PTTEP Q3 profit more than double

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BANGKOK, Oct 25 – Thailand’s PTT Exploration and Production (PTTEP) recorded profits during the third quarter of the year which were more than double the same period last year.

Mr Tevin Vongvanich, PTTEP President and Chief Executive Officer, said in the company’s filing with the Stock Exchange of Thailand (SET) on Thursday that PTTEP posted a net profit of $558 million (equivalent to 17 billion baht) for the third quarter of the year, an increase of $308 million or 123 per cent compared to its net profit of $250 million (equivalent to 7 billion baht) posted in the previous quarter this year.

The third quarter operating result of PTTEP and its subsidiaries includes recurring net profit of $506 million and non-recurring net profit of $52 million.

In this quarter, the total revenue of PTTEP and its subsidiaries was $1.8 billion (equivalent to 57 billion baht), an increase of $153 million or 9 per cent compared to the revenue of $1.6 billion (equivalent to 52 billion baht) posted in the 2nd quarter of this year.

The increase was attributed to a higher average of sales volume of 3rd quarter to 292,228 barrel of oil equivalent per day (BOED) compared with 263,441 BOED in the previous quarter.

The increase of sales volume was the result of Greater Bongkot South’s production start up as required by the Gas Sales Agreement in June 2012. Sales volume of natural gas and condensate of Greater Bongkot North also increased resulting from no production shutdown in the third quarter of 2012. Moreover, Crude oil sales volume increased from Vietnam 16-1 project.

For the first nine months of this year, PTTEP and its subsidiaries’ totaled a net profit of 1.3 billion (equivalent to 43.5 billion baht), an increase of $418 million or 43 per cent compared with the same period of 2011’s net profit of $979 million or equivalent to 29.5 billion baht. The increase was the result of higher average petroleum sales price for the nine months of 2012, which rose to $64.30 per barrel of oil equivalent (BOE) brought about by higher world market prices against that of the nine months of 2011 when the price was $53.68 per BOE.

For the first nine months of this year, the sales volume of petroleum is 269,776 barrels of oil equivalent per day (BOED) against the same period last year which rested at 269,831 BOED.

As of September 30, PTTEP and subsidiaries had total assets of $17.2 billion, (532 billion baht) an increase of $3 billion higher than the total in hand at the end of last year at which point total assets were $14,131 million (447 million baht).

The company’s CEO said the development of Montara field in Australia has commenced after The project won operating safety approval. Production is expected to begin in the first quarter of 2013.