PTT Exploration & Production 1Q Net Profit Fell 30%

PTT Exploration & Production PCL's net profit fell 30% in the first quarter from a year earlier as collapsing oil prices dragged down sales volumes and selling prices for its products.

Net profit for the quarter ended March was $275 million, the company said in a filing to the Thailand Stock Exchange on Thursday.

Revenue rose 24% to $1.77 billion.

The company guided for a roughly 7% drop in average sales volume this year on the back of expectedly weak oil demand due to the coronavirus-driven economic downturn.

However the oil explorer and producer said it "is certain that it has the ability to sustain [operations] through the oil price volatility period for at least 2 years."

PTT Exploration and Production said it has cut its 2020 expenditure target by around 15%-20% to cope with the crisis. The spending reduction includes deferring some exploration activities in view of current oil prices, it said.

(Apr 2020)