PTTEP’s 3Q Net Income Jumps 153% to US$664 Million on Higher Sale Revenues

PTT Exploration and Production Public Company Limited (SET: PTTEP) has released its 3Q22 ending September consolidated financial statement via the Thai Stock Exchange, as follows:

In 3Q22, PTTEP reported a net income of USD664 million, an increase of USD372 million from a net profit in 3Q21 of USD292 million and an increase of USD64 million from a net profit in 2Q22 of USD600 million, primarily due to higher revenue from sales, lower income taxes and gain from oil price hedging instruments (3Q21 / 2Q22: recognized loss), offset with impairment loss on assets held-for-sale (3Q21 / 2Q22: no recognition). 

Sales volume during the quarter was at 478,323 BOED, 3% increase from 2Q22, while the average selling price slightly declined to stand at 53.68 USD/BOE, following a fall in global crude price. Unit cost increased 28.82 USD/BOE. 

The profit from normal operation in 3Q22 was USD706 million, an increase of USD371 million when compared with a profit in 3Q21 of USD335 million, primarily thanks to an increase in revenue from sales of USD644 million from higher average sales volume and average selling price. 

On the other hand, income taxes increased by USD131 million mainly from projects in Thailand and Oman from higher profit. Operating expenses increased by USD80 million, primarily from first production of G1/61 Project and G2/61 Project, as well as an increase in petroleum royalties of USD39 million mainly from higher revenue from sales in Thailand and Malaysia.

In this quarter, PTTEP had recognized oil price hedging gain amounting to USD94 million.

As at the end of the quarter, PTTEP had total assets of USD24,684 million, of which USD3,436 million was cash on hand, while total liabilities were reported at USD11,623 million, of which USD4,274 million was interest-bearing debt. Total shareholders’ equity stood at USD13,061 million with debt-to-equity ratio at 0.33 reflecting healthy financial structure and robust financial position.