Chairman’s Statement
On behalf of the Board of Directors (“Board”), I am pleased to provide the results of Trinidad and Tobago NGL Limited (“TTNGL”/”Company”) for the six months ended 30 June 2026. For the period, the Company recorded an after-tax profit of TT$62.9 million. Excluding the impact of the calculated impairment provision in Q2 2025, this represented a 27.6% year-on-year increase over the TT$49.3 million recorded in 2025. Similarly, earnings per share (“EPS”) for the half-year was TT$0.41 versus an adjusted EPS of TT$0.32 for the corresponding period in 2025.
Following the approval by shareholders for the reduction of the Company’s stated capital account for all classes of shares by TT$2,200 million, on 9 April 2026, the Board declared a special interim dividend of TT$1.00 per share. This dividend was paid to shareholders on 29 May 2026, for the first time in shareholders’ currency of choice of Trinidad and Tobago Dollars or United States Dollars. For all classes of shares, shareholders holding 81% of the total number of shares in issue elected to receive their dividend payments in United States Dollars. This amounted to US$18.5 million being distributed. The Board is very pleased with this achievement as it demonstrates delivery of a promise made to our shareholders at the Company’s Annual Meeting held in March 2026. We wish to thank the Trinidad and Tobago Central Depository Limited, the stockbroker community and local financial institutions for the significant support to this initiative.
Performance at PPGPL
TTNGL’s improved performance for the half-year was primarily derived from its share of higher profit from its investment in Phoenix Park Gas Processors Limited (“PPGPL”). This improvement was driven by higher natural gas liquids (“NGL”) content in the gas stream, higher recognised NGL product prices, lower feedstock costs and a continued focus on prudent cost and cash management. While total NGL production for the period showed a 5.2% improvement at 17,418 barrels per day, barrels produced from gas processing were 12% lower than the prior year period, commensurate with lower natural gas inflows for processing, which stood at 858 mmscfd up to 30 June 2026.
Natural gas supply to PPGPL for processing is expected to improve significantly into 2027 as a result of successful negotiations that resulted in increased volumes secured from the upstream. Through The National Gas Company of Trinidad and Tobago Limited (“NGC”), available volumes will continue to be actively managed via supply optimisation, contractual arrangements and demand-side coordination with natural gas customers. From mid-2027 onward, the outlook is expected to show tangible improvement with the anticipated addition of new domestic production, incremental volumes from brownfield expansions and cross-border gas.