Oil and gas firms post strong earnings on project momentum

The upbeat performance has been driven not only by the efficient operation of their traditional businesses but also by the accelerated implementation of major national projects, offering an optimistic outlook for the sector despite continued volatility in global energy markets.

At its mid-year review conference held on July 17, PetroVietnam Technical Services Corporation (PTSC) announced its estimated business performance for the first half of the year.

In the second quarter alone, PTSC's consolidated revenue was estimated at $372.8 million, while pre-tax profit reached $15.4 million, up 26 per cent and 21 per cent, respectively, from the same period of 2025.

For the first half of 2026, consolidated revenue was estimated at $720.8 million, an increase of 29 per cent on-year, while pre-tax profit reached $40.5 million, up 21 per cent.

The company’s management attributed the growth primarily to its oil and gas mechanical engineering, renewable energy, and industrial construction businesses, which generated revenue of $455.4 million, up 29 per cent on-year.

During the period, PTSC also advanced major projects, including Block B, Lac Da Vang, Su Tu Trang Phase 2B, Long Phu 1, and several offshore wind power projects.

PV Drilling has yet to disclose detailed financial figures but said its consolidated revenue and profit for the first half of 2026 are expected to exceed its projections by around 30 per cent, marking strong growth compared with the same period last year.

Nguyen Xuan Cuong, CEO of PV Drilling, said the medium- and long-term prospects for the drilling services market remain highly positive as oil and gas exploration and production demand continues to increase while the supply of drilling rigs remains constrained.

In Vietnam, major projects such as Block B, Dai Hung Phase 4, Hai Su Vang, and Ca Voi Xanh are expected to become key growth drivers in the coming years.

He called on member businesses to prepare their workforce, equipment, and technical capabilities to capture market opportunities while continuing to expand internationally.

In the midstream segment, PV Gas Coating reported second-quarter 2026 revenue of $17.1 million, up 1.8 times from a year earlier, while pre-tax profit rose 1.5 times to $1.5 million.

For the first six months of the year, the company recorded revenue of $29.5 million and pre-tax profit of $2.5 million, both doubling from the corresponding period of 2025.

In the downstream segment, Binh Son Refining and Petrochemical JSC (BSR) and Petrovietnam Oil Corporation (PVOIL) have also released their business results.

During the first half of 2026, BSR posted consolidated revenue of $4.04 billion, up 47 per cent on-year, while consolidated after-tax profit surged to $505.4 million, nearly seven times higher than the same period of 2025.

In the second quarter alone, revenue exceeded $2.2 billion and after-tax profit reached $163.9 million, representing increases of 50 per cent and more than 384 per cent, respectively.

For the second half of the year, BSR plans to closely monitor market developments and crude oil prices to optimise production, maintain the Dung Quat Oil Refinery at safe and stable optimal capacity, prepare for its sixth major turnaround, accelerate key projects to adapt to the global energy transition.

Meanwhile, PVOIL reported consolidated revenue of $5.09 billion in the first half of 2026, fulfilling 83 per cent of its annual target and rising 74 per cent on-year.

The company also continued expanding its retail network by opening 87 new fuel stations, achieving nearly 70 per cent of its full-year expansion plan and bringing its total network to 1,037 outlets.

According to a recent report by Petroleum Securities Incorporated, if shipping through the Strait of Hormuz continues to face disruptions, Brent Crude prices could fluctuate between $100 and $130 per barrel.

Should geopolitical tensions escalate further, prices could climb to between $130 and $160 per barrel. Higher oil prices would provide strong support for the earnings of oil and gas companies in the second half of 2026.

Meanwhile, major domestic gas projects, including Block B-O Mon, Nam Du-U Minh, Su Tu Trang 2B, and Thien Nga-Hai Au, are entering peak implementation stages, creating new growth momentum across Vietnam's oil and gas value chain in the coming years.

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