PTTEP’s the 9-month revenue -USD 6.64 million

Editorial Staff

PTTEP’s the 9-month revenue -USD 6.64 million

PTTEP announces that its 9-month operating performance of 2023 achieved as planned.

Mr. Montri Rawanchaikul, chief executive officer of PTT Exploration and Production Plc (PTTEP), On the 9-month financial performance, PTTEP generated a total revenue of USD 6.64 billion (equivalent to 229.34 billion baht).

The average sales volume was at 457,737 barrels of oil equivalent per day (BOED), similar to the same period of last year. Meanwhile, the average selling price declined to USD 48.14 per barrel of oil equivalent (BOE), or a 10% decrease compared to the previous year.

However, total expenses for this period were reported less than the same period last year. With these factors, PTTEP recorded net profit for the 9-month period at USD 1,69 billion (equivalent to 58.42 billion baht). The unit cost was maintained at USD 27.23 per BOE, while Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) margin stood at 74%.

For the 9-month performance of 2023, PTTEP paid approximately 47.60 billion baht of income tax, royalties and other remunerations to the government.

The key achievements in the period included the installation of additional wellhead platforms in G1/61 project and progress of the investment in clean energy, with a particular focus on blue and green hydrogen, as well as seeking opportunity in the development of carbon capture and storage (CCS) projects.

The company provides remittance payments of 47.60 billion baht to support the government’s developmental endeavors for the country.

He said that PTTEP made progress in both E&P and new businesses for the 9-month period of 2023. The company has undertaken drilling activities of more production wells and installed additional wellhead platforms to ramp up natural gas output at G1/61 project, aiming to reach 800 million cubic feet per day (MMSCFD) by April 2024.

In term of progress in new business ventures, PTTEP has expanded its collaboration with POSCO Holdings, a holding company of Korean conglomerate POSCO Group, to explore opportunities across the entire blue and green hydrogen value chain and CCS projects. This follows the considerable achievement in the development of a large-scale green hydrogen in the Sultanate of Oman.