergy President Milagros V. Reyes.

“Increases in our revenues translate to higher national government royalty share for indigenous energy resources development, increased ER (Energy Regulation) 1-94 remittances to both national and local governments, and more direct and sustained community partnership projects,” she added, referring to the Department of Energy’s regulation.

PetroEnergy, through its renewable energy holding unit PetroGreen Energy Corp., operates four power generating units — the 20-MW Maibarara-1 and 12-MW Maibarara-2 geothermal plants under Maibarara Geothermal, Inc.; the 36-MW Nabas-1 wind farm by PetroWind Energy, Inc.; and the 50-MW Tarlac-1 solar plant under PetroSolar Corp.

The listed company also derives revenues from petroleum operations through its Etame oil concession in offshore Gabon, operated with its US, Chinese, and South African consortium partners.

On Tuesday, shares in PetroEnergy slipped by 0.66% to close at P4.55 each. — Victor V. Saulon