Petroperú reported a net profit of US$121 million through June 2026, reversing a US$278 million loss from the same period a year earlier, according to financial statements reviewed by Gestión. Despite the turnaround, the Peruvian state oil company’s working capital remains negative at US$1,427 million, leaving its day-to-day operations in a precarious position.
Three factors behind the profit swing
The company identified rising international crude and product prices as a key driver, with higher margins realized between March and May. Oil averaged US$91 per barrel in March before climbing above US$100 in April and May, according to data from Peru’s central bank, the BCRP. Prices fell back to US$85 in June and dropped below US$80 between July 1 and July 22.
Lower operating, sales, and general expenses also contributed, mainly because temporary license contracts for Lots I and VI had ended, fuel transport costs fell in line with sales volumes, and maintenance spending declined. A third factor was higher contributions from Lots X and Z-69, where increased crude sales lifted both net income and Ebitda.
Seven factors working against the company
Against those gains, the company flagged at least seven negative factors. Liquidity problems and scheduled maintenance shutdowns curbed the normal supply of crude for processing, reducing output of low-sulfur diesel and Turbo A1 jet fuel. The same liquidity constraints resulted in lower overall sales volumes of fuels and specialty products, particularly diesel, gasolines, and gasohol blends. Fixed costs for the oil pipeline continued without generating transport revenue.
On the financial side, a deferred income tax charge of negative US$16 million reflected exchange-rate fluctuations affecting non-monetary assets. A current income tax provision of US$20 million arose from taxable income of S/253 million after offsetting accumulated losses. Net financial expenses rose by US$23 million, mainly from interest on five disputes with tax authority Sunat covering road tax from 2019 to 2023. The company also set aside US$24 million for a fine imposed by environmental regulator OEFA for socio-environmental breaches between 2019 and 2021.
Working capital improved from minus US$2,030 million in June 2025. The company said the reduction was partly due to a S/3,750 million debt, equivalent to about US$1,000 million, with Banco de la Nación being reclassified as long-term in August 2025, with the principal now scheduled for repayment in December 2028 and interest payable monthly.
