PTT Exploration and Production Public Company (PTTEP) Q3 2024 earnings summary

Executive summary

• Achieved 9M 2024 production milestones, including G1/61 ramp-up to 800 MMSCFD and completion of Seagreen Offshore Wind Farm acquisition.

• Advanced international expansion with Ghasha Concession acquisition and Waset FDP approval.

• Maintained focus on cost competitiveness and energy transition, with ongoing CCS and hydrogen initiatives.

• Report covers the nine-month period ended 30 September 2024, with consolidated and separate financials prepared in both USD and THB.

• Principal operations include petroleum exploration and production in Thailand and internationally.

Financial highlights

• Q3 2024 net profit was $511M, down 22% sequentially and 1% year-over-year; 9M 2024 net profit at $1,688M, nearly flat year-over-year.

• Total Q3 2024 revenues were $2,307M, down 4% sequentially and up 1% year-over-year; 9M 2024 revenues rose 4% to $6,912M.

• Total assets: $27,309M (THB 881,846M); total liabilities: $12,134M (THB 391,809M) as of 30 Sep 2024.

• Capital expenditures: $3,183M (THB 113,608M) for the period.

• Major non-operating items included asset write-offs in Mexico Block 29 and Oliver, and FX impacts.

Outlook and guidance

• FY2024 sales volume forecast at 501 KBOED, with gas price at $5.9/MMBTU and unit cost at $29–30/BOE.

• EBITDA margin expected at 70–75% for FY2024, assuming Dubai oil price averages $75–80/BBL.

• Credit ratings remain strong: S&P BBB, Moody’s Baa2, Fitch bbb, TRIS AAA (stable outlooks).