Pertamina Reports Strong Performance Despite Midstream Challenges
Deputy President Director of PT Pertamina (Persero), Wiko Migantoro, has unveiled impressive financial results for the company, with revenue hitting US$62.5 billion and a net profit of US$2.66 billion through October 2024.
Wiko expressed optimism that Pertamina would achieve revenue levels comparable to last year’s strong performance. In data presented, Pertamina’s revenue reached US$75.8 billion, with a net profit of US$4.44 billion.
However, he acknowledged the pressing challenges facing the midstream business sector in 2024, a situation mirrored globally by many refineries grappling with operational difficulties.
To support its ambitious targets, Pertamina has allocated US$4.7 billion in investments until October 2024, with the majority of these funds directed towards upstream activities to ensure continued oil production.
Wiko emphasized that upstream activities remain the company’s top priority. “The biggest priority is for upstream activities that produce oil production,” he stated.
The Deputy President Director also underlined Pertamina’s commitment to operational efficiency. Highlights presented showed that the company had successfully achieved US$780 million in cost optimization through October 2024.
“We continue to make efficiencies, where in 2024, today, we have recorded cost optimization of US$780 million,” Wiko concluded.
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Given consumer concerns about the environmental impact of oil production, what specific steps is Pertamina taking to ensure transparency and accountability regarding its upstream operations? [[1](https://sustainability.pertamina.com/en-US/Sustainability-Commitment/Top-Priority-Initiatives/)]
**Interviewer:** Wiko Migantoro, thank you for joining us today. Pertamina’s strong financial performance amidst midstream challenges is certainly impressive. But with a focus on upstream activities, what message does that send to consumers who are increasingly concerned about the environmental impact of oil production?
