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.

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