PTT Exploration and Production Public Company Limited (SET: PTTEP) has announced its consolidated 3Q25 financial statement through the Stock Exchange of Thailand as follows:
For the third quarter of 2025, the Company reported a net profit of USD 393 million or the basic earnings per share of USD 0.09. The net profit decreased by USD 118 million or 23% when compared with the net profit reported in the third quarter of 2024 of USD 511 million or the basic earnings per share of USD 0.13. The decrease was primarily from lower average selling prices, together with higher administrative expenses, despite an increase in average sales volume.
The Company’s total revenues in the third quarter of 2025 were USD 2,234 million (equivalent to THB 72,209 million), a decrease of USD 73 million or 3% when compared with USD 2,307 million (equivalent to THB 80,364 million) in the third quarter of 2024. Total expenses in the third quarter of 2025 (exclusive of income tax expenses) were USD 1,513 million (equivalent to THB 48,868 million), an increase of USD 38 million or 3% when compared with USD 1,475 million (equivalent to THB 51,278 million) in the third quarter of 2024.
The average sales volume increased by 7% YoY, primarily due to the acquisition of MTJDA A18 Project, which was completed in Q3/2025 and the increase of natural gas sales from Arthit Project, primarily due to fewer maintenance shutdowns and an increase in the production volume according to an amended Gas Sales Agreement, from 280 million standard cubic feet per day (MMSCFD) to 330 MMSCFD, effective from June 2025 onward. Meanwhile, the average selling price decreased by 8%, primarily due to a decrease in crude oil and condensate prices in line with market trends.
In Q4/2025, crude oil prices are expected to decline, pressured by persistently weak fundamentals, particularly a significant increase in global oversupply from both OPEC+ members and non-OPEC+ producers. However, oil prices may continue to receive support from ongoing geopolitical tensions, especially the Russia–Ukraine conflict, which has begun to directly impact Russia’s energy infrastructure and oil exports, as well as the unresolved situation in the Middle East, where the ceasefire between Israel and Iran remains only temporary. PTTEP forecasts that the average Dubai crude oil price in Q4/2025 will range between 60–70 USD/barrel.
The average sales volume for the full year 2025 is projected to be approximately 510,000 to 515,000 barrels of oil equivalent per day (BOED), representing an increase compared to the previous year. This growth is largely driven by higher sales volume from Thailand, due to the achievement in G1/61 (Erawan) Project’s production ramp-up to 800 MMSCFD since March 2024, MTJDA A18 Project acquisition completion in July 2025.
Additionally, PTTEP acquired an additional stake in Sinphuhorm Project, increasing its participating interest from 80.487% to 90% effective from April 2025. The Company also signed an amended Gas Sales Agreement (GSA) for Arthit Project to increase the Daily Contract Quantity (DCQ) from 280 MMSCFD to 330 MMSCFD, effective from June 2025 onwards.
