PTTEP Reports US$1,211 Million in Earnings for 2021 and Offers a THB3.00 Dividend Payment

PTT Exploration and Production Public Company Limited (SET: PTTEP) has announced its 2021 consolidated financial statement through the Stock Exchange of Thailand as follows;


Yearly 2021 2020
Net Profit (Loss)
Million US Dollar
1,211 720
% Change 68


PTTEP reported a net profit of US$1,211 million in 2021, an increase of US$491 million or 68% from a net profit of US$720 million in 2020. The increase in net profit was primarily due to increase in revenue from sales and a recognition of gain from a bargain purchase of Oman Block 61 Project, offset with loss on financial instruments (2020: recognized gain), together with increases in exploration expenses and impairment loss on assets.

The profit from normal operation in 2021 was US$1,479 million, an increase of US$698 million when compared with a profit in 2020 of US$781 million resulted from increase in sales revenue from US$1,688 million, primarily from petroleum sales revenue with 18% increase in average sales volume and 12% increase in average selling price. On the other hand, income taxes increased by US$769 million mainly from higher profit from projects in Thailand and Oman Block 61 Project regarding a gradual recognition of non-cash expenses from deferred tax assets. In addition, petroleum royalties increased by US$119 million, primarily from higher domestic sales, along with US$116 million increase in depreciation, depletion and amortization which was primarily from the acquisition of Oman Block 61 Project and S1 Project due to additional completed assets, offset with a decrease from Bongkot Project.


At the end of 2021, PTTEP has over 40 projects with domestic and international operations in 15 countries, with total proved reserves of 1,350 million barrels of oil equivalent (MMBOE) and probable reserves of 773 MMBOE.


In addition, the Board of Directors of PTTEP has a dividend payment of THB3.00 per share. The Ex-dividend date (XD) is set for 10 February 2022. The payment will be made on 18 April 2022.