Indonesian state-owned energy giant Pertamina posted a 58.4% drop in net profits last year after oil prices collapsed following a slump in energy demand due to the COVID pandemic.
In 2020, Pertamina reported net profit of $1.05 billion compared to $2.53 billion in 2019. The state-energy firm is targeting to record $2 billion net profit in 2021. Revenue fell 24.31% to $41.46 billion, said Indonesia’s national oil company.
Pertamina’s oil and gas production was 862.7 million barrels of oil equivalent per day, down 4.77% from 2019.