PTTEP Reports a Net Profit of ฿22.6Bn in 2020, Handing Out Dividend at Bt2.75

PTT Exploration and Production Public Company Limited (PTTEP) has announced its yearly consolidated financial statement through the Stock Exchange of Thailand as follows;

PTTEP reported a net profit of 22,664 million baht ($720 million), decreased 53.56% when compared to a net profit of 48,802 million baht a year before. The decrease was mainly driven by lower selling prices as a result of lower global crude oil prices.

However, PTTEP stated that the company was able to reduce unit cost and cash cost to 30.5 USD/barrel of oil equivalent (BOE) and 14.4 USD/BOE, respectively. As a result, PTTEP reported cash flow generated from operations of 2,799 MMUSD with EBITDA margin at 68%.

 

During 2020, PTTEP also recognized impairment loss on assets (before taxes) of 91 MMUSD mainly from the Mariana Oil Sand Project due to the forecast of low oil price in the long term indicating project development uncommercial and adjustments to the production profile of Yetagun Project.

In addition, PTTEP a dividend payment of ฿2.75/share from its retained earnings to be paid on April 26, 2021. The ex-dividend date is March 1, 2021.