Thai PTT Expects Lower Consolidated Revenue This Year

Reuters

BANGKOK, Oct 1 (Reuters) - PTT Pcl, Thailand's top energy firm, said on Thursday it expected consolidated revenue this year to be lower than last year's 2.83 trillion baht ($77.88 billion) due to falling oil prices and accounting standard adjustments.

The company expects oil prices to average about $50 per barrel, compared with $80-$90 last year, its newly appointed Chief Executive Tevin Vongvanich told reporters.

State-controlled PTT is still looking for acquisition deals in exploration and production, he said.

The company has cut 2015 investment to 55.66 billion baht to reflect the impact from weak oil prices, but maintained its five-year investment budget of 299 billion baht. ($1 = 36.34 baht)

(Reporting by Khettiya Jittapong; Writing by Orathai Sriring; Editing by Gopakumar Warrier)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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



Most Popular Articles

From the Career Center
Jobs that may interest you
Business Development Director - Midstream Services
Expertise: Business Development|Operations Management
Location: Houston, TX
 
US Houston: Hyperion Financial Management Admin.
Expertise: Accounting|Financial Analyst
Location: Houston, TX
 
US Duncan, OK: Entry Level Accountant - Sr. Accountant
Expertise: Accounting|Financial Analyst
Location: Duncan, OK
 
search for more jobs

Brent Crude Oil : $55.45/BBL 0.99%
Light Crude Oil : $52.37/BBL 1.20%
Natural Gas : $3.42/MMBtu 0.88%
Updated in last 24 hours