PTT Exploration and Production Public Company (PTTEP) Q1 2025 earnings summary

Executive summary

• Q1 2025 net profit was $488 million (THB 16,561 million), down 9% quarter-over-quarter and 7% year-over-year, mainly due to lower sales volume and liquid prices, partially offset by higher gas prices and cost control.

• Achieved significant operational progress in Q1 2025, including increased gas supply and strategic acquisitions.

• Supported national energy security and contributed over THB 6,800 million to the Thai government.

• PTTEP maintains a strong focus on energy security, international growth, and decarbonization, with strategic investments in gas, CCS, and renewables.

Financial highlights

• Q1 2025 sales revenue was $2,185 million (THB 74,196 million), a 7% decrease from the previous quarter and 1% lower year-over-year.

• Sales volume was 484,218 BOED, up 2% year-over-year but down 3% quarter-over-quarter.

• Average selling price was $45.74/BOE, nearly flat sequentially and down 3% year-over-year due to lower global crude prices.

• EBITDA margin improved to 72% in Q1 2025 from 69% in Q4 2024.

• Net profit margin remained stable at 24%; return on equity was 14%.

Outlook and guidance

• FY2025 sales volume guidance is 505-510 KBOED, with Q2 2025 expected at 500-505 KBOED.

• Gas price guidance for FY2025 is ~$5.8/MMBTU; unit cost expected at ~$30/BOE.

• Amended gas sale agreement for Arthit Project increases supply to 330 MMSCFD starting June 2025.

• CCS project at Arthit field progressing toward Final Investment Decision, targeting 700,000–1,000,000 tonnes CO2e reduction annually.

• Credit ratings remain strong: S&P BBB+, Moody’s Baa1, Fitch BBB+, TRIS AAA, all with stable outlooks.