RH Petrogas is a company with negative equity despite reporting a profit of $3.36 million in 1QFY2021. The reason for turning in a profit was partly due to higher crude oil prices and partly higher crude oil production. Interestingly, its average selling price in the first quarter was US$59 ($78.99) per barrel. North Sea Brent is currently priced at around US$73 per barrel, and West Texas Intermediate at around US$71 per barrel.

Have a premium account? Sign in to continue reading.

Unlimited access to all stories from $99.9/year*

The latest reporting and analysis from business and investments to news and views on social issues.

Bonus:

  • Simultaneous logins across all devices
  • Instant access to past digital issues
  • Unlimited access to The Edge Malaysia
  • *For annual subscription plan only. T&Cs apply

Subscribe