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TTNGL Declares Profit for 2020

—Published on 31st March, 2021.

Despite a challenging year, Trinidad and Tobago NGL Limited (‘TTNGL’/’Company’) recorded an after-tax profit of TT$5.8 million for the year ended 31 December 2020. This translated into earnings per share of TT$0.04.

TTNGL’s lower financial performance relative to 2019 is reflective of the impacts of the Covid-19 pandemic, which hit the global energy sector particularly hard. NGL prices, which correlate strongly with crude oil and refined product prices, were materially lower for 2020. TTNGL’s underlying asset Phoenix Park Gas Processors Limited (‘PPGPL’) recorded average product prices and gas processing volumes which were respectively 31.1% and 16.5% lower than in 2019. NGL production for 2020 was 15.8% lower than in 2019.

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