PTT Exploration and Production Public Company (PTTEP) Q3 2025 earnings summary

Executive summary

• Achieved key acquisitions and project milestones, including Sinphuhorm, MTJDA A18, Algeria Touat, and full ownership of block G12/48, boosting sales volume and reserves.

• Advanced decarbonization with Thailand's first offshore CCS project (Arthit CCS), targeting significant GHG reduction.

• Maintained robust international growth, with new FIDs and production targets in Algeria, UAE, Malaysia, and Mozambique.

• Net profit for the nine-month period ended 30 September 2025 was US$1,288 million, down from US$1,688 million year-over-year.

• Major customer concentration remained high, with one customer accounting for 69% of sales.

Financial highlights

• Q3 2025 net profit was $393M, down 23% year-over-year, with 9M 2025 net profit at $1,288M, down from $1,688M year-over-year.

• Sales volume reached 510,497 BOED in Q3 2025, up 7% year-over-year; average selling price declined 8% to $43.17/BOE.

• EBITDA margin stood at 69% in Q3 2025; net profit margin at 20% for Q3 and 31.9% for 9M 2025.

• Total assets as of 30 September 2025 were US$29,033 million, up from US$27,309 million at the end of the prior year.

• Cash and cash equivalents stood at US$2,566 million, down from US$3,938 million at year-end 2024.

Outlook and guidance

• FY2025 sales volume guidance is 510–515 KBOED, with gas price around $5.8/MMBTU and unit cost near $30/BOE.

• EBITDA margin expected at 70–75% for FY2025.

• Oil price consensus for FY2025: Dubai $65–75/BBL; LNG $11–14/MMBTU.

• The group is finalizing purchase price allocations for recent acquisitions, with completion expected within 12 months.