Pertamina EP, subsidiary of state oil and gas firm Pertamina, booked net profit of US$169 million in the first quarter (Q1) of 2020, up 1% year on year (y/y). Revenue reached US$640 million, lower than Rp693 million in Q1 last year due to lower average oil and gas prices, which reached US$60 per barrel in said period. Pertamina EP cuts its capital expenditure (capex) this year by 30% and operating expenses (opex) is cut by 20%.
