PTTEP’s 2018 Profit Skyrockets 76% from Sales, Hands Out ฿3.25 Dividend

PTT Exploration and Production Public Company Limited (PTTEP) has reported its 2018 yearly financial statement through the Stock Exchange of Thailand as follows:

For 2018, PTTEP’s total revenues were 176,687 million baht, an increase of 21% when compared with 153,198 million baht in 2017. Total expenses were 116,973 million baht, a decrease of 4% when compared with 126,949 million baht of previous year.

PTTEP recorded a net profit of 36,206 million baht, increased 75.93% compared to 20,579 million baht in 2017. The increase was primarily due to an increase in sales revenue of 29,835 million baht, mainly from an increase in the average selling price, while income tax expense increased 7,345 million baht, mainly from an increase in petroleum profit due to an increase in sales revenues.

There was an increase in depreciation, depletion and amortization expenses of 6,407 million baht, mainly due to the acquisition of additional participating interests of the Bongkot Project as well as an increase in the number of development wells and wellhead platforms in the Contract 4 Project and the S1 Project. In addition, the petroleum royalties and remuneration expenses increased by 3,300 million baht.

The company’s total consolidated assets, as of 31 December 2018 were 635,087 million baht, total liabilities were 245,024 million baht, and total shareholders’ equities were 390,063 million baht. In addition, PTTEP’s total proved reserves as of 31 December 2018 was at 677 million barrels of oil equivalent (MMBOE).

 

Moreover, the Board of Directors had passed a resolution that the dividend payment of ฿3.25/share will be paid on April 11, 2019. Ex-dividend date is February 12, 2019.