Jakarta — The Annual General Meeting of Shareholders (AGM) of PT Pertamina Hulu Indonesia (PHI) held on June 20, 2025, reported the Company's positive performance during the 2024 fiscal year with oil production reaching 44.27 thousand barrels of oil per day (MBOPD) and gas production recorded at 526.04 million standard cubic feet of gas per day (MMSCFD). The Company also achieved significant milestones in the field of occupational safety, with the lowest Total Recordable Incident Rate (TRIR) in the last five years, reflecting a consistent strengthening of its occupational safety culture. In terms of financial performance, the Company achieved a 19% increase in profit compared to 2023, in line with the implementation of a selective investment strategy that is measurable and focused on optimizing value and operational efficiency.

The achievement is the result of the consolidated performance of three PHI Subsidiaries, namely Pertamina Hulu Mahakam (PHM), Pertamina Hulu Sanga Sanga (PHSS), and Pertamina Hulu Kalimantan Timur (PHKT), which operate in oil and gas working areas in East Kalimantan. The AGMS was attended by the PHI Board of Commissioners, the Board of Directors, and management of PHI, as well as representatives of shareholders from PT Pertamina Hulu Energi (PHE) and PT Pertamina Pedeve Indonesia.

The President Director of PHI, Sunaryanto, expressed his gratitude for this achievement, which is a manifestation of the Company's commitment to continue investing in exploration and exploitation drilling, as well as implementing strong synergy between PHI subsidiaries and affiliates in maintaining the sustainability of oil and gas production for national energy security. "PHI has completed the drilling of one exploration well and 150 development or exploitation wells. In addition, the Company also exceeded the workover work target by completing 426 jobs out of the target of 400 jobs, which shows the effectiveness of operations in the field," he explained.

Anto, Sunaryanto's nickname, emphasized that at PHI, occupational safety is the primary foundation in supporting the success of the Company's oil and gas business. "We believe that superior safety performance will support the success and sustainability of the Company's oil and gas operations and business. Therefore, we always carry out oil and gas operations that are safe, reliable, environmentally friendly, and comply with all applicable regulations, in line with the implementation of the Company's Environmental, Social, and Governance, or ESG, principles and performance," he said.

In terms of safety and the environment, PHI has consistently demonstrated improved safety performance, achieving a Total Recordable Incident Rate (TRIR) of 0.04, which is far below the tolerance limit of 0.21. "The achievement of TRIR in 2024 is the best record we have achieved in the last five years and shows the success of the steps taken by the company in safety management," added Anto. The Company has also achieved 59.41 million safe working hours without incident since November 5, 2023, reflecting the implementation of a high occupational safety culture.

In line with the aspirations and policies of PT Pertamina (Persero), the holding Company, and PHE, the upstream subholding, regarding carbon emission reduction and environmental management, PHI has successfully reduced 153.62 thousand tons of CO₂ equivalent (CO₂eq), exceeding the target of 118.50 thousand tons of CO₂eq. In addition, PHI, through its subsidiaries, has succeeded in winning the Green PROPER award in three fields: PHM, PHKT Southern Operation Area (DOBS), and PHKT Northern Operation Area (DOBU).

PHI's consistency in implementing Environmental, Social, and Governance (ESG) principles in upstream oil and gas operations is reflected in the implementation of 74 Corporate Social Responsibility (CSR) programs, with a total budget of IDR 36.4 billion. Overall, these programs have benefited 36,942 individuals, comprising 11,769 direct beneficiaries, 25,081 indirect beneficiaries, and 92 individuals with disabilities who also received direct benefits.

These programs cover the fields of economy, health, infrastructure, education, environment, research, and disaster management, which are spread across the Company's operational areas and have had a direct impact on the surrounding community. The success of the Company's CSR programs is reflected in the measurement results in the form of positive community satisfaction indexes and social returns on investment, feedback from beneficiaries and stakeholders, and various awards received by the Company's CSR programs, both from the government and private institutions, at the local, national, and international levels. With this positive achievement, PHI and its subsidiaries and affiliates will continue to strengthen their strategic role in providing sustainable energy, aiming to achieve national energy security through the management of safe, reliable, efficient, compliant, and environmentally friendly upstream oil and gas operations. All of these efforts are carried out as part of the Company's responsibility in creating long-term value and supporting Indonesia's gradual and sustainable energy transition in line with the government's Asta Cita policy.

PT Pertamina Hulu Indonesia (PHI) is part of Pertamina's Upstream Subholding, which manages upstream oil and gas operations and businesses by the principles of Environmental, Social, and Governance (ESG) in Region 3, Kalimantan. In achieving its vision of becoming a world-class oil and gas company, PHI continues to implement various innovations and technological applications to produce safe, efficient, reliable, compliant, and environmentally friendly energy, supporting #EnergiKalimantanUntukIndonesia. PHI is headquartered in Jakarta. More information about PHI is available at https://phi.pertamina.com.