PTTEP posts 26% profit rise on higher prices

Profit rise: PTTEP sees income boost from from higher gas prices

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 equivalent (boe).

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]

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