PTT Exploration and Production Public Company Limited (SET: PTTEP) has announced its Q1/2025 consolidated financial statement through the Stock Exchange of Thailand as follows:
PTTEP reported a net profit of 488 MMUSD in Q1/2025, a decrease of 36 MMUSD or 7% from a net profit in Q1/2024. This was primarily from lower average selling prices, together with higher depreciation, depreciation and amortization, as well as higher operating expenses.
In Q1/2025, the average sales volume of PTTEP was at 484,218 barrels of oil equivalent per day (BOED), an increase by 2%, primarily due to G1/61 Project ramped up the natural gas production in March 2024 and higher crude oil sales from Malaysia Block K Project, while the average selling price decreased by 3%, primarily due to a decrease of market crude oil prices.
Meanwhile, the loss from non-operating items in Q1/2025 decreased by 17 MMUSD compared to Q1/2024, primarily due to gains on oil price hedging instruments due to a downward trend of forward oil price in Q1/2025, while in Q1/2024, forward oil prices were on an upward trend, resulting in losses from such hedging instruments.
During the quarter, the average Dubai crude oil price was 76.94 USD/barrel, increased from the previous quarter’s average of 73.62 USD/barrel due to higher crude oil demand from colder weather in Europe and North America, coupled with lower crude oil supply from the escalating geopolitical conflict situation caused by U.S. sanctions on Iran and Venezuela, Israel’s military operations against Hamas, and airstrikes in Ukraine and Russia. PTTEP forecasts that average Dubai crude oil price in 2025 will fluctuate between 65- 75 USD/barrel due to the forecast of moderate growth in crude oil demand.
PTTEP’s Performance Outlook for 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 second quarter of 2025 and the year 2025 is as follows:
