PTT Exploration and Production Public Company (PTTEP) J.P. Morgan Thailand Forum Presentation summary

Company overview and strategy

• Holds 82% market share in Thailand, with strategic presence in Malaysia, Myanmar, Middle East, and Africa.

• Market capitalization stands at $12 billion, with 8% FY2024 dividend yield.

• Focuses on energy security, international growth, and sustainability, aligning with multiple UN SDGs.

• Maintains competitive cash cost at ~$15/BOE and strong ESG ratings (SET AA, FTSE4Good, DJSI member).

• Strategy pillars: drive value, decarbonize, and diversify for energy transition.

Operational performance and project development

• Q1 2025 sales volume at 484,218 BOED, with 73% from Thailand and 21% from Southeast Asia.

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

• Ghasha Concession (UAE) targets first production in 2H2025; Abu Dhabi Offshore 2 aims for 2027.

• Algeria and Mozambique projects progressing, with Algeria Hassi Bir Rekaiz phase 2 to boost output by 2030.

• Ongoing exploration and development in Vietnam, Indonesia, and Kazakhstan.

Financial performance and outlook

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

• Unit cost at $29.58/BOE, with cash cost at $14.51/BOE.

• Total assets at $29 billion, equity at $15.8 billion, and interest-bearing debt at $3.9 billion.

• 2025 sales volume guidance: 505-510 KBOED, gas price ~$5.8/MMBTU, EBITDA margin 70-75%.

• Maintains strong credit ratings: S&P BBB+, Moody’s Baa1, Fitch BBB+, TRIS AAA.