PTT Exploration and Production Public Company (PTTEP) Q2 2025 earnings summary

Executive summary

• Q2 2025 net profit was $408M, down 16% sequentially and 38% year-over-year, mainly due to lower liquid prices and higher costs.

• Sales volume increased 4% quarter-over-quarter to 504,772 BOED, driven by higher output from key Thai and African assets.

• Major project milestones included the acquisition of 50% in Block A-18 (MTJDA), increased stake in Sinphuhorm, and new awards in Algeria.

• Total assets reached 28,624,066 thousand Baht as of 30 June 2025, with equity of 16,076,032 thousand Baht and total liabilities of 12,548,034 thousand Baht.

• For the six months ended 30 June 2025, net profit attributable to owners was 895,402 thousand Baht, with basic EPS of 0.23 Baht.

Financial highlights

• Total Q2 2025 revenue was $2,254M, up 3% sequentially but down 7% year-over-year.

• EBITDA margin remained strong at 72% in Q2 2025.

• Net profit margin declined to 21% from 24% in Q1 2025.

• Cash flow from operations before tax was $1,046M; free cash flow was $403M for the period.

• Q2 2025 total revenues were 2,254,132 thousand Baht, with operating expenses of 378,708 thousand Baht and depreciation of 754,864 thousand Baht.

Outlook and guidance

• Q3 2025 sales volume guidance is 505–510 KBOED; FY2025 guidance is similar.

• Gas price expected at ~$5.8/MMBTU and unit cost at ~$30/BOE for Q3 and FY2025.

• EBITDA margin forecasted at 70–75% for Q3 and FY2025.

• Credit ratings remain strong: S&P BBB+ (Stable), Moody’s Baa1 (Negative), Fitch BBB+ (Stable), TRIS AAA (Stable).