Published
By Myrna M. Velasco
Chiefly driven by the
performance of its renewable energy projects, the consolidated income of listed
firm PetroEnergy Resources Corporation (PERC) more than doubled to US$7.71
million in the three quarters this 2017 from last year’s $3.81 million in the
same period.
That so far brought in
227 percent hike in net income to PetroEnergy’s equity holders to $4.18 million
from the year-ago figure of $1.28 million.
The company emphasized
that the increases in net income and income “were mainly driven by the
efficient operation of PERC’s three renewable energy projects.”
PetroEnergy’s sustained
“money makers” had been its 20-megawatt Maibarara geothermal power project in
Batangas; 36MW Nabas wind farm in Aklan and its 50MW Tarlac solar power
facility.
Its wind and
solar-generated capacities are underpinned by the feed-in-tariff (FIT)
incentive system for RE projects, making their revenue stream then more
predictable – at least in the lens of its management, equity holders and
lenders.
The net income growth
of each venture had been as follows: 58 percent for the Maibarara geothermal facility;
25 percent for its PetroSolar farm; and 8.0 percent for the Nabas wind project.
The company’s
operations in the upstream petroleum sector had also been recently seeing
“green shoots of recovery,” with global crude oil prices almost steady at the
$50-plus per barrel range throughout this year.
“Slightly higher
average crude oil prices also contributed to the profit increase, with average
price reaching $50.35 per barrel for the third quarter compared to $38.08 in
the same period last year.”
In fact at this point,
many global oil players are already a bit happy with how oil prices have been
shaping, although the equilibrium price being awaited for new field discoveries
is not quite there yet.
The oil market
nonetheless had considerably gone far already from battling last year’s
depressing price level, with it hitting the rock bottom of $30 per barrel.
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