Thai PTTEP Aims to Boost Cash Flow to $4B at End 2014

Reuters

BANGKOK, Nov 12 (Reuters) - PTT Exploration and Production PCL (PTTEP), Thailand's top oil and gas explorer, said on Wednesday it aimed to boost cash flow to $4 billion at the end of 2014 from $3.68 billion in 2013.

PTTEP, the flagship in the upstream business of top energy firm PTT PCL, is looking for opportunities to buy oil and gas assets at home and in Southeast Asia, Chief Financial Officer Penchan Charikasem told investors after the company posted its quarterly results.

At the end of third quarter, the company had a cash flow of $3.2 billion, Penchan said, adding the decline in global oil prices opened opportunities for mergers and acquisitions.

To help minimise the impact from the volatility of global oil prices, the company has hedged about 70 percent of its sales at a price of $98-99 a barrel, she said.

(Reporting by Khettiya Jittapong; Editing by Miral Fahmy)

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