PTTEP's 2Q Net Profit Rises

PTT Exploration and Production Public Company Limited (PTTEP) posted a 44.4 percent rise in net profit in the second quarter of this year compared to the previous year, with the increase due to greater contributions from the Bongkot and S1 projects in Thailand.

Net profit rose to $361 million in 2Q 2013 - up from $250 million a year ago - and comprised a recurring net profit of $535 million and a loss from non-recurring items of $174 million. Total revenue reached $1.851 billion, up $184 million or 11 percent from $1.667 billion.

"This increase of sales volume was the result of Bongkot project's increasing sales volume that has higher nomination against the second quarter of 2012, together with an addition of increased crude oil sales volume from S1 project,"  PTTEP CEO Tevin Vongvanich said in a company release.

The Thai company posted average sales volume of 292,721 barrels of oil equivalent per day in 2Q 2013 compared to 263,441 barrels of oil equivalent per day in 1Q 2012. The improved profit also resulted from higher average petroleum sales price, which stood at $65.16 per barrel of oil equivalent in 2Q 2013 compared to $64.17 per barrel of oil equivalent a year ago.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  How to Become a Safety Engineer (Sep 18)
 -  How to Become a Geologist (Sep 15)
 -  Oil, Gas Industry Leadership Group to ... (Sep 14)
 -  CB&I Wins China PDH Unit Contract (Sep 11)
 -  What Kind of Salary Potential Do Geote... (Sep 8)


Most Popular Articles

From the Career Center
Jobs that may interest you
Cost Accountant
Expertise: Accounting
Location: Houston, 
 
Fire Protection Project Manager
Expertise: Engineering Manager
Location: Corona, CA
 
Account Manager
Expertise: Business Development|Sales
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $55.14/BBL 0.61%
Light Crude Oil : $49.48/BBL 0.86%
Natural Gas : $3.12/MMBtu 0.95%
Updated in last 24 hours