Thailand: PTTEP Sees Profit Rise

July 26, 2013

PTT Exploration and Production Public Company (PTTEP) posted a net profit of USD 361 million for the second quarter of this year, an increase against the second quarter of 2012, which was USD 250 million.

The second quarter of 2013 comprised of the recurring net profit for this period amounted to USD 535 million, and the loss from non-recurring items amounted to USD 174 million.

In this quarter, the total revenue of PTTEP and its subsidiaries was USD 1,851 million, an increase of USD 184 million or 11% against the second quarter of 2012 which was USD 1,667 million.

The increase was the result of a higher average sales volume in the second quarter of 2013, which increased to 292,721 barrels of oil equivalent per day (BOED) against the first quarter of 2012 which was 263,441 BOED.

This increase of sales volume was the result of Bongkot project’s increasing sales volume that has higher nomination against the second quarter of 2012, together with an addition of increased crude oil sales volume from S1 project.

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LNG World News Staff, July 26, 2013; Image: PTTEP