RH Petrogas profit rises to $12.5m on higher oil prices, lower costs

Realised oil prices reached $110.08 per barrel during the period.

RH Petrogas Limited posted a net profit of $12.54m (US$9.8m) in the first half (H1) of 2026, higher than the full-year $4.48m (US$3.5m) net profit recorded in 2025, as higher realised oil prices and lower production costs supported earnings.

The Singapore-listed oil and gas producer recorded operating cash flow of $24.32m (US$19m) in H1, whilst cash and bank balances rose to $95.23m (US$74.4m) from $83.71m (US$65.4m) at the end of 2025. The group had no external debt or shareholder loans.

RH Petrogas said its realised oil price rose to $110.08 (US$86) per barrel in H1 2026, from $87.04 (US$68) per barrel in 2025. Production costs fell to $38.14 (US$29.8) per barrel from $38.53 (US$30.1) per barrel.

Revenue stood at $55.17m (US$43.1m) in H1, compared with $99.33m (US$77.6m) for FY2025.

Production fell to 4,531 barrels of oil equivalent per day (BOEPD) in H1, from 4,590 BOEPD in 2025 and 4,910 BOEPD in 2024.

RH Petrogas attributed the decline to a power outage at its Kepala Burung production sharing contract (PSC) and the shutdown of high-productivity wells at its Salawati PSC.

“Power plant rejuvenation project has commenced in July 2026 to improve power capacity and reliability,” the company said.

Net asset value per share rose to 10.02 Singapore cents (7.83 US cents), from 9.06 Singapore cents (7.08 US cents) at the end of 2025, whilst earnings per share increased to 1.20 Singapore cents (0.94 US cents) from 0.38 Singapore cents (0.30 US cents).

RH Petrogas reported $23.42m (US$18.3m) in net profit for FY2024, whilst its FY2025 result included a $15.62m (US$12.2m) write-off of unsuccessful exploration and evaluation expenditure and assets.

Excluding the write-off, the group said it would have recorded net profit of about $17.66m (US$13.8m) in FY2025.

The group operates the Kepala Burung and Salawati PSCs in Southwest Papua, Indonesia, with a 70% participating interest in each. Both PSCs expire in 2040.

(US$1 = SG$1.28)

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