PTT Exploration and Production Public Company (PTTEP) Q1 2026 earnings summary

Executive summary

• Achieved record-high Q1 2026 sales volume of 553 KBOED, up 3% QoQ and 14% YoY, driven by maximizing domestic production and recent acquisitions.

• Net profit for Q1 2026 was $376 million, down 31% QoQ and 23% YoY, impacted by oil price hedging losses, higher expenses, and increased depreciation.

• Revenue for Q1 2026 reached $2,491 million, up 7% QoQ and 14% YoY, with Thailand and Southeast Asia as primary contributors.

• Basic earnings per share for Q1 2026 was $0.09, down from $0.12 in Q1 2025.

• Strategic focus on energy security, international growth, and decarbonization, with continued investment in CCS and renewable projects.

Financial highlights

• Total Q1 2026 revenues reached $2,491 million, with Thailand contributing the largest share.

• Average selling price increased to $46.02/BOE (+8% QoQ), with gas at $5.81/MMBTU and liquids at $77.47/BOE.

• Unit cost improved to $27.97/BOE, down 13% QoQ and 9% YoY, reflecting effective cost management.

• Non-operating items included a $267 million oil price hedging loss.

• Cash and cash equivalents stood at $2,460 million as of March 31, 2026.

Outlook and guidance

• FY2026 sales volume guidance: 553–560 KBOED; gas price ~$6.0/MMBTU; unit cost ~$30/BOE.

• EBITDA margin expected to remain strong at ~70%.

• Credit ratings remain investment grade: S&P BBB, Moody’s Baa2, Fitch BBB, TRIS AAA.

• The company continues to focus on exploration and production, with significant capital commitments of $3,570 million as of March 31, 2026.

• One major customer accounted for 68% of total sales revenue in Q1 2026.