Logo of Phnom Penh Post newspaper Phnom Penh Post - Acquisitions lead to 39% surge in PTTEP’s profit in nine months

Acquisitions lead to 39% surge in PTTEP’s profit in nine months

Acquisitions lead to 39% surge in PTTEP’s profit in nine months

Thailand's PTT Exploration and Production Public Company Limited (PTTEP) reported a strong performance in the first nine months of this year with a 39 per cent surge in net profit year-on-year to $1.185 billion.

The company posted $851 million in net profit for the same period last year.

In a statement on Wednesday, president and CEO Phongsthorn Thavisin, said the company generated total revenue of $4.572 billion for the first three quarters, increasing by 15 per cent year-on-year from $3.960 billion as a result of a 12-per cent rise in average sales volume to 335,696 barrels of oil equivalent per day (BOED), compared to 300,338 BOED for the same period last year.

The increase in average sales volume was attributed to the purchase of additional stake in the Bongkot field in mid-2018 and the acquisition of Murphy Oil Corporation’s business in Malaysia, completed in July.

The average sales price also slightly improved to $46.83 per barrel of oil equivalent (BOE), from $46.25 in the same period last year.

Meanwhile, unit cost dipped to $30.86 per BOE from $31.28 per BOE in the first nine months of last year.

In the third quarter of this year, PTTEP reported a net profit of $358 million, a 14 per cent year-on-year increase from $315 million, partly driven by higher average sales volume through the acquisition of Malaysia Asset.

Phongsthorn said: “The company’s strong performance in the nine-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 towards the year’s target of 345,000 BOED.

“Furthermore, once the acquisition of Partex Holding, which focuses its investment in the Middle East, is completed, sales volume will further increase. In addition, the acceleration of exploration activities in Malaysia such as Block SK410B will potentially increase the company’s petroleum reserves and production volumes in the future.”

In June, PTTEP made its largest gas discovery at the first well in Block SK410B at “Lang Lebah-1RDR2”. It is now preparing an appraisal well to confirm the upside petroleum potential, along with a study for development.

In 2020-2021, PTTEP plans to accelerate exploration activities offshore to assess overall petroleum potential and evaluate appropriate development plan.

THE NATION (THAILAND)/ASIA NEWS NETWORK

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