Trinidad's Petrotrin profit dips, revs hit record

By Linda Hutchinson-Jafar

PORT OF SPAIN, March 14 (Reuters) - Trinidad and Tobago's state-owned oil and gas company Petrotrin on Friday reported that net profits dipped 1.7 percent due to higher costs even as revenues rose to their highest level ever due to soaring crude prices.

In financial statements, Petrotrin's Executive Chairman Malcolm Jones said revenues for the year ending September 2007 reached an "all-time high" of $4.2 billion, up 2.5 percent from 2006.

"Oil and gas prices and refinery margins remained high, firmly supported by buoyant demand and constraint supply throughout the year," Jones said.

Nonetheless, the company reported a net profit of just $205 million, down 1.7 percent from the previous fiscal year due mainly to increased refinery and employee benefit costs.

Petrotrin also suffered a loss of 8,000 barrels a day of crude oil production when it decided last May to shut down eight platforms in the twin-island Caribbean nation for "structural integrity concerns." The shutdown followed the death of a contract worker when a gas pipeline ruptured during maintenance operations.

Petrotrin spokesman Arnold Corneal said repairs were almost complete on the platforms and the company plans to bring them back into operation on a staggered basis by the end of April.

Petrotrin also increased capital expenditures, directing part to a program aimed at providing cleaner and more efficient fuels.

More money also was invested in Petrotrin's upstream joint venture operations with several partners to increase crude oil and natural gas production.

Petrotrin operates in land and marine acreage across the southern half of Trinidad with offshore operations at Galota in the southeast and in the Gulf of Paria. (Editing by Tom Brown; Editing by David Gregorio)