Chairman’s Statement
I am pleased to report that for the three months ended 31 March 2026, Trinidad and Tobago NGL Limited (“TTNGL” or “Company”) recorded an after-tax profit of TT$32.1 million. This represents a marginal TT$0.3 million improvement over the comparable period in 2025, when profit after tax of TT$31.8 million was recorded. Earnings per share for the quarter were TT$0.21, equaling the performance for the corresponding prior year period.
Performance at PPGPL
TTNGL’s improved performance for the quarter was derived from its share of higher profits from investment in Phoenix Park Gas Processors Limited (“PPGPL”). This improvement was driven by higher natural gas liquids (“NGL”) sales volumes as a result of a draw on inventory enhanced NGL content in the gas stream and uplifts from prudent cost management in all areas designed to enhance margins and profitability. These were offset by lower NGL production from gas processing (11.5%) lower due to low natural gas volume to PPGPL units, and lower recognized Mont Belvieu (“MB”) product prices, which were on average 15.8% lower than those of the corresponding period in 2025. Positively, the lower MB product prices were offset by higher recognized price differentials as PPGPL continued to maximize on its freight advantage in the markets it serves.
For 2026, at its North America business, Phoenix Park Trinidad and Tobago Energy Holdings Limited (“PPTEHL”) continued to show robust trading volumes, positioning year-on-year growth of 12.6%. However, while positive, margins continue to be compressed for this segment, and the Board continues to analyze and review this business as it focuses on the cost structure for this operation.