- RHP’ 1H25 revenue fell 19% y-o-y on lower oil prices and reduced liftings, but cost control helped the company to beat our earnings estimates on a run-rate basis.
- Free cash flow surged to US$15m, implying an annualised 28% FCF yield, supported by a net cash balance that makes up 54% of its market capitalisation.
1H25 stronger than expected.
- - Read this at SGinvestors.io -
- Although the 19% y-o-y decline in PATMI mirrored the revenue decline, this was better than expected as it made up 60% of our full-year estimate and underscores RHP’s good cost control with cost per barrel at US$29.80/bbl.
Drilling plans for 2H25.
- - Read this at SGinvestors.io -
- The gross cost of drilling and completing the wells will be around US$6.5m and US$13m respectively.
Strong free cash flow.
- Read more at SGinvestors.io.
Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.
Adrian LOH UOB Kay Hian Research | https://research.uobkayhian.com/ 2025-08-19
Read also UOB's most recent report:
2026-03-13 RH Petrogas - Delivers Profit Despite Exploration Write-offs In 2025 .
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