PTT Exploration Posts Record Full-Year Profit on Higher Output

PTT Exploration & Production Pcl, Thailand’s biggest publicly traded oil and gas explorer, said profit surged 28 percent to a record in 2012 on increased production and higher prices.

Net income was 57.3 billion baht ($1.9 billion), or 17.1 baht per share, from 44.7 billion baht, or 13.48 baht, in 2011, the company said in a statement late yesterday. That compared with the 60.3 billion baht average estimate of 23 analysts surveyed by Bloomberg.

Chief Executive Officer Tevin Vongvanich said last week that PTTEP will spend almost $25 billion over the next five years to develop petroleum projects in Thailand and overseas. The company, which has 44 oil and gas projects worldwide, raised about $3 billion in December in Thailand’s largest ever equity offering to finance its purchase of Cove Energy Plc, which gave it a stake in East African assets.

The company has said it plans to double output to 600,000 barrels of oil equivalent a day by 2020 through existing projects in Australia, East Africa, North America and Southeast Asia. PTTEP operates the Bongkot fields off the coast of Thailand and the Montara field off Australia’s northwest coast.