PTT Exploration and Production Public Company Limited (SET: PTTEP) delivered a powerhouse performance in the second quarter of 2026, reporting a net profit of 833 million USD, a staggering 104% increase from the 408 million USD recorded in the same period last year. On a sequential basis, profits surged 122% compared to Q1 2026. This bottom-line beat was driven by a record-high average sales volume and a 20% year-over-year jump in average selling prices, which hit 52.89 USD per barrel of oil equivalent (BOE).
Key Financial Highlights
- Net Profit: 833 MMUSD (+104% YoY).
- Sales Volume: 572,882 BOED (Record High).
- Average Selling Price: 52.89 USD/BOE (+20% YoY).
- EPS: 0.21 USD.
The Exploration and Production (E&P) segment remained the engine of growth, contributing 812 million USD to net profit. The star performer was the Thailand region, where net profit rose by 279 million USD year-over-year. To bolster national energy security, PTTEP accelerated natural gas delivery above contractual daily capacities at several Gulf of Thailand projects, including Bongkot and Arthit. International hubs also showed resilience; projects in Oman remained on track, while Algerian assets benefited from higher crude sales.
While core operational growth was robust, the “quality” of earnings was further enhanced by a shift in non-operating items. The company recorded an 87 million USD profit from non-operating items, primarily gains from oil price hedging contracts as forward prices trended downward. However, operational discipline faced headwinds as unit costs rose 6% sequentially to 29.78 USD/BOE, largely due to higher depreciation from new assets and increased exploration write-offs.
PTTEP maintains a fortress balance sheet with an interest-bearing debt-to-equity ratio of 0.26 times, well within its prudent financial policy. Earnings Per Share (EPS) rose to 0.21 USD, up from 0.09 USD in the previous quarter.
Looking ahead, management has projected a full-year 2026 sales volume of 560,000 BOED. While a slight volume dip is expected in Q3 due to planned maintenance in Thailand and Malaysia, the company is doubling down on its “International Growth” strategy, targeting a 50% profit contribution from international hubs by 2035.
Additionally, the Board of Directors approved a dividend payment of THB 4.50 per share to be paid on 28 August 2026. The ex-dividend date is 14 August 2026.
