PTT EXPLORATION AND

PTTEP
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PTT Exploration and Production : & Production 3Q Net Profit Fell 36%

10/29/2020 | 01:35am

By P.R. Venkat

PTT Exploration & Production PCL's net profit fell 36% in the third quarter from a year earlier as sales revenue declined.

Net profit was $230 million, while total revenue dropped 18% to $1.31 billion, the company said Thursday.

Global restrictions due to Covid-19 pushed oil prices to historic lows in April as demand for travel, consumption and business activities slumped.

Oil prices have recovered since then but remain volatile as the pandemic continues affecting economies around the world.

Compared with the second quarter, PTT Exploration & Production's third quarter was good, with profit rising 72% and revenue climbing 19%.

The company expects its average sales volume for 2020 to be approximately 350,000 barrels of oil equivalent a day, down from the previous year as the pandemic saps energy demand.

It expects the oil market's gradual recovery to continue in the fourth quarter but at a slightly slower pace than previously anticipated as the hit from the pandemic will likely be longer lasting.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

10-29-20 0234ET

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