Gas volume, prices push PTTEP second quarter profits to $69.95 million
By an OGJ Online Correspondent
BANGKOK, Aug. 16 -- Increased natural gas output and higher prices boosted second-quarter net profit of PTT Exploration & Production PCL (PTTEP) by 155.93% to 3.1 billion baht ($69.95 million).
PTTEP is an arm of the Petroleum Authority of Thailand.
With earnings of 4.83 baht/share, the profits exceeded projections of analysts.
PTTEP said the increase was mainly due to higher gas output, which averaged 92,648 boe/d vs. 78,514 boe/d in the second quarter of 2000.
The increase came from Yadana and Yetagunfields in Myanmar's Gulf of Martaban, as well as from Pailin field in the Gulf of Thailand.
The firm said expenses were up 752 million baht because of higher production costs, depreciation, and royalties related to the increase in output.
PTTEP plans to increase drilling in Bongkot and Arthit fields in the Gulf of Thailand to meet expected higher gas demand.