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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How has Pertamina addressed concerns regarding the sustainability of its upstream-focused strategy in light of the global shift towards renewable energy? [[1](https://phe.pertamina.com/en/media/dukung-transisi-energi-subholding-upstream-pertamina-pasok-kebutuhan-gas-nasional-53228-mmscf-en)]
## Strong Performance Despite Midstream Challenges: Pertamina Doubling Down on Upstream
**Interviewer:** While Pertamina seems to be doing well financially, with impressive revenue and profit figures, some analysts are raising concerns about the company’s heavy reliance on upstream activities. Given the global push towards renewable energy, do you think this strategy is sustainable in the long run?