- 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.
