PTT Exploration and Production Plc (PTTEP), Thailand's sole publicly listed petroleum explorer, has posted a 55% year-on-year increase in its second-quarter net profit to US$560 million on higher petroleum sales volume and prices.
Consolidated revenue totalled 2.1 billion baht, up by 14% from the same period in 2013, as average petroleum sales increased to 315,810 barrels of oil equivalent per day from 292,721 boed a year earlier.
Of the total earnings, $537 million were recurring net profit and $23 million non-recurring.
"Growth of average sales volume was mostly generated from the Montara field in Australia, Contract 4, Sinphuhorm and the Zawtika project in Myanmar," said president and chief executive Tevin Vongvanich.
The average petroleum sales price rose to $67.7 boed from $65.16 in the second quarter of 2013.
"This year we expect to increase the average sales volume to 320,000 boed, at least 10% growth from last year, of which 75% will come from operations in Thailand," he said.
Mr Tevin said the contribution from international operations would continue to increase.
PTTEP invests in 43 projects in 11 countries, including 18 in Thailand contributing to average petroleum sales volume of 245,000 boed or 78% of its total sales volume. In April, PTTEP acquired the subsidiaries of Hess Corporation in Thailand, raising its shareholding in the Contract 4 project in the Gulf of Thailand by 15% and the Sinphuhorm project in the Northeast by 35%.
In Southeast Asia, PTTEP invests in 15 projects in Myanmar, Vietnam and Indonesia with total average sales volume of 45,000 boed or 14% of the company’s total sales volume. Average sales volume in the second quarter rose from the first quarter this year mainly due to full commercial production of the Yadana and Yetagun fields.
The Zawtika block, which started delivering gas to Myanmar Oil and Gas Enterprise in the first quarter, raised average sales volume to 55 million cubic feet per day in the second quarter.
Mr Tevin said an interim dividend of three baht per share would be paid for first-half operations. The date for closing the share registration for the right to receive the dividend is Aug 8, with payment on Aug 22.
PTTEP shares closed yesterday on the SET at 168.50 baht, down 50 satang, in trade worth 249 million baht.