PGAS Stock: Perusahaan Gas Negara Profile, Business, Performance and Risks

PGAS is the stock ticker for PT Perusahaan Gas Negara (Persero) Tbk, the company that distributes and transmits natural gas across Indonesia, primarily in Java and Sumatra. Since December 2021, the company has operated under the trade name Pertamina Gas Negara after officially becoming part of Pertamina's state-owned oil and gas holding. Its core business covers gas distribution to households, industries, and power plants, gas transmission through pipeline networks, and a small upstream oil and gas segment.

PGAS stock summary

As of October 25, 2026:

PGN's business

PGN runs three core business lines: gas distribution and trading, gas transmission, and a small upstream segment involving oil and gas lifting. Distribution and transmission are the company's largest revenue contributors, while upstream activity accounted for only about 10.3 million barrels of oil equivalent (MMBOE) as of the end of 2019.

To manage operations, PGN splits its territory into four focus areas: Regional Distribution I (South Sumatra, Lampung, through West Java including Jakarta), Regional Distribution II (East Java, Semarang, Tarakan, Sorong), Regional Distribution III (North Sumatra, Riau, Riau Islands including Batam), and Regional Transmission covering the pipeline network in South Sumatra, Lampung, and western Java.

As of the end of 2021, PGN operated 5,703 kilometers of distribution pipeline and 5,073 kilometers of transmission pipeline, mostly in Java and Sumatra. The company also runs a floating storage and regasification unit (FSRU) in Lampung, leased from Norway's Hoegh LNG for 20 years at roughly US$200,000 per day since starting operations in 2014. The FSRU has a storage capacity of 170,000 cubic meters and a regasification capability of 240 million cubic feet per day (MMSCFD), though its utilization was once very low because PLN, its main customer, failed to agree on lease pricing for a follow-on contract.

PGN also has several subsidiaries supporting its core business, including PT Transportasi Gas Indonesia (Transgasindo) for transmission pipelines, PT Saka Energi Indonesia for upstream gas, PT Gagas Energi Indonesia for downstream gas, PT PGAS Solution for EPC and operations and maintenance, and PT Nusantara Regas, established jointly with Pertamina for LNG regasification.

Brief history and IPO

PGN's roots trace back to before Indonesian independence, starting in 1863 as NV Nederlandsch-Indische Gasmaatschappij (NIGM). The company began operating coke-based gas plants in Jakarta and Surabaya in 1879, then renamed itself NV Overzeese Gas en Elektriciteitsmaatschappij (OGEM) in 1950 after expanding into power generation.

In 1959, the Indonesian government nationalized OGEM's power generation and gas production assets. The gas business was later spun off into a state company named PN Perusahaan Gas Negara in 1965. The company's legal status changed several times afterward: becoming a public corporation (Perum) in 1984, then a persero (state-owned limited company) in 1994.

PGN officially listed on the Jakarta Stock Exchange and Surabaya Stock Exchange in December 2003, after completing major projects such as the Grissik-Duri transmission pipeline in 1998 and the Grissik-Batam-Singapore pipeline in 2003. Another major milestone came in April 2018, when the government transferred majority ownership of PGN to Pertamina as part of forming a state oil and gas holding. In December 2018, PGN acquired majority ownership of PT Pertamina Gas from Pertamina, and in December 2021 the company began operating under the trade name "Pertamina Gas Negara" to reinforce its position within the Pertamina group.

Shareholders and management

Based on the sources reviewed, Pertamina has been PGN's majority shareholder since April 2018, though the exact current ownership percentage isn't specified in these sources. Management names mentioned in the news include Arief Kurnia Risdianto as President Director, Mirza Mahendra as Director, and Hery Murahmanta as Director of Infrastructure and Technology.

There was notable insider buying activity in mid-2026. Director Mirza Mahendra purchased 20 million PGAS shares on July 10, 2026, at Rp1,450 per share, a transaction worth about Rp29 billion, raising his holdings from 50 million to 70 million shares. Two days later, President Director Arief Kurnia Risdianto bought 679,000 PGAS shares at Rp1,470 per share, worth nearly Rp1 billion, even though he previously held no PGAS shares at all. Both transactions were reported through IDX disclosures with the stated purpose of "investment with direct ownership status."

Recent financial performance

The sources we checked don't include revenue or net profit figures for recent periods such as 2025 or 2026. The only historical data point available notes that PGN's profit fell sharply to US$143.1 million in 2017, compared to US$838 million in 2012, a decline that, according to a statement by then-Deputy for Mining, Strategic Industry, and Media Business at the Ministry of State-Owned Enterprises, Fajar Harry Sampurno, during a hearing with House Commission VII on March 14, 2018, was largely driven by the underutilization of the FSRU Lampung asset.

Since no verifiable recent financial figures are available from these sources, readers wanting up-to-date revenue and profit data should check PGN's official financial statements directly on idx.co.id or the company's investor relations site.

Dividends

There is no data on PGAS's dividend policy or history in the sources reviewed. Investors looking for dividend-per-share figures, payout ratios, or cum-date schedules should refer to IDX disclosures or the results of PGN's Annual General Meeting published on idx.co.id.

PGAS stock price movement

As of October 25, 2026, PGAS traded at Rp1,355 per share. This price sits relatively close to the lower end of its 52-week range at Rp1,125, far from the upper band at Rp2,520. This position reflects fairly heavy price pressure over the past year, with a 23.4% decline year over year, a 10.6% drop over three months, and a 5.9% decline over the past month.

As a historical comparison, on July 10, 2026, when company directors were buying shares, PGAS traded around Rp1,450 to Rp1,470, with a market capitalization of about Rp35.51 trillion according to Google Finance data cited by Liputan6.com. The stock later fell further amid negative sentiment following the government's industrial gas price cut announced on June 29, 2026, when PGAS corrected more than 6% on the announcement day and fell another 4% the following day.

Interestingly, by mid-October 2026, PGAS showed relative resilience. According to a Kontan report dated October 21, 2026, PGAS and PTBA moved against the grain of weakness in several other state-owned energy stocks, gaining about 2.5% in trading on October 19 and 20, 2026, after a previous sharp correction. PGAS's three-month average daily trading volume stood at 32.36 million shares, suggesting the stock remains fairly actively traded despite the price pressure.

Recent news and catalysts

Several developments are worth tracking for PGAS investors:

• June 29, 2026: The government officially cut non-HGBT industrial LNG prices to US$13 per MMBTU from around US$20-23 per MMBTU previously, effective through the end of 2026. According to Mikirduit (July 13, 2026), the policy was driven by industry complaints, particularly from the ceramics sector and the KSPSI labor union over soaring energy costs, concerns over layoffs, and gas supply issues from declining West Java fields that forced PGN to rely on more expensive imported LNG from outside Java. Indonesia's Manufacturing PMI also fell to 46.9 in June 2026 from 50.0 in May, its lowest level since June 2025.
• Impact on PGAS: As Indonesia's largest gas distributor, PGAS was seen as one of the most directly affected issuers by this policy, alongside RAJA (Rukun Raharja). PGN stated it was ready to implement the government's policy while maintaining reliable gas supply for its customers.
• July 10-13, 2026: Two senior PGN officials, Director Mirza Mahendra and President Director Arief Kurnia Risdianto, bought PGAS shares on the open market, worth Rp29 billion and nearly Rp1 billion respectively.
• Jargas program: PGN's Director of Infrastructure and Technology, Hery Murahmanta, speaking at the Pubex Live 2025 press conference on September 10, 2025, expressed optimism that the program to build 1 million household gas network connections (jargas) could run optimally through collaboration with the Ministry of Energy and Mineral Resources. He described jargas as one solution to reduce dependence on subsidies and imported energy.
• October 19-20, 2026: PGAS and PTBA shares gained around 2.5% amid weakness in several other state-owned energy stocks, according to Kontan, suggesting accumulation may be taking place amid broader market discounts.

Peers on the IDX

• RAJA (Rukun Raharja): Operates in the gas and LNG supply chain, and was identified in the sources as another issuer directly affected by the 2026 industrial gas price cut policy.
• AKRA (AKR Corporindo): An energy distribution and logistics company covering fuel and basic chemicals, with a different business model than PGAS's pipeline-focused gas distribution.
• MEDC (Medco Energi Internasional): Primarily an upstream oil and gas player, contrasting with PGAS's dominance in downstream gas distribution and transmission.

Risks

• Price regulation risk: The government can impose gas pricing policies for industry at any time, as seen with the non-HGBT price cut in June 2026, which directly pressures PGAS's margins as the main distributor.
• Supply risk: Declining gas production from West Java fields has forced PGN to import more expensive LNG from outside Java, with higher transportation and regasification costs that could squeeze margins without corresponding price adjustments.
• Business and geographic concentration: Most of PGN's distribution and transmission pipeline network is concentrated in Java and Sumatra, making the company's performance highly sensitive to supply or demand disruptions in these two regions.
• Dependence on majority shareholder: As part of Pertamina's state oil and gas holding since 2018, PGN's strategic direction is influenced by corporate decisions and policies at the holding level.
• History of low asset utilization: The FSRU Lampung case, where underutilization stemmed from a failed lease price agreement with PLN, once significantly weighed on company profits between 2012 and 2017, suggesting similar risks could recur with other strategic assets.
• Stock price volatility: PGAS fell 23.4% over the past year with a wide 52-week range from Rp1,125 to Rp2,520, reflecting high sensitivity to policy sentiment and sector conditions.
• Limited recent financial data: Because available sources don't include up-to-date financial statements, investors need to independently check official data on idx.co.id before assessing this stock's valuation.

What this means for investors

A few concrete data points are worth tracking for PGAS without needing to guess price direction.

First, Rp1,125 marks the lower bound of the current 52-week range, while the Rp1,450-1,470 area was where two PGN directors bought shares in July 2026. Price action around these levels can serve as a reference point for gauging whether sentiment is improving or deteriorating further.

Second, the non-HGBT gas price policy of US$13 per MMBTU runs through the end of 2026. It's worth watching whether the government extends this policy or reverts to previous pricing, since this is directly tied to PGN's trading margins.

Third, since available sources don't include recent quarterly or annual financial statements, the most concrete step is to check PGN's official financial reports on idx.co.id once released, particularly to see the actual impact of the gas pricing policy on revenue and margins in the quarters following June 2026.

Fourth, watch trading volume patterns. The three-month average daily volume of 32.36 million shares can serve as a benchmark for assessing whether there's a significant spike in buying or selling interest around fresh news.

Fifth, PGN director share purchases in July 2026 are disclosure data that can continue to be tracked on the IDX website. Future patterns of insider buying or selling could offer additional signals about management confidence, though they're no guarantee of future price direction.

How to buy PGAS stock

To buy PGAS shares, investors need to open a securities account with a brokerage licensed by Indonesia's Financial Services Authority (OJK) and registered as an IDX exchange member. Once the account is active and funded, buy orders for PGAS can be placed through the brokerage's trading app in minimum units of 1 lot, or 100 shares.

With PGAS priced at Rp1,355 per share as of October 25, 2026, one lot costs Rp135,500, excluding transaction costs such as broker commissions and transaction taxes, which vary by brokerage.

FAQ

Does PGAS pay regular dividends?

None of the sources we reviewed mention a dividend policy for PGAS. Investors should check disclosure filings and Annual General Meeting results on idx.co.id or PGN's official site for the latest dividend figures.

How much is one lot of PGAS stock?

As of October 25, 2026, PGAS traded at Rp1,355 per share, meaning one lot (100 shares) costs Rp135,500 before brokerage fees.

Is PGAS part of the LQ45 index?

This isn't confirmed in the sources we checked. Index membership changes periodically, so it's best verified directly on idx.co.id.

How is PGAS different from RAJA (Rukun Raharja)?

PGAS is Pertamina's gas subholding with Indonesia's largest gas distribution and transmission pipeline network, while RAJA also operates in the gas and LNG supply chain but with a different scale and business model. Both were affected by the 2026 industrial gas price cut policy.

Why did PGAS shares drop sharply when industrial gas prices were cut?

The government lowered non-HGBT gas prices for industry to US$13 per MMBTU from around US$20-23 per MMBTU starting late June 2026. Markets worried this would squeeze PGAS's margins as the largest gas distributor, and the stock fell more than 6% over two trading days.

Who is PGAS's majority shareholder now?

Since April 2018, the Indonesian government transferred majority ownership of PGN to Pertamina as part of forming a state-owned oil and gas holding, a structure still in place when the company began trading as Pertamina Gas Negara in December 2021.

This article is for informational purposes only and is not a recommendation to buy or sell PGAS stock.