PTT Exploration and Production Public Company (PTTEP) Q1 2025 earnings summary

Executive summary

• Q1 2025 net profit was $488 million (487,539 thousand Baht), down 9% quarter-over-quarter and 7% year-over-year, mainly due to lower sales volume and liquid prices, partially offset by higher gas prices and cost control.

• Sales revenue for Q1 2025 was $2,064 million (2,063,802 thousand Baht), a 7% decrease from the previous quarter and 1% lower year-over-year.

• Total assets reached 29,033,969 thousand Baht as of 31 March 2025, with equity of 15,648,687 thousand Baht and total liabilities of 13,385,282 thousand Baht.

• PTTEP maintains a strong focus on energy security, international growth, and decarbonization, with strategic investments in gas, CCS, and renewables.

Financial highlights

• Q1 2025 sales volume was 484,218 BOED, down 3% quarter-over-quarter but up 2% year-over-year.

• Average selling price was $45.74/BOE, nearly flat sequentially and down 3% year-over-year.

• EBITDA margin improved to 72% in Q1 2025 from 69% in Q4 2024.

• Net profit margin remained stable at 24%; return on equity was 14%.

• Cash flow from operations before tax was $1,330 million in Q1 2025; ending cash was $3,882 million (4,143,666 thousand Baht).

Outlook and guidance

• FY2025 sales volume guidance is 505-510 KBOED, with Q2 2025 expected at 500-505 KBOED.

• Gas price guidance for FY2025 is ~$5.8/MMBTU; unit cost expected at ~$30/BOE.

• EBITDA margin is forecast at 70-75% for FY2025.

• Credit ratings remain strong: S&P BBB+, Moody’s Baa1, Fitch BBB+, TRIS AAA, all with stable outlooks.

• Dividend payable as of 31 March 2025 was 599,972 thousand Baht, indicating continued shareholder returns.