PTT Exploration and Production Public Company Limited (SET: PTTEP) has announced its 2024 consolidated financial statement through the Stock Exchange of Thailand as follows:
PTTEP reported a net profit of 2,227 million dollars in 2024, a 1% increase from 2023. This is despite non-operating losses from impairment of Mozambique Area 1 Project in 2023.
The company stated that profits from normal operation slightly declined from the previous year, although sales volume increased by 6% to 488,794 BOED, as G1/61 Project increased its production according to the plan, together with the increase in participating interest in Yadana Project following the partner’s withdrawal. However, the average selling price decreased by 3%, to 46.78 USD/BOE, coupled with a 7% increase in unit cost to 29.58 USD/BOE. This led to a decline in profits from normal operation.
In 2024, the average Dubai crude oil price stood at 79.6 USD/barrel, a decrease from 82.1 USD/barrel in 2023. This decline was mainly driven by concerns over the economic slowdown in China and persistently high interest rates in Western countries, including the U.S., the EU, and the UK, which have led to higher financing costs for businesses and eventually reduced oil demand.
Meanwhile, the average Asian Spot LNG price remained volatile throughout 2024, with an average price of 11.9 USD/MMBTU, down from 13.8 USD/MMBTU in 2023.
Additionally, the board of directors approved a dividend payment of THB5.125 per share to be paid on 22 April 2025. The ex-dividend date is 25 February 2025.
PTTEP’s performance outlook for the year 2025
Sales volumes, gas price and unit cost are the primary factors that impact PTTEP’s performance. The company has continuously monitored and adjusted the assumptions to reflect the current situation and to align with the evolving operational plans and industry dynamics. The summarized performance outlook for the first quarter of 2025 and the year 2025 is as follows:
