PTT Exploration and Production Plc

PTT Exploration and Production Plc (PTTEP), the only SET-listed upstream petroleum company, expects average petroleum sales growth this year will be below the 6% level expected earlier due to the stuttering economy
Chief executive and president Tevin Vongvanich said domestic demand, particularly for gas, had dropped below expectations.
Last month, PTTEP reported average daily sales volume was expected to be 326 kilobarrels per day of oil equivalent.
Domestic sales represent 70% of PTTEP's overall sales each year, with exports to Myanmar, Vietnam and Oman accounting for the rest.
"Domestic gas demand dominates our sales," Mr Tevin said.
According to a report by the Energy Regulatory Commission, the country's average gas demand this year will be 5.1 billion cubic feet per day, up from 4.71 billion last year.
About 20% of the gas supply comes from neighbouring Myanmar.
The company said it planned to delay petroleum production in several areas due to incomplete production equipment and higher operating costs compared with market prices.
It has delayed crude oil production in Algeria's Bir Seba 433A and 416B onshore blocks to the second half of the year.
Prior to the delay, the company planned to produce 20,000 barrels of crude oil a day.
The delay in crude oil production in Algeria is due largely to internal political conflicts.
It is also delaying oil production in Australia's Montara offshore block due to incomplete production equipment preparation.
The move came after it announced the delay of an oil sand project in Canada due to high production costs.
"We're setting up a research programme to reduce production costs during the fall in oil prices to below US$70 a barrel," Mr Tevin said.
Last month the company cut capital expenditure by 15% to $2.5 billion for the 2015-19 period from $3 billion to match declining oil prices.
PTTEP has 42 projects on hand including 23 foreign petroleum production projects in 15 countries.
It posted a second-quarter net profit of only $35 million, a drop of 94% year-on-year and 87% quarter-on-quarter, due to falling global oil prices.
Saknarin Sasanonda, a stock analyst at Aira Securities, estimates PTTEP's net profit this year will rise slightly to 22.1 billion baht from 21.5 billion last year.
This is well below the 56.2 billion baht posted in 2013 due largely to volatile oil prices that directly affected company revenue.
In addition, PTTEP has explained its stance on the progress of the probe into the company's investment in the palm oil business in Indonesia in 2012.
That case remains under investigation by the National Anti-Corruption Commission (NACC) at the request of PTT Plc, the parent company. However, PTTEP said it had sent all the initial facts about the case to the NACC on July 13.
The initial investigation undertaken by the company itself found some officials had violated company rules and regulations, but it found there was no evidence of corruption.
PTTEP said officials involved in the case would face disciplinary measures.
However, since the case remains in the hands of the NACC, the company is unable to reveal further details.
PTTEP shares closed yesterday on the SET at 91 baht, down 2.50 baht, in trade worth 453 million baht.

ผลลัพธ์ (อังกฤษ) 2:

PTT Exploration and Production Plc (PTTEP), the only SET-listed upstream Petroleum Company, expects average Petroleum Sales growth this year Will be Below the 6% level expected earlier Due to the Stuttering Economy
Chief Executive and President Tevin Vongvanich said domestic demand, particularly. for gas, had dropped Below Expectations.
Last month, PTTEP reported average Daily Sales volume was expected to be 326 Kilobarrels per Day of Oil Equivalent.
Domestic Sales represent 70% of PTTEP's overall Sales each year, with Exports to Myanmar, Vietnam and Oman accounting. for the Rest.
"Domestic gas demand dominates our Sales," Mr Tevin said.
According to a Report by the Energy Regulatory Commission, the Country's average gas demand this year Will be 5.1 billion Cubic feet per Day, up from 4.71 billion last year.
About 20% of the gas Supply comes from Neighbouring Myanmar.
The Company said it planned to Delay Petroleum Production in several areas Due to incomplete Production Equipment and higher operating costs compared with Market prices.
It has delayed Crude Oil Production in Algeria's Bir Seba 433A and. 416B Onshore Blocks to the Second Half of the year.
Prior to the Delay, the Company planned to Produce 20,000 barrels of Crude Oil a Day.
The Delay in Crude Oil Production in Algeria is Due largely to internal Political Conflicts.
It is also delaying Oil. Production in Australia's Montara Offshore Block Due to incomplete Production Equipment Preparation.
The Move Came after it announced the Delay of an Oil Sand Project in Canada Due to High Production costs.
"We're Setting up a Research program to Reduce Production costs during the Fall. in Oil prices to Below US $ 70 a Barrel, "Mr Tevin said.
Last month the Company Cut Capital expenditure by 15% to $ 2.5 billion for the 2015-19 period from $ 3 billion to Match declining Oil prices.
PTTEP has 42 Projects on Hand including. 23 Second Petroleum Production Projects in 15 countries.
It posted a Second-Quarter .NET profit of only $ 35 million, a Drop of 94% year-on-year and 87% Quarter-on-Quarter, Due to falling Global Oil prices.
Saknarin Sasanonda. , a Stock Analyst at Aira Securities, estimates PTTEP's .NET profit this year Will rise Slightly to 22.1 billion Baht from 21.5 billion last year.
This is well Below the 56.2 billion Baht posted in 2,013 Due largely to volatile Oil prices that directly affected Company revenue.
in addition, PTTEP has expLAineD its stance on the Progress of the probe Into the Company's Investment in the Palm Oil business in Indonesia in 2012.
That Case remains under Investigation by the National Anti-Corruption Commission (NACC) at the Request of PTT Plc,. the parent company. However, PTTEP said it had all the Initial Facts About the Case Sent to the NACC on July 13.
The Initial Investigation undertaken by the Company Itself Found Some Officials had violated Company Rules and regulations, but there was no Evidence Found it of corruption.
PTTEP. said Officials involved in the Case would Face disciplinary measures.
However, since the Case remains in the Hands of the NACC, the Company is unable to Reveal further Details.
PTTEP shares Closed Yesterday on the SET at 91 Baht, down 2.50 Baht, in Trade. worth 453 million baht.

ผลลัพธ์ (อังกฤษ) 3:

PTT Exploration and Production Plc (PTTEP), the only SET-listed upstream petroleum company expects average, petroleum sales. Growth this year will be below the 6% level expected earlier due to the stuttering economy
Chief executive and president. Tevin Vongvanich said domestic demand particularly gas, for, dropped had below expectations.
Last, monthPTTEP reported average daily sales volume was expected to be 326 kilobarrels per day of oil equivalent.
Domestic sales. Represent 70% of PTTEP 's overall sales each year with exports, to Myanmar Vietnam and, Oman accounting for the rest.
Domestic. " Gas demand dominates our sales, "Mr Tevin said.
According to a report by the Energy, Regulatory CommissionThe country 's average gas demand this year will be 5.1 billion cubic feet per day up from, 4.71 billion last year.
About 20% of. The gas supply comes from neighbouring Myanmar.
The company said it planned to delay petroleum production in several areas. Due to incomplete production equipment and higher operating costs compared with market prices.
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