Ms. Phatpuree Chinkulkitnivat, Chief Financial Officer and Senior Executive Vice President, Accounting and Finance at Bangchak Corporation Public Company Limited (SET: BCP), provided an update on the company’s ongoing shareholding restructuring of Bangchak Sriracha Public Company Limited (SET: BSRC).
BCP aims to transfer BSRC’s minority shareholders to become shareholders of BCP, paving the way to delist BSRC from the Stock Exchange of Thailand (SET). Currently, BCP holds an 81.74% stake in BSRC, acquired at a cost of THB 9.8986 per share from ExxonMobil Asia Holding.
The company is in the process of submitting filing documents to the Securities and Exchange Commission (SEC), expecting feedback by early September. Upon approval, BCP plans to launch a tender offer for the remaining BSRC shares, likely between October and November. The company expects to delist BSRC from the stock market by early to mid-December 2025, aiming to streamline its corporate structure and enhance operational efficiency.
BCP is planning to add 100 new service stations in 2025, building on its existing network of 2,171 locations. The company aims to exceed 2,200 stations by the end of the year. As of now, BCP holds a 29% share of the market, up from 28.8% a year earlier. For the Inthanin coffee chain, the company plans to open 272 new branches, bringing the total to 1,300 by the end of the year.
In its natural resources segment, BCP reported higher production volumes from OKEA ASA of 30,000-32,000 barrels of oil equivalent per day (BOE/D) for 2025, revised up from 28,000-32,000 BOE/D. For 2026, output projections have also been increased to 31,000-35,000 BOE/D, up from 26,000-30,000 BOE/D, following improved production capabilities at certain petroleum sites.
Recently, OKEA announced a significant oil discovery at the Talisker exploration well in the Brage field (PL 055), where it operates and holds a 35.2% stake. The discovery, found in the Cook and Statfjord formations, is believed to have commercial potential, with preliminary estimates of gross recoverable resources between 16 and 33 million barrels of oil equivalent (MMboe). Further evaluation is planned for additional Brent formation reserves by year-end.
In addition, BCP has partnered with Chevron Offshore (Thailand) Limited (COTL) for petroleum exploration in Block G2/65 in the Gulf of Thailand.
Looking ahead to the second half of this year, BCP expects improved refinery operations as the Sriracha refinery resumes normal output following a slowdown in the first half. Utilization rates are predicted to rise by 10-12%.
The marketing segment is forecast to grow by 2-3% in the latter half of the year, and higher capacity payments are anticipated from BCP’s renewable power plants, particularly in the United States. The bio-product segment is also expected to benefit from stronger ethanol sales in the third and fourth quarters.
Phillip Securities (Thailand) noted the positive impact of the Talisker oil discovery, estimating recoverable reserves at 16-33 MMboe: 2-7 MMboe from the Cook formation and 14-26 MMboe from Statfjord. Additional reserves in the Brent formation are currently under assessment and could be confirmed by year-end.
The analyst maintains a positive outlook on BCP’s long-term growth prospects, supported by an increase in oil reserves, and reiterates a ‘Buy’ recommendation on BCP, with a target price of THB 47 per share.
However, in the near term, the firm notes that improvements in oil prices and refining margins are needed to strengthen performance for the remainder of the year. Without a clear recovery in oil prices, there may be downside risk to the target price.
