Thailand: PTTEP Posts 1Q Profit of USD 359 mln

Mr. Anon Sirisaengtaksin, the President and CEO of PTT Exploration and Production Public Company Limited or PTTEP disclosed the PTTEP 1st Quarter Operating Results. The company and its subsidiaries posted a net profit of USD 589 million (equivalent to 18,288 million baht), an increase of USD 229 million or 64% compared to its net profit of USD 359 million (equivalent to 10,979 million baht) posted in the first quarter last year.

The first quarter operating result of PTTEP and its subsidiaries includes recurring net profit of USD 538 million, an increase of USD 195 million or 57% against 1st quarter last year of USD 343 million and non-recurring net profit of USD 51 million. The non-recurring net profit derived from income tax and profit affected from exchange rate.

For this quarter, the total revenue of PTTEP and its subsidiaries was USD 1,627 million (equivalent to 50,448 million baht), an increase of USD 317 million or 24% compared to the revenue of USD 1,310 million (equivalent to 40,011 million baht) posted in the 1st quarter of the previous year. This increase was the result of the higher sales revenue thanks to the average sales price of USD 64.79 per barrel of oil equivalent (BOE) compared with USD 49.36 per BOE in the same quarter last year. Although, sales volume of 1st quarter this year decrease to 253,411 barrel of oil equivalent per day (BOED) compared with 271,292 BOED in the same period last year. This decrease of sales volume was the result of the production contract termination of Arthit North project in November 2011 together with the decrease in the sales volume of natural gas and condensate of Arthit North project in line with the new daily contractual quantity. However, crude oil sales volume of the Vietnam 16-1 project was increased due to the production start up in the 3rd quarter of 2011. By this quarter, the Vietnam 16 -1 project can produce at the rate of 30,854 BOED and natural gas at 20 MMSCFD. Additional, crude oil sales volume of the S1 project was increased due to the production from new wells and higher beam pump activities.

As of 31 March 2012, PTTEP and its subsidiaries have total assets of USD 14,971 million (equivalent to 461,742 million baht), an increase of USD 840 million compared to its total assets of USD 14,131 million (equivalent to 447,842 million baht) posted on 31 December 2011.

For the progress in the first quarter this year, Bongkot South field (GBS) started test run of processing facility and currently gas is delivered at the rate of 50 – 70 MMSCFD and condensate at the rate of 3,000 – 4,000 barrels per day (bpd). PTTEP expects the gas production rate will ramp up to 320 MMSCFD as per the Daily Contractual Quantity (DCQ) and 9,000 bpd of condensate within the second quarter of this year.

[mappress]
Source: PTTEP, April 25, 2012