PTTEP’s 2019 Profit Hits ฿48.8bn from Higher Sales Volume, Offering a Dividend at ฿3.75!

PTT Exploration and Production Public Company Limited (PTTEP) has reported its yearly consolidated financial statement of 2019 through the Stock Exchange of Thailand as follows;

For 2019, PTTEP reported net income of $1,569 million (approx. 48,802 million baht), increased from a net income of $1,120 million in the previous year or 40%. This is mainly driven by higher sales volume as a result of the additional stake in Bongkot and business acquisitions of both Murphy’s business in Malaysia and Partex Holding.

In addition, PTTEP’s financial structure remains robust and equipped to accommodate new investment opportunities as reflected from the positive cash flows generated from operations of 3,540 MMUSD and the healthy EBITDA margin of 71%.

For 2019, average sales volume of PTTEP increased to 350,651 barrels of oil equivalent per day (BOED) when compared with the year ended 2018 (In 2018: 305,522 BOED). The increase was primarily from Bongkot Project due to the additional acquisition of participating interest, the acquisition of Murphy’s business in Malaysia and acquisition of Patex Holding B.V. (Partex). The average selling price increased to 47.24 USD/BOE (in 2018: 46.66 USD/BOE).

In addition, PTTEP’s Board of Directors has approved to issue a dividend payment in cash at a rate of ฿3.75/share. The ex-dividend date will be on February 13, 2020, and the payment date will be on April 10, 2020.