PTTEP 3Q19 Profit Edges Higher by 6% from an Increase of Sales Volume of Murphy/Bongkot
PTTEP 3Q19 Profit Edges Higher by 6% from an Increase of Sales Volume of Murphy and Bongkot.
PTTEP 3Q19 Profit Edges Higher by 6% from an Increase of Sales Volume of Murphy and Bongkot.
30 ต.ค. 2562

PTT Exploration and Production Public Company Limited (PTTEP) has reported its 3Q19 consolidated financial statement through the Stock Exchange of Thailand as follows:

PTTEP reported a net profit in the third quarter of 2019 at 11,018 million baht, increased 5.94% from a net profit of 10,401 million baht in the third quarter of 2018.
The company had the profit from normal operation in Q3/2019 at 303 MMUSD (approx. 9,325 million baht), increased from a profit of 292 MMUSD (approx. 8,984 million baht) in Q3/2018. The reason was primarily due to an increase in sales revenue of 156 MMUSD from an increase in average sales volume.
However, PTTEP recognised an increase in exploration expenses of 40 MMUSD due to the written-off of three exploration wells, an increase in income tax expenses of 29 MMUSD due to the increase of sales revenue, and an increase in administrative expenses of 25 MMUSD, mainly due to an increase in employee related expenses.
With the consideration of the profit from non-recurring items of Q3/2019, PTTEP reported a profit of 55 MMUSD (approx. 1,692 million baht), an increase of 32 MMUSD (approx. 984 million baht) when compared with Q3/2018. The reason was primarily due to the recognition of gain on financial derivatives of 22 MMUSD in Q3/2019, while PTTEP recognized loss from such transaction of 7 MMUSD in Q3/2018, mainly due to an oil price hedging.
Additionally, in Q3/2019, PTTEP did not recognize loss on assets divestment (Montara Field) of 37 MMUSD and recognized gain on foreign currency exchange rate of 20 MMUSD, while PTTEP recognized loss on foreign currency exchange rate of 6 MMUSD in Q3/2018. However, there was an increase in income tax expenses relating to changes in foreign exchange rate of 60 MMUSD in Q3/2018 due to a lower of an appreciation of Thai Baht against US Dollar in Q3/2019 when compared to Q3/2018 (Q3/2019: appreciation of 0.15 Baht per USD; Q3/2018 appreciation of 0.76 Baht per USD).
When compared the average sales volume for Q3/2019 to Q3/2018 of 304,940 BOED, the average sales volume increased primarily from Malaysia Project due to the acquisition of Murphy Oil Corporation (Murphy) and Bongkot Project. The average selling price decreased to 46.03 USD/BOE (Q3/2018: 47.67 USD/BOE).