PTT Exploration and Production Public Company (PTTEP) Q4 2024 earnings summary

Executive summary

• Achieved record sales volume of 489 KBOED in 2024, up 6% year-over-year, with strong contributions from Thailand, Malaysia, and new Middle East assets.

• Net profit for 2024 reached $2,227 million, a 1% increase year-over-year, with EBITDA margin at 73%.

• Maintained leading gas producer position in Thailand with 82% market share and expanded international footprint, notably in Algeria, Oman, and the UAE.

• Advanced decarbonization initiatives, reducing GHG emissions intensity by 21.2% from 2020 base and progressing CCS projects.

• Declared FY2024 dividend of 9.625 THB/share, with a payout ratio of 49% of net profit.

Financial highlights

• Total revenues for 2024 were $9,273 million, up 2% year-over-year; sales revenue was $8,698 million.

• Net profit for 2024 was $2,227 million, with profit from normal operations at $2,262 million.

• Q4 2024 net profit was $539 million, up 5% sequentially from Q3 2024.

• All-in unit cost for 2024 was $29.58/BOE, a 7% increase from 2023.

• Cash flow from operations before tax was $7,329 million; ending cash balance at $3,938 million.

Outlook and guidance

• FY2025 sales volume guidance is 500-510 KBOED, with unit cost expected at $29-30/BOE.

• Gas price for FY2025 is forecast at $5.8-6.0/MMBTU, assuming Dubai oil price of $75-80/BBL.

• EBITDA margin expected to remain strong at 70-75% in 2025.

• Five-year investment budget (2025-2029) set at $33.6 billion, with $21.3 billion CAPEX and $12.3 billion OPEX.