PTTEP 2Q Net Income Jumps 170% to $600 Million, Handing THB4.25 Dividend Payout

PTT Exploration and Production Public Company Limited (SET: PTTEP) has announced its 2Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;

PTTEP stated that during 2Q22, the global oil price rally had caused the average selling price to rise 16% from the previous quarter to stand at 55.61 USD/BOE, with 9% increase in average sales volume per day to 465,459 BOED. Unit cost increased to stand at 28.79 USD/BOE. In this quarter, PTTEP had recognized an oil price hedging loss amounting to 38 MMUSD. Net income for 2Q22 was then reported at 600 MMUSD.

For the progress of E&P operations, in 2Q22, PTTEP has become the operator and safely commenced the petroleum production under G1/61 (Erawan) Production Sharing Contracts since April 24, 2022 according to the development plan, which was jointly developed by PTTEP and the Department of Mineral Fuels, and maintain gas production capacity according to the nomination from buyer.

Moreover, the installation of two new producing platforms is currently underway, with an additional six platforms to be further installed for the remainder of this year, as well as an infill drilling campaign starting from July onwards. For the Yadana project in Myanmar, PTTEP was appointed as the new operator after TotalEnergies EP Myanmar withdrew effective on July 20, 2022. For the Yetagun project, PTTEP has withdrawn from the project, including pipeline business under Taninthayi Pipeline Company LLC (TPC) effective on May 31, 2022. Also in this quarter, the Algeria Hassi Bir Rekaiz project commenced the first oil production of Phase 1 since June 1, 2022 with production capacity at 10,000-13,000 barrels per day.


In addition, the Board of Directors have approved an interim dividend payout of THB4.25 per share to be paid on 26 August 2022. The ex-dividend date is on 15 August 2022.