Thai PTTEP H1 Profit Jumps

Thai state-run PTT Exploration and Production (PTTEP) July 26 reported a jump in net profit for the six months to June (H1 2019) thanks to higher sales volume and increased average selling price.

PTTEP reported net profit of $827mn in H1 2019, up 54% year-on-year. Revenue during the period was $3bn, up 17% from the same period a year ago.

Sales volume grew to 326,971 barrels of oil equivalent/day from 297,999 boe/d in H1 2018 as a result of the acquisition of additional stake in Bongkot project. The average selling price increased to $47.26/boe compared with $45.51/boe in the same period last year, PTTEP said.

For the three months to June (Q2 2019) PTTEP announced net profit of $433mn compared with $113mn in the same period last year. “The increased net profit was mainly driven by Thai Baht appreciation against US dollar, resulting in the record of gains from non-recurring items at $44mn when comparing to the losses from these items at $223mn in the second quarter last year mainly from Thai Baht depreciation,” the company said.