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    PTTEP reports 46% rise in H1 profit

Summary

The company has revised higher its full-year sales volume guidance.

by: Shardul Sharma

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Complimentary, NGW News Alert, Natural Gas & LNG News, Asia/Oceania, Liquefied Natural Gas (LNG), Corporate, Exploration & Production, Financials, News By Country, Thailand

PTTEP reports 46% rise in H1 profit

Thai state-run PTTEP reported a net profit of $598mn in the first six months of the year (H1), up 46% year/year owing to increased sales volume and higher commodity prices, it said on July 29.

The company generated total revenue of $3.55bn in H1, up 28% yr/yr. PTTEP said its sales volume jumped 28% yr/yr. The growth was attributed to the acquisition in Oman Block 61, first gas production at Malaysia Block H project, and higher gas nomination from projects located in the Gulf of Thailand. The company has revised higher its full-year sales volume guidance to 412,000 boe/d from 405,000 boe/day. 

Meanwhile, the average selling price was $41.35/barrel of oil equivalent (boe), up from $40.15/boe in the same period last year. PTTEP said the higher realised price was due to an increase in the global crude oil price.

For the three months to June 30 (Q2), the company’s net profit came in at $222mn, up from $134mn in the same period last year, PTTEP said.