PTTEP records net income of USD 1,185 million in the first 9 months of 2019 with incremental sales volume from successful acquisitions
30 Oct 2019
Bangkok, October 30, 2019 – PTT Exploration and Production Public Company Limited (PTTEP) reported robust growth of the first 9-month performance with net income of USD 1,185 million (equivalent to THB 37,182 million), 39% increasing compared to the same period last year primarily due to higher average sales volume contributed from the acquisitions according to the strategic plan.
Phongsthorn Thavisin, President and Chief Executive Officer of PTTEP, said that for the nine-month period of 2019, the company generated total revenue of USD 4,572 million (equivalent to THB 143,115 million), increasing by 15% from USD 3,960 million (equivalent to THB 127,434 million) in the same period last year as a result of an increase in average sales volume by 12% to 335,696 barrels of oil equivalent per day (BOED) compared to 300,338 BOED. The increase in average sales volume was mainly due to the acquisition of additional stake in the Bongkot field which was completed in mid-2018 and the acquisition of Murphy Oil Corporation’s business in Malaysia which was completed in July 2019. The average sales price also slightly improved to USD 46.83 per barrel of oil equivalent (BOE), comparing with USD 46.25 in the same period of 2018. Consequently, PTTEP reported net profit at USD 1,185 million (equivalent to THB 37,182 million), an increase of 39% from the same period last year at USD 851 million (equivalent to THB 27,372 million). Meanwhile, the unit cost was slightly lower to USD 30.86 BOE from USD 31.28 BOE in the nine-month of 2018.
The financial performance in the third quarter of this year, PTTEP reported net profit of USD 358 million (equivalent to THB 11,019 million), an increase of 14% comparing with USD 315 million (equivalent to THB 10,401 million) in the third quarter last year. This was also driven by higher average sales volume contributed from Malaysia Asset.
Phongsthorn said “The company’s strong performance in the 9-month period reflects the successful acquisition in Malaysia in accordance with Company’s strategic investment plan. The result is demonstrated by growing average sales volume with the 2019 target of 345,000 BOED. Furthermore, once the acquisition of Partex Holding, which its investment focused in the Middle East, is completed, sales volume will be increased. In addition, the acceleration exploration activities in Malaysia such as Block SK410B will potentially increase the company’s petroleum reserves and production volumes in the future.”
Earlier in June this year, PTTEP made its largest gas discovery from the first well in Block SK410B at “Lang Lebah-1RDR2”. The project is currently preparing for an appraisal well to confirm upside petroleum potential, along with a study for development plan. In 2020-2021, PTTEP plans to accelerate exploration activities in the nearby areas to assess overall petroleum potential and evaluate appropriate development plan.
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