Bangkok--Nov 1--PTTEP
PTT Exploration and Production Public Company Limited (PTTEP) and its subsidiaries announced the financial results for the quarter ended September 30, 2004.
PTTEP and its subsidiaries had a net profit of 4,111 million baht in the third quarter of 2004. This was an increase of 220 million baht from 3,891 million baht in the same quarter of last year.
The total revenues went up to 12,757 million baht from 9,923 million baht in the same quarter of last year, an increase of 29% or 2,834 million baht.
Attributing to the higher income was the sales volume which went up to 135,456 barrels of oil equivalent per day (BOED) compared with 112,016 BOED from the same quarter of last year. Another factor was the product price which was US$ 23.83 a barrel compared with US$ 20.55 in the same quarter of 2003.
Crude from S1 project, natural gas and condensate from Bongkot, Yetagun and Pailin projects helped push the sales volume and value in this quarter. PTTEP bought the remaining shares in S1 project from Thai Shell and became its operator at the beginning of this year.
The expenses of PTTEP and its subsidiaries rose by 1,560 million baht to 5,152 million baht from the 3,592 million baht incurred in same quarter of last year. Depreciation and amortization of S1 and Bongkot projects, increased in royalties due to the higher sales volume, contributed to the higher expenditure.
For the Nine-Month Period
For the nine-month period of 2004, the total revenues of PTTEP and its subsidiaries was 34,797 million baht. The net profit was 10,766 million baht and earning per share was at 16.50 baht.
Financial Position
As of September 30, 2004, PTTEP and its subsidiaries had total assets amounting to 105,124 million baht, an increase of 12,548 million baht from the end of last year. The total liabilities stood at 52,870 million baht, an increase of 5,968 million baht from the end of 2003, having taken in additional liabilities from Thai Shell when PTTEP bought the S1 shares.
For more information, please contact
Sidhichai Jayant/Tongchit Wattanametee
External Relations Department
Tel. +66 (02) 537 4000 End.