PTTEP Reports 65% Earnings Growth with 5 Baht Dividend Payout

PTT Exploration and Production Public Company Limited (SET: PTTEP) has announced its 2023 financial statement through the Stock Exchange of Thailand as follows;

Year 2022 2021
Net Profit (Loss)
Million USD
1,999.00 1,211.00
Earning Per Share
0.5100 0.3000
% Change 65.07

PTTEP reported a net profit of 1,999 million dollars in 2022, increased 65% from a net profit of 1,211 million dollars in 2021. The increase was primarily from higher revenue from sales as total revenue reached 9,660 million dollars. The company recorded profit from normal operation in 2022 was 2,647 million dollars, an increase of 1,168 million dollars when compared with a profit in 2021 of 1,479 million dollars.

More importantly, the increase in net profit was primarily from an increase in Exploration and Production segment in Southeast Asia (Thailand increased by 623 million dollars and Other Southeast Asia increased by 427 million dollars), while there was a decrease in Australia of 169 million dollars and Middle East of 134 million dollars.

In 2022, PTTEP reported 12% higher sales volume at 468,130 BOED, from the operatorship transfer and production start-up of G1/61 (Erawan) project, as well as sales volume growth from overseas projects. Moreover, the oil price spike in 2022 had caused the average selling price to increase from the previous year to stand at 53.39 USD/BOE, while Unit cost slightly declined to 28.36 USD/BOE.

However, operating expenses increased by 249 million dollars primarily from first production of G1/61 Project and G2/61 Project, together with Malaysia Project due to higher sales volume and more maintenance activities. Depreciation, depletion and amortization increased by 161 million dollars primarily from first production of G1/61 Project and Malaysia Project which had higher sales volume, offset with the Bongkot Project.

PTTEP had also recognized impairment losses of 300 million dollars, mainly from Mozambique Area 1 project. Other items include oil price hedging loss, reported at 186 million dollars and expense for the mediation agreement made under Class Action lawsuit brought by Indonesian seaweed farmer, recorded at 129 million dollars.


Additionally, the board of directors approved a dividend payout of THB5 per share to be paid on April 24, 2023. The ex-dividend date is on February 14, 2023.