Puma Energy announces Q3 results and PNG growth plans

Puma Energy, the integrated midstream and downstream energy company, has released its Q3 2014 results, and announced its growth plans for Papua New Guinea.

Results

• Sales volume increase supported by successful entry into new markets.
• Gross profit increased by 31% from Q3 2013 to US$ 402 million.
• EBITDA increased by 21% to US$ 167 million.

Commenting on the results, Denis Chazarain, CFO, said: "Puma Energy delivered another strong quarterly performance with increasing sales volumes, gross profit and EBITDA. Our gross profit has now increased for the third quarter in a row as we continue to see the benefits of our recent new market entries. This financial performance and our ability to attract high quality, long term capital as evidenced by our recent private placement of €200 million, demonstrates the support we enjoy for our strategic objectives and integrated business model."

Papua New Guinea

Puma Energy also announced its plans to expand and invest further into Papua New Guinea during its official brand launch in the region.

The company revealed its investment plans, at a press briefing in Port Moresby, which will transform its operations into a major petroleum hub for the Asia-Pacific region, to refurbish and expand its service stations and fuel storage capacity across the country and its plans to upgrade the company’s refinery at Napa Napa.

Economic growth

Puma Energy COO, Asia Pacific and Middle East, Rob Jones, said Puma Energy’s plans would see significant investment made into local communities to create jobs, build skills and support Papua New Guinea’s economic growth.

Jones commented: “Puma Energy has always committed and invested wholeheartedly into the communities in which we operate. By upgrading the infrastructure we will turn the business into a major petroleum hub for the Asia-Pacific region, which will bring many important opportunities to Papua New Guinea.

“We are also helping to build Papua New Guinea’s economic sustainability with our graduate recruitment program, by ensuring employees are given world-class training, and developing local service stations as state-of-the-art facilities.”

Expansion plans

Jones and other senior Puma Energy executives travelled to Papua New Guinea to announce expansion plans and to officially launch the Puma Energy brand into the market at an event attended by senior ministers and industry representatives.

The refurbishment of the service station network has already begun to improve the facilities and services offered to customers and Puma Energy has committed to having its full retail network overhauled by March 2015, in time for the 2015 Pacific Games, which Puma Energy is sponsoring.

Fuel terminals

Jones said the new branding was the start of an extensive program to bring better facilities and service standards to Puma Energy’s fuel terminals, retail service stations and aviation capabilities in Papua New Guinea.

“Under our expansion and improvement program, Puma Energy will bring new services to Papua New Guinea, such as bitumen, bunkering and LPG. We will also be bringing our leading global health, safety and environmental initiatives and programs to all our operations in Papua New Guinea, which are cornerstones of Puma Energy’s global culture,” Jones concluded.

Adapted from press releases by Katie Woodward

Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/11112014/puma-energy-to-expand-in-png-1784/