PTT reveals “The Great Rebalance” strategy with 5 key moves to boost profits and sustainability
PTT unveils 5 key strategies under “The Great Rebalance” to tackle global economic fluctuations, boost profitability, and move towards Net Zero by 2050
At the Posttoday Thailand Economic Drives 2026 seminar, held on February 24 at the Anantara Siam Bangkok Hotel, Pattaralada Sa-Ngasang, Chief Financial Officer of PTT Public Company Limited, outlined the company’s strategic direction to navigate global economic volatility under the theme “The Great Rebalance: Finance and Investment Amid Global Economic Fluctuations.”
Adapting to global volatility
Pattaralada explained that over the past two to three years, PTT has adjusted its corporate vision to better manage the fast-changing global context, which includes geopolitical factors, economic shifts, and energy price fluctuations. She stressed that the company’s growth must go hand in hand with Thailand’s society and that the supply chain and customers cannot be overlooked.
“To protect performance and create growth, we must be strong alongside Thai society. We must move forward together, while never losing sight of the global context,” Pattaralada said.
As the national energy company, PTT wears two hats: as a listed company responsible for shareholder returns and as a state-owned enterprise ensuring national energy security, covering everything from upstream (E&P and gas) to midstream and downstream petrochemicals. The company has focused on three main pillars: energy security to avoid power disruptions, keeping energy prices competitive, and preparing for future energy needs within the ESG and climate change framework.
Pattaralada pointed out that the volatility in crude oil prices has increased significantly since PTT’s founding in 1978, with prices now swinging as much as $20 per barrel within a single year. Meanwhile, Thailand’s GDP growth has been limited since COVID-19.
Despite these pressures, PTT reported consolidated earnings of 90 billion baht, with a payout ratio of around 70%, reflecting its strong cash flow and financial discipline.
5 key strategies to “rebalance” PTT
To face the challenges of 2026, PTT has set five key strategies:
- De-risk investment portfolio
PTT will review underperforming businesses and withdraw or halt investment in long-term subsidy-dependent ventures. The company will expand businesses where it has expertise, such as upstream, LNG, and E&P, through M&A and further business development.
- Restructure downstream operations
Despite Thailand having sophisticated refining and petrochemical facilities, PTT lacks the scale of competitors in China, India, or the Middle East. The company will restructure its portfolio, scale down some operations, and seek strategic partnerships.
- Mission X to increase EBITDA
PTT’s internal improvement programme, “Mission X,” focuses on enhancing efficiency and cost reductions, generating an EBITDA uplift of 7.8 billion baht in the past year. The programme aims to drive profitability through better operational performance and new revenue opportunities.
- Digital & AI Transformation
The company is leveraging data and AI to streamline routine operations, allowing personnel to focus on strategic initiatives. PTT will also develop technology skills to enhance collaboration with international tech companies through joint ventures.
- Synergy & Asset Monetization
PTT will review its assets, including pipelines, tanks, and ports, which were previously supporting functions. By consolidating these assets into flagship projects, the company aims to create scale and attract over 15 global private equity investors for collaboration.
Managing debt and moving towards Net Zero
Pattaralada stated that financial discipline remains crucial. PTT’s debt-to-EBITDA ratio is currently below 2x, indicating a strong financial position to support investments over the next three years, particularly in expanding LNG trading volume.
Looking longer-term, PTT has set a target to achieve Net Zero by 2050, studying the feasibility of CCUS (Carbon Capture, Utilization, and Storage) technologies and hydrogen production, as well as utilizing existing production sites as carbon storage areas. This goal reflects PTT’s desire to grow alongside Thai society while contributing to the country’s broader sustainability objectives.
“ESG and climate change are undeniable realities. Businesses must invest in these areas, but the timing must align with when technology is ready,” Pattaralada added.
