Investor Relations

PTTEP 13061/00-3536/2017

Investor Relations

Tel. 0-2537-5919, 0-2537-5304

0-2537-5779, 0-2537-4446

27 April 2017

President

The Stock Exchange of Thailand

93 Ratchadapisek Road, Din Daeng

Bangkok 10400

Dear Sir,

Subject:           Unreviewed Financial Statements, Management’s Discussion and Analysis for the first quarter of 2017

Attachment:   
1. Unreviewed Financial Statements of PTT Exploration and Production Public Company Limited and Subsidiaries for the period of three months ended 31 March 2017, including English translations
2. Management’s Discussion and Analysis for the first quarter of 2017

PTT Exploration and Production Public Company Limited, or PTTEP, would like to submit Unreviewed Financial Statements of PTTEP and its subsidiaries (the Company) for the period of three months ended 31 March 2017 and Management’s Discussion and Analysis for the first quarter of 2017 as per attachment 1 and 2. These attached financial statements have already been approved by the Audit Committee on the basis that information is accurately represented and sufficient for investors.

For the first quarter of 2017, the Company total revenues were USD 1,092 million (equivalent to 38,377 million baht), an increase of USD 7 million when compared with USD 1,085 million (equivalent to 38,692 million baht) in the first quarter of 2016 mainly due to higher average selling price which rose, in line with global crude prices, from the first quarter of 2016 at 35.08 USD/BOE to 38.00 USD/BOE, while sales volume for the first quarter of 2017 was at 304,108 BOED decreased from the first quarter of 2016 at 329,858 BOED primarily from the PTTEP Australasia Project.

In the first quarter of 2017, total expenses were lowered to USD 754 million (equivalent to 26,466 million baht) from USD 901 million (equivalent to 32,130 million baht) in the first quarter of 2016, primarily due to a reduction in depreciation, depletion and amortization expense while the company continues to carry out a number of cost reduction and efficiency improvement activities.

Based on the aforementioned, the Company recorded net profit of USD 349 million (equivalent to 12,284 million baht) or earnings per share of USD 0.09 (equivalent to 3.01 baht) compared with net profit of USD 157 million (equivalent to 5,625 million baht) or earnings per share of USD 0.04 (equivalent to 1.36 baht) in the first quarter of 2016. This net profit included gains from  non-recurring items of USD 138 million (equivalent to approximately 4,847 million baht) mainly as a result of tax savings caused by Thai Baht appreciation against US dollar and gains from oil price hedging.

The financial position of the Company remains solid. As of 31 March 2017, the Company total consolidated assets were USD 19,251 million (equivalent to 663,207 million baht), which included cash and short-term investments of USD 4,446 million (equivalent to 153,158 million baht). Total liabilities were USD 7,800 million (equivalent to 268,710 million baht) including interest-bearing debt of USD 2,863 million (equivalent to 98,616 million baht) and total shareholders’ equities were USD 11,451 million (equivalent to 394,497 million baht).

Sincerely yours,

Somporn Vongvuthipornchai

Somporn Vongvuthipornchai

President and Chief Executive Officer