PTTEP Reports a 72% Increase in 3Q Profit as Performance Recovers from Oil Slump
PTTEP Reports a 72% Increase in 3Q Profit as Performance Recovers from Oil Slump.
PTTEP Reports a 72% Increase in 3Q Profit as Performance Recovers from Oil Slump.
29 ต.ค. 2563

PTT Exploration and Production Public Company Limited (PTTEP) has reported its 3Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

In 3Q20, PTTEP recorded a net profit of USD 230 million (equivalent to 7,202 million baht) or earnings per share of USD 0.06 (equivalent to 1.79 baht), decreased from a net profit of USD 358 million (equivalent to 11,019 million baht) or earnings per share of USD 0.09 (equivalent to 2.66 baht) in the third quarter of 2019.
Nevertheless, the net profit in 3Q20 rose 72% when compared to a net profit of USD 134 million (4,322 million baht) in 2Q20.
 
For the third quarter of 2020, PTTEP’s total revenues were USD 1,305 million (equivalent to 40,887 million baht), a decrease of USD 288 million when compared with USD 1,593 million (equivalent to 48,940 million baht) in the third quarter of 2019.
Total expenses were USD 940 million (equivalent to 29,452 million baht), a decrease of USD 102 million when compared with USD 1,042 million (equivalent to 31,986 million baht) in the third quarter of 2019.
PTTEP’s performance in 3Q20 reflected by the recovery in global crude oil prices. The average selling price increased by 11% from 34.97 USD/barrel of oil equivalent (BOE) in 2Q20 to 38.77 USD/barrel of oil equivalent (BOE). Sales volume increased by 5% compared to the previous quarter to 344,314 barrel of oil equivalent per day (BOED) mainly due to buyer’s higher nomination for projects in the Gulf of Thailand.
 
Dubai crude oil prices in 3Q20 averaged at 42.9 USD per barrel, increased from 2Q20 average price at 30.7 USD per barrel. This is driven by the OPEC+ that extended the production cut of 9.7 million barrels per day (BPD) until July and a production cut by 7.7 million BPD in August until the end of 2020, and demanding laggard members (i.e. Iraq and Nigeria) to continue compensating their cuts by 2.31 million BPD in August and September.
 
Global crude demand has recovered from its lowest level in April 2020. This was mainly from the improvement of global road traffic that has increased to 95% of pre-COVID level. However, crude oil prices in this quarter have moved in the level of 40 USD per barrel, reflecting the bearish factors from the lowering of crude prices by Saudi Arabia and the United Arab Emirates, and the resumption of crude oil production announcement by Libya in late-September that will increase the amount of supply in the market and needed to be monitored closely.