Pe­ter Christo­pher

pe­ter.christo­pher

@guardian.co.tt

Trinidad and To­ba­go NGL Lim­it­ed has record­ed an af­ter-tax prof­it of TT$117.5 mil­lion for the six months of the year.

In the com­pa­ny’s unau­dit­ed fi­nan­cial state­ments for the pe­ri­od end­ed June 30, 2022, the com­pa­ny re­vealed this af­ter tax prof­it was a TT$33.9 mil­lion or 40.6 per cent im­prove­ment over the com­pa­ra­ble pe­ri­od in 2021, when a prof­it af­ter tax of TT$83.6 mil­lion was record­ed.

The com­pa­ny said this im­proved per­for­mance for the pe­ri­od was de­rived from its share of high­er prof­it from its in­vest­ment in Phoenix Park Gas Proces­sors Lim­it­ed.

The com­pa­ny added this en­hanced per­for­mance at PPG­PL, was dri­ven by high­er recog­nised Mont Belvieu nat­ur­al gas liq­uids (‘NGLs’) prices, which were 66.7 per cent above those of the cor­re­spond­ing pe­ri­od of 2021 and con­tin­ued the trend of in­creas­ing en­er­gy com­mod­i­ty prices which com­menced in 2021.

The com­pa­ny, how­ev­er, not­ed that for the half-year, NGL pro­duc­tion from gas pro­cess­ing was low­er by five per cent com­pared to 2021 be­cause of low­er gas vol­umes re­ceived at PPG­PL for pro­cess­ing.

In 2022: 1,060 mil­lion stan­dard cu­bic feet per day (‘mm­scfd’) com­pared to 2021’s 1,080 mm­scfd.

The com­pa­ny not­ed that crude oil prices had seen dra­mat­ic changes in its sup­ply through­out the pan­dem­ic.

TTNGL said the re­duc­tion in crude oil pro­duc­tion from ma­jor oil-pro­duc­ing com­pa­nies has been slow to re­bound af­ter cut­ting of staff and de­com­mis­sion­ing pro­duc­tion fa­cil­i­ties dur­ing the pan­dem­ic slump.

Rus­sia, which ac­counts for ap­prox­i­mate­ly ten per cent of the world’s oil sup­ply, is be­ing sanc­tioned due to its in­va­sion of Ukraine and this has com­pound­ed price pres­sures on an al­ready tight glob­al sup­ply mar­ket.

This re­duc­tion, the state­ment ex­plained, was at­trib­uted to down­time by down­stream petro­chem­i­cals plants for main­te­nance ac­tiv­i­ties dur­ing the pe­ri­od.

How­ev­er, NGL sales vol­umes for the six months were 23.3 per cent high­er than in 2021 due to a draw on in­ven­to­ry be­cause of high­er cus­tomer de­mand.

These high­er sales vol­umes ben­e­fit­ed from the ro­bust NGL prod­uct prices dur­ing the pe­ri­od.