Condensed Interim Financial Statements for the Six Months Ended June 30, 2019
The Company recorded an after-tax profit of TT$73.4 million. Earnings-per-share for the period was TT$0.47.
The natural gas industry continues to adjust to the growing volumes of NGL production arising from the shale industry in the United States. This growth in supply has not been matched by a commensurate growth in demand, resulting in a continued decline in Mont Belvieu product prices since Q4 2018. As a consequence, the performance of the Company’s underlying asset, Phoenix Park Gas Processors Limited (PPGPL) has also been impacted by lower product prices coupled with lower natural gas volumes to Point Lisas for processing.
PPGPL has successfully implemented strategies which have reduced the negative impacts of lower NGL prices and NGL volumes and has increased its revenues derived from its product trading and condensate processing operations.