PTT Exploration and Production Public Company (PTTEP) Q2 2026 earnings summary

Executive summary

• Achieved record quarterly sales volume and strong operating income in Q2 2026, with net profit up over 100% quarter-over-quarter and year-over-year, driven by higher gas nominations in Thailand and increased crude loads in Algeria.

• Strategic focus remains on energy security, cost competitiveness, and international growth, with >60% of gas supply to Thailand and >50% of net income targeted from international hubs by 2035.

• Maintained a competitive unit cost (~$30/BOE) and robust EBITDA margin (72%), supported by the GOT SAVE initiative and operational efficiencies.

• Total assets reached 30,985,085 thousand Baht as of 30 June 2026, with equity of 17,067,980 thousand Baht and total liabilities of 13,917,105 thousand Baht.

• For the six months ended 30 June 2026, net profit attributable to owners was 1,209,457 thousand Baht, with basic EPS of 0.30 Baht.

Financial highlights

• Q2 2026 sales revenue rose 26% quarter-over-quarter and 40% year-over-year to $3,151 million, with sales volume up 4% sequentially and 13% year-over-year to 572,882 BOED.

• Net profit reached $833 million in Q2 2026, up from $376 million in Q1 2026 and $408 million in Q2 2025.

• Average selling price increased 15% quarter-over-quarter and 20% year-over-year to $52.89/BOE.

• Dividend payout for 1H2026 set at 44% of net profit, with payment scheduled for August 2026.

• Cash and cash equivalents at period end were 2,498,089 thousand Baht.

Outlook and guidance

• FY2026 sales volume guidance is ~560 KBOED, with Q3 2026 expected at ~525 KBOED.

• Gas price forecast for FY2026 is ~$6.0/MMBTU, and unit cost is expected to remain around $30/BOE.

• EBITDA margin target remains at or above 70%.

• Credit ratings remain investment grade: S&P BBB, Moody’s Baa2, Fitch bbb, TRIS AAA.

• No explicit forward-looking guidance or outlook provided in the financial statements.