Thailand’s PTTEP Records Drop in Profits

28 January 2010 (Last Updated January 28th, 2010 18:30)

Thailand's PTT Exploration and Production (PTTEP) has reported a larger-than-expected drop in its fourth quarter earnings, mainly due to higher costs related to an oil spill at Australia's Montara field. Net income for the fourth quarter ended 31 December 2009 declined by 31.5% to THB4

Thailand's PTT Exploration and Production (PTTEP) has reported a larger-than-expected drop in its fourth quarter earnings, mainly due to higher costs related to an oil spill at Australia's Montara field.

Net income for the fourth quarter ended 31 December 2009 declined by 31.5% to THB4.65bn ($140.36bn) compared to THB6.78bn ($204.66m) in Q4 2008.

The company's net income for Q3 2009 was THB5.25bn ($158.47m).

PTTEP's net income for the full year 2009 was THB22.15bn ($668.62m), representing a 47% drop compared to THB41.67bn ($1.26bn) in 2008.

In 2009, out of the 28 exploration and appraisal wells drilled, petroleum was found in 18 wells.

The company's total proved reserves in 2009 amounted to 1.099 billion barrels.