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Summary Financial Statements for the Nine Months Ended 30 September, 2023

For the nine months ended 30 September 2023, Trinidad and Tobago NGL Limited (‘TTNGL’ / ‘Company’) recorded an after-tax profit of TT$32.7 million. Whilst this was a TT$132.4 million decrease when compared to the comparable period in 2022, it represented a marked improvement over the first half of the year. Earnings per share for the period were TT$0.21, compared to TT$1.07 for the corresponding period in 2022, a decrease of TT$0.86.


For the nine months ended 30 September 2023, PPGPL recorded a profit after tax of US$12.8 million compared to US$63.2 million for 2022. This performance was determined by lower sales volumes and lower recognised Mont Belvieu natural gas liquids (`NIGLs’) prices. NGL prices continued the declining trend in 2023 (36.6% lower than prices recognised in the comparable 2022 period) and was principally due to increasing US NGL production and falling exports, coupled with weaker NGL demand caused by a warmer than expected US winter. The resulting higher US NGL inventories remains above the five-year average and exerted downward pressure on prices. It is important to note that 60% of PPGPL’s sales revenue variance for 2023 was a result of lower product prices.

Performance at PPGPL’s North American-based subsidiary, Phoenix Park Trinidad and Tobago Energy Holdings Limited (‘PPTTEHL’) was also impacted by warmer winter weather and lower demand for growing US inventories. Notwithstanding, sales volumes for the review period stood at 15,089 barrels per day, 7.8% above the 2022 level and was a key driver for improved performance in 2023.

Local Market

NGL sales volumes in the Trinidad market were 29.9% below 2022 and driven by lower production. NGL production from gas processing was lower by 21.4% compared to 2022 and was a result of lower gas volumes processed by PPGPL coming out of primarily plant downtime to facilitate planned maintenance turnaround at the facility in May 2023.


While PPPGL’s performance has improved and there is an expectation of a continuing upward trajectory, the challenges of uncertainties around gas supply, climate variability and shifting market demand persist. PPGPL remains focused on its core values and the creation of long-term sustainable growth. We remain resilient in delivering value to shareholders and are confident of the performance of PPGPL and TTNGL and our ability to navigate the road ahead. I want to thank our shareholders for the trust you continue to show in our growth strategies and leadership as we work to deliver value for you the shareholder, and the wider Trinidad and Tobago.

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