PTTEP records net income of USD 827 million in the first half of 2019 Approves interim dividend at THB 2.25 per share
26 Jul 2019
Phongsthorn Thavisin, President and Chief Executive Officer of PTTEP, said that in the first-half of this year, the company had total revenues of USD 3,001 million (equivalent to THB 94,830 million), increasing by 17% from USD 2,562 million (equivalent to THB 81,343 million) in the same period of 2018. This was mainly due to higher sales volume of 326,971 barrels of oil equivalent per day (BOED) from 297,999 BOED in the first half of 2018 as a result of the acquisition of additional stake in Bongkot Project. The average selling price also increased to USD 47.26 per barrel of oil equivalent (BOE) compared with 45.51 per BOE in the same period last year. Consequently, PTTEP reported net profit of USD 827 million (equivalent to THB 26,163 million) in the first half of 2019, increased by 54% from the previous year at USD 536 million (equivalent to THB 16,971 million). Meanwhile, the unit cost is reported at USD 30.24 per BOE which is in line with the Company’s target.
For the financial performance in the second quarter of this year, PTTEP announced net profit of USD 433 million (equivalent to THB 13,684 million) in comparison with USD 113 million (equivalent to THB 3,590 million) in the same period last year. The increased net profit was mainly driven by Thai Baht appreciation against US dollar, resulting in the record of gains from non-recurring items at USD 44 million when comparing to the losses from these items at USD 223 million in the second quarter last year mainly from Thai Baht depreciation.
Interim dividend payment at THB 2.25 per share
Based on the company’s performance, on July 26, 2019, the Board of Directors approved the payment of an interim dividend from consolidated performance for the first six months to the shareholders at THB 2.25 baht per share. The record date of the company’s share registration for the right to receive the dividend is scheduled on August 9, 2019, followed by a dividend payment on August 23, 2019.
Progress of Transition of Operations
PTTEP has completed the acquisition of Murphy Oil Corporation in Malaysia in early July, resulting in the increase in the petroleum sales volume of approximately 48,000 BOED for the second half of 2019. This will significantly contribute to the 2019 target sales volume of 345,000 BOED.
“PTTEP will now focus on the seamless transition of operations. We have set up the Transition Teams to manage all activities related to the assets transfer from Murphy Oil Corporation as well as the winning bid of Block G1/61 (Erawan) and G2/61 (Bongkot). Currently, PTTEP is working closely with the Department of Mineral Fuels and the current operator of Block G1/61 or Erawan field to access the area within this year. This will allow us to put together development plan in advance, such as the installation of drilling wells and wellhead platforms, to assure the production continuity of natural gas supply to Thailand when PTTEP becomes the operator in 2022.” Phongsthorn said.For more information, please contact Media Management Section
Tongchit Pongorapin Tel. +66 (0) 2537 4587
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Facebook: http://www.facebook.com/pttepplc The information, statements, forecasts and projections contained herein reflect the Company’s current views with respect to future events and financial performance. These views are based on assumptions subject to various risks. No assurance is given that these future events will occur, or that the Company’s future assumptions are correct. Actual results may differ materially from those projected.