PTTEP Q1 revenue jumps 5%, but profit sees slight dip quarter on quarter
PTT Exploration and Production Plc (PTTEP) generated revenue of THB68.9 billion in the first quarter of this year, up from 66.2 billion, or 5 per cent, in the fourth quarter of last year, due mainly to higher oil prices, the company’s chief executive Montri Rawanchaikul disclosed on Thursday.
That translated into a net profit of THB10.5 billion in the first quarter, a slight decline from THB10.6 billion in the fourth quarter of last year, he said.
The CEO attributed PTTEP’s steady growth in its first-quarter operating results to rising petrol prices following spikes in global crude oil prices.
Meanwhile, PTTEP’s average sales volume in the first quarter improved to 427,368 barrels of oil equivalent per day, up from 420,965 in the previous quarter, due to the increased daily production and gas sales from its Arthit project.
However, the company recorded expenses from non-operating items in the first quarter, mainly a loss on oil price hedging of US$240 million (THB7.9 billion).
PTTEP takes part in managing greenhouse gas, solving global warming issues and supporting Thailand's commitment in reaching carbon neutrality, according to Montri. He said the company has set a target to achieve net zero greenhouse gas emissions in 2050 in order to create share value for stakeholders and sustainable growth.
Together with its partners, PTTEP is undertaking feasibility studies on generating green e-methanol, a clean energy source, and pursuing the development of technology in carbon capture and storage (CCS) to reduce carbon dioxide emissions, according to the CEO.
“PTTEP continues to execute our strategic direction with consideration to create the right balance of business, social and environmental aspects, for a low-carbon future and sustainable growth,” Montri said.
The company is collaborating with its Japanese partners Inpex Corporation and JGC Holdings Corporation to explore the potential development of a CCS project in Thailand. The collaboration involves identifying and evaluating facilities as well as procedures and technologies concerning CCS to accelerate the decarbonisation of Thai industries.
PTTEP recently signed a memorandum of understanding with five leading companies in the energy and logistics industries for collaboration on establishing a green e-methanol pilot plant to convert captured biogenic carbon dioxide into green e-methanol, a low-carbon fuel.
