PTTEP (PTTEP) announced its 3rd quarter 2023 budget, profit decreased 25.1% to 18,101 million baht from decreased sales and selling prices. Including losses from oil price hedging. It is expected that from the 4th quarter to the beginning of next year, oil prices will remain at a high level of 80-90 US dollars/barrel. Ready to reveal the government’s energy price reduction policy. Does not affect operations
PTTEP Q2 shows profit of 21,040 million baht, growth of 2%, half-year dividend of 4.25 baht/share.
PTTEP subsidiary wins the bid Petroleum exploration in Malaysia
PTT Exploration and Production Public Company Limited or PTTEP, security name PTTEP, announced operating results for the third quarter of 2023. The company and its subsidiaries had total income of 80,609 million baht, a decrease of 15.4%. Compared to the same period last year and net profit of 18,101 million baht, a decrease of 25.1% compared to the same period last year.
The main factor comes from sales volume. and the average selling price decreased In addition, there was a loss from an oil price hedging contract of USD 20 million. Including increased tax expenses.
Meanwhile, in this quarter, PTTEP had an average sales volume of 467,452 barrels of oil equivalent per day, a decrease of 2% from the same period last year. Cause of the Bongkot project ending its concession. and the Oman Block 61 project had a decreased proportion of natural gas sales. Including the average selling price decreased by 9%.
For 9 months of 2023, PTTEP had total income of 229,345 million baht and a net profit of 58,422 million baht.
As of 30 September 2023, the Company and its subsidiaries had total assets of 903,701 million baht and liabilities of 388,562 million baht, with cash remaining of 110,997 million baht.
PTTEP forecasts that in 4Q23 and 1Q24 oil prices will remain high. But it will tend to weaken following more balanced supply and demand factors. As a result, the price of Dubai crude oil moves in the price range of 80-90 US dollars per barrel. which still needs to be followed up on various situations
while the price of liquefied natural gas It is expected that the LNG situation in the world market is still in a state of oversupply. The average Asian Spot LNG price in 2023 is expected to be around 13-14 million US dollars. per million BTU
As for the Cabinet’s policy to reduce the burden of energy costs on the people through energy price management of electricity, cooking gas, and fuel, PTTEP expects that such policy is unlikely to have a negative impact on the operations of the government. Company
share PTTEP The market closed on 27 Oct. 2023 at a price of 169 baht per share, an increase of approximately 6% over the past 2 months. PTTEP shares closed on 27 Oct. 2023 at a price of 169 baht per share, adjusted. It’s up about 6% over the past two months.
Read the full details: Management’s discussion and analysis, 3rd quarter ending 30 Sep. 2023
2023-10-29 09:13:00
#PTTEP #3Q23 #profit #decreased #million #baht #expecting #high #crude #oil #prices
