2012 PTTEP Operating Result, profit reaches 26%

Mr. Tevin Vongvanich (นายเทวินทร์ วงศ์วานิช), the President and CEO of PTT Exploration and Production Public Company Limited or PTTEP revealed 2012 Unaudited Financial Statements of PTTEP and its subsidiaries. The company posted a recurring net profit of USD 1,846 million (equivalent to 57,316 million baht), an increase of USD 378 million or 26% compared to its net profit of USD 1,468 million (equivalent to 44,748 million baht) in 2011. The return on shareholder’s equity was at 21.68%. In 2012, the total revenue of PTTEP and its subsidiaries was USD 7,021 million (equivalent to 218,137 million baht), an increase of USD 1,336 million or 24% compared to the revenue of USD 5,685 million (equivalent to 173,375 million baht) posted in the previous year. This increase was the result of the higher sales revenue thanks to the average sales price of USD 64.86 per barrel of oil equivalent (BOE), based on the increase of world oil price, when compared with USD 55.49 per BOE in 2011. Moreover, sales volume went up to 275,923 barrel of oil equivalent per day (BOED) compared with 265,047 BOED in 2011. Contributing to the increased sales were petroleum products from Bongkot South field, the Vietnam 16-1 Project, and S1 Project. The total expense in 2012 of PTTEP and its subsidiaries was USD 3,826 million (equivalent to 118,845 million baht), an increase of USD 754 million or 25% compared with USD 3,072 million (equivalent to 93,657 million baht) of the earlier year. PTTEP and its subsidiaries have total consolidated assets as of December 31, 2012 were USD 19,637 million (equivalent to 601,513 million baht), an increase of USD 5,506 million when compared with USD 14,131 million (equivalent to 447,842 million baht) in the past year. The total proved reserves (consolidated companies) as of December 31, 2012 of PTTEP and its subsidiaries in term of oil equivalent are 901 million barrels (MMBOE). Proved Reserves of crude and condensate are approximately 29% whereas natural gas are 71% of the total Proved Reserves in terms of oil equivalent. However, the reserves of hydrocarbon discoveries in Vietnam B & 48/95 project and Vietnam 52/97 project have been excluded from this amount since the Gas Sale Agreement (GSA) has not been inked. Refer to the Preferential Public Offering of PTTEP, the company sold total of 650,000,000 newly issued ordinary shares at the offering price of 142 baht per share on December 17, 2012. After deducting the expenses related to the offering (excluding VAT and other applicable taxes), the company received the proceeds of approximately 91,624 million baht. This amount will be used as part of repayment of bridge financing facility from financial institutions and general corporate purposes including funding the Company’s exploration, development, production and acquisition activities. For 2012, one of the key progresses was S1 Project’s ability to increase the production to the highest rate at 35,176 BPD. However, the average production rate of 2012 is approximately 28,000 BPD. The Bongkot project's production rates was approximately 596 MMSCFD while the production of Bongkot South since June 2012, was 320 MMSCFD. For the international projects, more than 63 percent of construction work of Zawtika Project has been completed. The natural gas production is expected to start up from this project in 2014. About PTTEP Australasia project, its FPSO has been mobilized to Montara field and performed the test run of the system for the production in the first quarter. Another success was from Algeria Hassi Bir Rekaiz Project. Last year, the project had successful discovery of crude oil from the six drilling wells. This Project is under process of drilling another 2 more wells as planned. The construction of Algeria 433A and 416B project is also on progress. The production is expected to start up in 2014. For Canada Oil Sands KKD project, the average bitumen production was approximately 15,700 BPD from the Leismer area. Additionally, Leismer expansion is ongoing to increase production volumes to 40,000 BPD along with Final Investment Decision preparation of Corner area. For Mozambique Rovuma Offshore Area 1 project, our last year new investment, the Heads of Agreement (HOA) has been reached with Eni, as the operator of Mozambique Offshore Area 4, establishing foundational principle for the coordinated development of the common natural gas reservoirs spanning both areas. The first LNG is expected in 2018 – 2019. Mr. Tevin added “PTTEP has better operating results thanks to the increase of petroleum production volumes from several projects such as Bongkot South, Sirikit oil field and Vietnam 16-1. The chance of petroleum discoveries is very high as we successfully discovered 34 out of 54 exploration and appraisal wells. Last year, the new petroleum discovery was especially from Algeria. Furthermore, we were also successful in expanding our business to east Africa which is one of the vast gas-riched areas. Moreover, the Preferential Public Offering; that the Company received total proceeds of Baht 92,300 million from the capital increase at the end of last year, reflects good response. The income and net profit of PTTEP still increase more than 24% although there was the slight delay of Montara field's development. The Board of directors therefore agreed to pay the dividend for the 2nd half of 2012 at 3 baht per share. The total dividend for the whole year of 2012 will then be 5.80 baht per share. Today, PTTEP has been invested in many high potential projects which can serve long term production. We also have strong financial structure with commitment to a continuous and solid growth in order to supply the sustainable energy to Thailand”-KP-

• ข่าวเทวินทร์ วงศ์วานิช
• ข่าวเทวินทร์ วงศ์
• ข่าวPTT Exploration and Production
• ข่าวPTTEP
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