Phoenix Park Gas Processors

headquarters: Phoenix Park Gas Processors Ltd, on Rivulet Road in Couva. The publicly listed TTNGL owns 39 per cent of PPGPL. Both companies are majority owned by majority State-owned National Gas Company.

Trinidad and Tobago NGL Limited (TTNGL) yesterday reported after-tax profit of $134.1 million for the nine months ended 30 September 2021, which was 347 per cent higher than for the same period in 2020.

That represents earnings per share of TT$0.87 at TTNGL for the period January 1 to September 30, 2021, compared with $0.19 for the first nine months of 2020.

In a news release yesterday, TTNGL, which is listed on the Trinidad and Tobago Stock Exchange, said its much improved performance was driven by the activities and solid financial results of its underlying asset, Phoenix Park Gas Processors Ltd (PPGPL).

TTNGL said: “Increasing downstream demand from an improved international pandemic environment, coupled with higher natural gas liquid (NGL) content in the gas stream facilitated by National Gas Company of Trinidad and Tobago (NGC), enabled higher NGL production from gas processing over the period,” adding that this meant enhanced revenue streams for PPGPL, particularly as Mont Belvieu energy prices continued to recover in 2021.

Trinidad and Tobago NGL Limited holds 39 per cent interest in PPGPL in conjunction with NGC NGL Company (NGC NGL), which holds 51 per cent, and an investment consortium, Pan West Engineers and Constructors, LLC (10 per cent).

NGC NGL is effectively owned by NGC (80 per cent) and by National Enterprises Ltd (NEL) (20 per cent). NEL is a holding company listed on the Trinidad and Tobago Stock Exchange (TTSE) and is 66 per cent effectively owned by the Government of The Republic of Trinidad and Tobago and 17 per cent effectively owned by NGC.

In addition, PPGPL continued to benefit from the acquisition of its Houston, Texas-based NGL trading assets. For the period January 1 to 30 September 2021, PPGPL’s North American subsidiary, Phoenix Park Trinidad and Tobago Energy Holdings Limited, yielded significant gains on the initial investment and contributed approximately 5 per cent to PPGPL’s profit after tax.

This income stream is expected to strengthen as PPGPL continues to grow its business internationally, said TTNGL.

Underpinning PPGPL’s positive results was another strong safety performance, with the company being adjudged first in its division for safety in 2020 by the US Gas Processors Association for the 18th time since 1999.

TTNGL said that as an invaluable member of The NGC Group of Companies, PPGPL has not only made an extraordinary contribution to the NGC Group, but as the hub of the Natural Gas Liquids (NGL) industry in T&T, has propelled our energy sector beyond expectations.

TTNGL noted that PPGPL was placed first in its division for its safety performance by the Gas Processors Association in the US (accident prevention award Division II-International Classification). PPGPL has won this award 18 times between 1999 and 2021, TTNGL said.

Commenting on TTNGL’s results for Q3 2021, Chairman Conrad Enill was high in praise and optimistic about the future of the company.

“TTNGL has once more demonstrated its resilience and strength, as its underlying asset PPGPL continues to deliver consistent and exceptional results.

“The growth strategy of PPGPL, together with astute leadership and adherence to the fundamentals of its business, have proven effective at driving success.

“Given forecasts of further strengthening in energy markets, the outlook for PPGPL and TTNGL remains strong and positive. This is no doubt welcome good news for shareholders, and we will continue to work towards sustaining these returns over the long term,” said Enill.

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