DETERMINANTS OF FINANCIAL PERFORMANCE OF PT PERTAMINA’S SUBHOLDINGS PERIOD 2018-2022 (Case Study: 6 Upstream and Gas Subholding Companies of PT Pertamina)

This research analyzes the determinants of financial performance, based on profitability, of six PT Pertamina (Persero) subholding companies from 2018-2022.The study measures the impact of Capital Structure, Company Activity, World Crude Oil Prices, and Exchange Rates on performance, indicated by Return on Assets (ROA).Using purposive sampling and various data analysis techniques, the study finds that Capital Structure and World Crude Oil Prices do not significantly affect financial performance, while Company Activity positively influences it.Exchange Rates also do not show a significant positive effect.The study highlights the importance of efficient asset management for better financial performance and suggests that other factors, such as operational strategies and external conditions, may be more critical determinants.The second event was the Russia-Ukraine conflict, starting on February 21, 2022, which triggered global economic instability.This instability was partly due to Gazprom, a major Russian energy company and key gas supplier to the EU, not renewing its gas transit contract with Ukraine since 2019 (Naumenko, n.d.).The resulting crisis in the EU's oil and gas sector led to global oil price and currency exchange rate instability, causing an energy crisis, supplydemand instability, and inflation in various countries (Liu, 2023).Dano (2022) noted that this conflict led to mild