PTTEP sees its Q2 net profit fall 50 pct
Thailand’s PTT Exploration and Production Plc (PTTEP) on Wednesday reported a net profit of nearly 6.5 billion baht in the second quarter of this year, dropping about 50 percent from that of the same period last year.
PTTEP, Thailand’s sole oil and gas exploration and production operator which is a subsidiary of PTT Plc, said the quarterly net profit however rose about 13 percent from about 5.75 billion baht in January-March period of this year.
According to a report to the Stock Exchange of Thailand (SET), PTTEP said its total revenues during the second quarter were almost 28.72 billion baht, a decrease of 10.03 billion baht or about 26 percent from 38.75 billion baht in the second quarter 2008, mainly due to lower selling fuel prices, while its total expenses were 15.71 billion baht, a decrease of 502 million baht or about 3 percent when compared with nearly 16.22 billion baht in the same quarter last year.
For the first six months of this year, the company said, the total revenues were almost 55.24 billion baht while the total expenses were about 30.97 billion baht.
The report said
During the first half of this year, PTTEP has successfully discovered 12 petroleum wells out of 15 explorations, especially in the second quarter when the company succeeded in discovering seven out of the total nine exploration wells which include Pailin project whose all five wells drilled are successful.
Moreover, PTTEP has also installed major facilities for the production within the Malaysian-Thai Joint Development Area gas field (MTJDA), planned for the fourth quarter of this year.
PTTEP’s sales volume during the first half of this year was about 225,119 barrels of oil equivalent per day (BOED), compared with the average sales volume of 207,533 BOED during the same period last year, while the sales volume in the first quarter was about 232,957 BOED.
However, the sales volume in the first half of this year was still lower than the annual target of 240,240 BOED but PTTEP expects to increase its sales volume to the set target in the second half.
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