PTTEP Records $610 Million of Net Profit in 2Q with a Dividend Payout at THB4.25

PTT Exploration and Production Public Company Limited (SET: PTTEP) has announced its 2Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 2Q23 2Q22
Net Profit (Loss)
Million Dollar
610.00 600.00
Earning Per Share
0.1400 0.1500
% Change 1.67
6 Months 2023 2022
Net Profit (Loss)
Million Dollar
1,180.00 918.00
Earning Per Share (Dollar) 0.2800 0.2300
% Change 28.54

PTTEP reported higher net profits from better non-operating profits in foreign exchange and financial derivatives gains as the bottom line recorded at $610 million for the quarter, increased 1.6% from $600 million in the same quarter of last year.

The profits from normal operation slightly dropped, driven by a decline in sales volume to 444,868 KBOED in Q2/2023, after the full transition of the G2/61 (Bongkot) Project into Production Sharing Contract regime, and fall in global oil price cut down the company’s average selling price to 45.72 USD/BOE, while the unit cost rose to 26.41 USD/BOE.

The profit from normal operation in Q2/2023 was 585 million US dollars. A decrease of 62 million US dollars from profit in Q2/2022 of 647 million US dollars was primarily from a decrease in revenue from sales of 459 million US dollars from lower average selling price and average sales volume. Nevertheless, income taxes decreased by 227 million US dollars mainly from projects in Thailand, Oman and Malaysia due to lower profits. In addition, royalties decreased by 85 million US dollars primarily from higher portion of sales revenue from projects under profit sharing contracts in Thailand and lower sales revenue from projects in Malaysia. Meanwhile, operating expenses decreased by 44 million US dollars primarily from Malaysia Block K Project and interest income increased by 31 million US dollars mainly from higher cash balance and higher interest rates.

The profit from non-operating items in Q2/2023 was 25 million US dollars. A change of 72 million US dollars from loss in Q2/2022 of 47 million US dollars was primarily from gain on oil price hedging instruments of 2 million US dollars (included unrealized gain from mark-to-market of 4 million US dollars) due to a downward trend of forward oil price, while loss of 38 million US dollars was recognized in Q2/2022 (included unrealized loss from mark- to-market of 23 million US dollars) due to an upward trend of forward oil price. In addition, the Group had gain on foreign exchange of 9 million US dollars mainly from dividend payment in April 2023 when THB depreciated against USD while loss of 44 million US dollars was recognized in Q2/2022 mainly from trade receivables collection when THB depreciated against USD.

In addition, the Board of Directors approved an interim dividend payout at the rate of THB4.25 per share. The ex-dividend date is on 15 August 2023 and the payment will be on 29 August 2023.