PTT Records Profit in 1Q at ฿29bn. from Net Stock Gain of Petchem and Refining Business

PTT Public Company Limited (PTT) has reported its 1Q19 consolidated financial statement through the Stock Exchange of Thailand as follows:

In the first quarter of 2019, PTT reported net income of THB 29,312 million, increased 50.0% or by THB 9,774 million from the fourth quarter of 2018 of THB 19,538 million. This resulted mainly in net stock gain of the Petrochemical and Refining businesses in 1Q19, following the rise in crude oil price. (Crude oil prices at the end of 4Q18and 1Q19 were recorded at US$ 52.9 and 67.2 per barrel, respectively).

However, when compared to the same quarter in 2018 with the net income of THB 29,312 million, PTT’s profit dropped 26.3% or THB 10,476 million from the first quarter of 2018 (1Q2018) of THB 39,788 million. This resulted in the soften performance of Petrochemical and Refining businesses from the lower petroleum crack spread in almost all products except fuel oil spread as well as lower olefins spreads.

In 1Q2019, sales revenue of PTTEP was THB 42,860 million, decreasing by THB 4,403 million or 9.3% from 4Q2018 mainly from the decrease in average selling prices by 3.3% from US$ 47.8 per barrel of oil equivalent (BOE) in 4Q2018 to US$ 46.2 per BOE in 1Q2019 and 0.5% slightly decrease in average sales volume from 320,905 barrel of oil equivalent per day (BOED) in 4Q2018 to 319,230 BOED in 1Q2019 primarily from the Bongkot project’s maintenance shutdown and the Bongkot’s temporary shutdown from Tropical Storm ‘PABUK’ incident in 1Q2019.

When compared in YoY, PTTEP reported its sales revenue of THB 42,860 million, increasing by THB 5,517 million or 14.8% from 1Q2018. This resulted mainly from 8.9% increase in average sales volume from 293,099 BOED in 1Q2018 to 319,230 BOED in 1Q2019 according to an additional participating interests of 22.22% in the Bongkot field since June 2018 and 5.0% increase in average selling prices from US$ 44.0 per BOE in 1Q2018 to US$ 46.2 per BOE in 1Q2019.