Thailand’s PTT Exploration and Production (PTTEP) has posted a 26% rise in annual profits to $1.84 billion on the back of increased oil and gas prices.
The Bangkok-headquartered explorer saw revenues rise 24% to
$7.02 billion in 2012 with sale prices up 17% to $64.86 per barrel of oil
Gas prices rose most to $7.59 per million British thermal units
from $6 per million btu a year earlier with oil prices up to $103.27 from
$102.23 per barrel.
Over the same period sales volumes were up 4% to around
275,000 boe per day.
In the fourth quarter, net profits declined 12% year-on-year
to $449 million largely due to a $45 million charge as sales volumes rose 17%
to around 294,000 boe per day.
Sales volumes hit a company record of around 294,000 boe in
the last three months of 2012, a 17% rise year-on-year.
PTTEP put the hike down to a full quarter’s
contribution of the start up of Bongkot South gas project in the Gulf of
Thailand, as well as production ramp-ups at the S1 Thai onshore oilfield and Vietnam
16-1 offshore oilfield.
You can download the company’s full results statement here
[opens in .pdf format]