PTTEP Yearly Profit Rises 26 % (Thailand)

Thailand’s oil company, PTTEP, today posted a 2012 recurring net profit of USD 1,846 million , an increase of USD 378 million or 26% compared to its net profit of USD 1,468 million in 2011.

In 2012, the total revenue of PTTEP and its subsidiaries was USD 7,021 million  , an increase of USD 1,336 million or 24% compared to the revenue of USD 5,685 million  posted in the previous year. This increase was the result of the higher sales revenue thanks to the average sales price of USD 64.86 per barrel of oil equivalent (BOE), based on the increase of world oil price, when compared with USD 55.49 per BOE in 2011. Moreover, sales volume went up to 275,923 barrel of oil equivalent per day (BOED) compared with 265,047 BOED in 2011. Contributing to the increased sales were petroleum products from Bongkot South field, the Vietnam 16-1 Project, and S1 Project

Tevin Vongvanich, the President and CEO of the company, said:  “PTTEP has better operating results thanks to the increase of petroleum production volumes from several projects such as Bongkot South, Sirikit oil field and Vietnam 16-1. The chance of petroleum discoveries is very high as we successfully discovered 34 out of 54 exploration and appraisal wells. Last year, the new petroleum discovery was especially from Algeria. Furthermore, we were also successful in expanding our business to east Africa which is one of the vast gas-riched areas. Moreover, the Preferential Public Offering; that the Company received total proceeds of Baht 92,300 million from the capital increase at the end of last year, reflects good response. The income and net profit of PTTEP still increase more than 24% although there was the slight delay of Montara field’s development. The Board of directors therefore agreed to pay the dividend for the 2nd half of 2012 at 3 baht per share. The total dividend for the whole year of 2012 will then be 5.80 baht per share. Today, PTTEP has been invested in many high potential projects which can serve long term production. We also have strong financial structure with commitment to a continuous and solid growth in order to supply the sustainable energy to Thailand”

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Press Release, February 1, 2013