PTT Exploration and Production Public Company (PTTEP) J.P. Morgan Asia Pacific All Star Forum Presentation summary

Strategic direction and sustainability

• Focus on ensuring national energy security and expanding international growth for long-term sustainability, with a strong presence in Thailand, Malaysia, Myanmar, the Middle East, and Africa.

• Committed to a gas-focused portfolio, maximizing supply from three gas corridors and driving cost competitiveness through initiatives like GoT SAVE.

• Five-year investment budget of $33.6 billion, with $21.3 billion in CAPEX and $12.3 billion in OPEX, targeting production growth and new energy investments.

• Pursuing decarbonization with a Net Zero target by 2050, including CCS projects and renewable energy investments.

• Strong ESG performance, recognized by DJSI, FTSE4Good, and high ratings from SET, MSCI, and CDP.

Operational and project highlights

• Major project developments include increased stake in Sinphuhorm, Arthit CCS pilot, and new gas and oil discoveries in Malaysia.

• Ghasha Concession in the Middle East targets first production in 2H2025, with Abu Dhabi Offshore 2 aiming for FID in 2025 and production in 2027.

• Algeria Touat acquisition expected to complete in Q2/2025, adding 85 MMBOE in 2P reserves.

• Mozambique Area 1 remains under force majeure, with remobilization and construction decisions pending.

• Seagreen Offshore Wind Farm acquisition completed, providing 280MW share and stable cash flow.

Financial performance and outlook

• Q1 2025 net profit was $488 million, with a 72% EBITDA margin and 24% net profit margin.

• Sales volume in Q1 2025 was 484,218 BOED, with a weighted average selling price of $45.74/BOE.

• Unit cost in Q1 2025 was $29.58/BOE, with cash cost at $15.21/BOE.

• Strong financial position with $9.5 billion in cash, interest-bearing debt to equity at 0.25, and average cost of debt at 3.94%.

• FY2024 dividend yield at 8%, with a payout ratio of 49% of net profit.