For the first three months ended 31 March 2023, Trinidad and Tobago NGL Limited (‘TTNGL’/’Company’) recorded an after-tax profit of TT$14.6 million (2022: TT$64.6 million). This translated into earnings per share of TT$0.09, compared to TT$0.42 for the corresponding period in 2022.
TTNGL’s performance for the period was derived from its share of profit from its investment in Phoenix Park Gas Processors Limited (‘PPGPL’). For the quarter, PPGPL recognised lower Mont Belvieu natural gas liquids (‘NGLs’) prices, which were 36.5% below those of the corresponding period of 2022. These lower prices were driven by a warmer than expected winter in the United States, which created lower demand during the peak season, as well as lower exports in a higher production environment.
NGL production from gas processing was also lower by 17.6% compared to 2022 as a result of lower gas volumes received by PPGPL for processing (2023: 1,032 million standard cubic feet per day (‘mmscfd’); 2022: 1,088 mmscfd). This reduction was attributed to 60 mmscfd of gas being bypassed during the quarter to manage operational challenges on one of the company’s gas plants. This issue will be addressed during PPGPL’s planned maintenance turnaround in second quarter of 2023. Lower NGL production impacted sales volumes for first quarter (36.4% lower than 2022), with forecasted natural gasoline sales volumes, which are sold in large cargo sizes, being deferred to later in 2023.