Investment/PTTEP’s operating results in Q3

Editorial Team

PTTEP’s operating big jump in Q3

PTT Exploration and Production Plc has reported better operating results for the third quarter with total revenue 95.29 billion baht.

Mr. Montri Rawanchaikul, Chief Executive Officer of PTT Exploration and Production Public Company Limited (PTTEP)

Mr. Montri Rawanchaikul, chief executive officer of PTT Exploration and Production Public Company Limited (PTTEP) said operating results for the third quarter of 2022,
PTTEP’s total revenue was at US$ 2.61 billion (equivalent to 95.29 billion baht), increasing by US$ 148 million compared to US$ 2.46 billion (equivalent to 84.95 billion baht) in the second quarter of 2022.

The average sales volume improved to 478,323 barrels of oil equivalent per day (BOED), up from 465,459 BOED in the previous quarter. The increase was primarily from G1/61 project after assuming operatorship in late of April 2022 and the Malaysia–Thailand Joint Development Area (MTJDA) project following the company’s plan to ramp up production volume to serve the domestic demand.

However, the average selling price dropped to US$ 53.68 per barrel of oil equivalent (BOE) from US$ 55.61 per BOE due to a decline in global crude oil price. The company also reported oil price hedging gain of US$ 94 million (equivalent to 3.41 billion baht) in this quarter.
PTTEP recorded net profit for the third quarter of this year at US$ 664 million (equivalent to 24.17 billion baht), an increasing of US$ 64 million when compared with US$ 600 million (equivalent to 20.60 billion baht) in the past quarter. Meanwhile, earnings before interest, taxes, depreciation and amortization (EBITDA) margin stood at 76%.

For the 9-month period of 2022, over approximately 70 billion baht paid by PTTEP for company’s income tax, royalties and other remuneration. This strongly supports national development in various areas such as community, education, and research & development (R&D) funds.

For the recent achievements under the “expand” strategy in the Middle East, one of the strategic areas, PTTEP made a significant gas discovery in Abu Dhabi Offshore Block 2, paving the way to establishing a strong presence in the United Arab Emirates (UAE).

The Middle East has become more important to PTTEP considering the increasing sales volume contributed from the region since the acquisition of Oman Block 61 in March 2021.

“Accelerating the development of G1/61 project (Erawan, Platong, Satun and Funan fields) is one of PTTEP’s top priorities. We are always putting our best efforts and constantly searching for possible solutions to increase the natural gas production capacity for the benefit of Thai people and to ensure the national energy security,” Mr. Montri said.