Trinidad Petroleum hits inaccurate Sunday Guardian report

STATE-OWNED Trinidad Petroleum Holdings Limited (TPL) has described as “inaccurate and misleading” an article in a daily newspaper which reported that one of its subsidiaries, Heritage Petroleum, had earned an after-tax profit of over half a billion dollars in just four months.In a media release yesterday, TPL stated that figures in a April 21 article in the Sunday Guardian incorrectly stated that Heritage Petroleum “…has made an after-tax profit for the first four months of its operations of approximately $565 million.”

"Trinidad Petroleum is currently reviewing the financial results of its subsidiaries and expects to publish interim unaudited financial results by the end of May 2019,” the TPL release stated.The company also noted the Sunday Guardian article referenced a presentation made to investors and quotes Heritage CEO Mike Wylie extensively all of which would give readers the impression that Wylie was interviewed for the article.

“This was not the case. Trinidad Petroleum wishes to set the record straight to ensure there is no misunderstanding.” Trinidad Petroleum is the successor company of Petrotrin which was officially shut down last November.