PTT Exploration and Production Public Company (PTTEP) Q2 2026 earnings summary

Executive summary

• Achieved record quarterly sales volume and strong operating income in Q2 2026, with net profit up over 100% quarter-over-quarter and year-over-year, driven by higher gas nominations in Thailand and increased crude loads in Algeria.

• Revenue for the six-month period ended 30 June 2026 was $5,495 million, up from $4,423 million in the same period of 2025, driven by higher sales to a major customer and increased production in Southeast Asia.

• Net profit for the period reached $1,209 million, a significant increase from $895 million year-over-year, reflecting improved operational performance and higher commodity prices.

• Strategic focus remains on energy security, cost competitiveness, and international growth, with >60% of gas supply to Thailand and >50% of net income targeted from international hubs by 2035.

• Maintained a competitive unit cost (~$30/BOE) and robust EBITDA margin (72%), supported by the GOT SAVE initiative and operational efficiencies.

Financial highlights

• Q2 2026 sales revenue rose 26% quarter-over-quarter and 40% year-over-year to $3,151 million, with sales volume up 4% sequentially and 13% year-over-year to 572,882 BOED.

• Net profit reached $833 million in Q2 2026, up from $376 million in Q1 2026 and $408 million in Q2 2025.

• Average selling price increased 15% quarter-over-quarter and 20% year-over-year to $52.89/BOE.

• Total assets as of 30 June 2026 were $30,985 million, with total liabilities at $13,917 million.

• Dividend payout for 1H2026 set at 44% of net profit, with payment scheduled for August 2026.

Outlook and guidance

• FY2026 sales volume guidance is ~560 KBOED, with Q3 2026 expected at ~525 KBOED.

• Gas price forecast for FY2026 is ~$6.0/MMBTU, and unit cost is expected to remain around $30/BOE.

• EBITDA margin target remains at or above 70%.

• Interim dividend of THB 4.50 per share approved for the first half of 2026, to be paid on 28 August 2026.

• The company maintains significant capital commitments of $5,093 million and other commitments of $913 million as of 30 June 2026.