PTT Exploration and Production Plc (PTTEP), a SET-listed subsidiary of national oil and gas conglomerate PTT Plc, has posted a 2015 net loss of 31.6 billion baht due largely to collapsing global oil prices.
This compares with a net profit of 21.5 billion baht in 2014.
President and chief executive Somporn Vongvuthipornchai said PTTEP and its subsidiaries had total revenue of 193 billion baht, down 24% from 254 billion in 2014.
Average sales volume in 2015 rose by 3% to 322,000 barrels of oil equivalent per day, up from 313,000 in 2014.
Mr Somporn attributed the fall in revenue to global oil prices that fell to US$45.3 a barrel, down from $63.7 in 2014.
Most of the increase in sales in 2015 came from the Zawtika gas resource in Myanmar, which had run at full capacity since August 2014 and started commercial production in March 2015, he said.
PTTEP's expenses in 2015 were 208 billion baht, down 1% from the previous year.
That was due largely to a cut in capital expenditure for the third consecutive year in order to make spending align with the global trend of falling oil prices.
According to PTTEP's five-year investment plan (2016-20), the total expenditure of the company and its subsidiaries in 2016 was set at $3.44 billion, with operating expenses accounting for $1.35 billion.
Capital expenditure was revised down for the third time to $2.09 billion from $2.5 billion and $3 billion, respectively, to match declining oil prices.
The company will maintain projects in Thailand to represent 55% of estimated capital expenditure in 2016.
PTTEP and its subsidiaries' consolidated assets as of the end of 2015 were 709 billion baht, with liabilities staying at 300 billion.
Its total proved reserves were 738 million barrels of oil equivalent, Mr Somporn said.
PTTEP shares closed yesterday on the Stock Exchange of Thailand at 56.75 baht, up five baht, in heavy trade worth 3.07 billion baht.