RH Petrogas - UOB Kay Hian 2026-03-13: Delivers Profit Despite Exploration Write-offs In 2025

• RH PetroGas (RHP, SGX:T13) reported materially weaker 2025 earnings with PATMI of US$2.5m (-83% y-o-y), driven by lower realised oil prices, reduced production volumes, and most importantly significant exploration write-offs.
• - Read this at SGinvestors.io -

Exploration charges dominate earnings decline.

• The key earnings drag in 2025 came from over US$12m of unsuccessful exploration and evaluation expenditure, mainly related to the Karim-1 exploration well and 3D seismic costs in the Salawati production sharing contract (PSC). These write-offs drove a sharp increase in other expenses and masked an otherwise stable operating performance.

Softer operational performance.

• - Read this at SGinvestors.io -
• Cost of sales per barrel was roughly flat y-o-y, demonstrating good cost control by the company, however the improvement was insufficient to offset the revenue shortfall.

Cashed up.

• Read more at SGinvestors.io.

Adrian LOH UOB Kay Hian Research | https://research.uobkayhian.com/ 2026-03-13

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