Bangkok--22 Feb--PTTEP
Mr. Anon Sirisaengtaksin, President and CEO of PTT Exploration and Production Plc (PTTEP), reaffirmed that the change of Moody’s Investors Services on the Company’s credit rating and its long-term bond from A3 to Baa1 will not affect the investors’ confidence as well as its cost of funds as it is the same level with current Thailand’s sovereign credit ratings. The Baa1 is also 3 notches higher than the lowest level of the investment grade at Baa3.
The Company commented that this change may be derived from the PTTEP’s extensive plan in capital funding for the new investment projects of which PTTEP has carefully considered its return on investment and its risk. On the other hand, these new investment projects will contribute to the Company’s long term growth and will yield the future net profit in the future.
In 2010, PTTEP recorded a net income of Baht 41,739 million, or 13% increase from the previous year. It is a result of its sales volume of 264,575 Barrels of Oil Equivalent per Day (BOE/D). This year, the Company expects that its sales volume will be up to 275,000 BOE/D from its significant projects namely the Vietnam 16-1, the Montara and the Oil Sand KKD as well as the rising world oil price. Moreover, the Company has showed its strong financial status as of the end of 2010, with the net debt per equity ratio at 0.11.
Last week, Standard and Poor’s Rating Group already reaffirmed PTTEP’s credit rating and long-term bonds at “BBB+” which is also the same level with Thailand sovereign credit rating.
For more information, please contact External Relations Department
Bussaban Cheencharoen Tel. +66 (0) 2537 4587 E-mail:
[email protected]
Tongchit Pongorapin Tel. +66 (0) 2537 4587 E-mail:
[email protected]
Fax +66 (02) 537 4444