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PTTEP achieves 2021 growth from success of strategic plan–Approves dividend payment at THB 5 per share

Jan 27, 2022

PTTEP announced improved operating results for the year 2021 with successful executions of its corporate strategies, thanks to the overseas business expansion. To foster business growth in the future, PTTEP will explore non-E&P business opportunities amid the new landscape of energy transition. Meanwhile, the company continues to support innovation development, provide medical supplies and funding to fight against COVID-19.

Mr. Montri Rawanchaikul, Chief Executive Officer of PTT Exploration and Production Public Company Limited (PTTEP), said that despite the continuity of COVID-19 pandemic, PTTEP operating results are favorable. In 2021, the company contributed to fight against this global crisis by developing innovations to help enhance efficiency of medical professionals including negative pressure patient transfer, mobile negative pressure box, IoT cold chain monitoring alert system for COVID-19 vaccine storages, CARA robot to assist medical personnel for medical and food supplies delivery, and Xterlizer robot, UV-C light disinfector. The company also supported medical supplies such as the development of Chula-Baiya vaccine, Oxygen High Flows, Online Hemodiafiltration Hemodialysis Machines, Oxygen Concentrators and PTTEP Care Boxes for home isolation, and funding to hospitals, educational institutions and organizations in Bangkok and other provinces.

In addition, the company continues to proceed with its Corporate Social Responsibility (CSR) projects to create a long-term value to the society and communities while placing importance on reservation and restoration of natural resources and marine ecosystem. In 2021, PTTEP launched the first micro-plastic baseline study in the Gulf of Thailand, established 6 Aquatic Animal Hatchery Learning Centers to generate higher income for coastal communities in southern Thailand, run coastal conservation area and fish home project, and continued to support sea turtles conservation centers in Chonburi and Rayong.

In 2021, PTTEP successfully reduced GHG emission from the company’s operations by 365,177 tonnes of carbon dioxide equivalent from enhancements in production processes and development of new initiatives for instance, flare gas recovery and utilization, and mangrove reforestation for decarbonizing the atmosphere.

Regarding 2021 operating performance, the successful acquisition of Oman Block 61 and the first gas production from Malaysia Block H resulted in significant increase of average sales volume, stood at 416,141 barrels of oil equivalent per day (BOED), an 18% rise from 354,052 BOED in 2020, while the average selling price was adjusted upward due to the global crude oil price escalation. As a consequence, the company generated total revenue of USD 7,314 million (equivalent to THB 234,631 million), increasing by 37% compared to USD 5,357 million (equivalent to THB 167,418 million) reported in 2020.

However, in 2021, the company recorded extraordinary expenses including impairment losses, primarily from development plan adjustment of the Mozambique Area 1 project due to ongoing political unrest in the country, and the recognition of oil price hedging losses.

According to the aforementioned factors, PTTEP’s net profit in 2021 reported at USD 1,211 million (equivalent to THB 38,864 million), an increment of 68% from USD 720 million (equivalent to THB 22,664 million) in 2020. The unit cost was able to maintain at USD 28.52 per BOE and Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) margin stood at 73%, aligned with the company’s target.

“The success of PTTEP’s operations in 2021 was mainly a result of investment expansion in Malaysia and the Middle East, which contributed to achieving targeted growth and the outcome will be carried over across the year. For the key roadmap in 2022, we will focus on the smooth transition of operatorship in Block G1/61 or the Erawan field, where the company will become the operator, effective this April. We will put our best effort into raising the gas production rate that has been continuously declined in order to lessen impacts on energy demand in Thailand. With regards to overseas operation, we expect first oil production in the Algeria Hassi Bir Rekaiz project to come on stream soon, and will accelerate the development plan of petroleum fields discovered in Malaysia. Furthermore, we are conducting a feasibility study on Carbon Capture and Storage (CCS) in the Gulf of Thailand, as PTTEP is on the pathway to the low carbon organization,” Mr. Montri stated.

Approved dividend payment at THB 5 per share

Based on the company’s performance, on January 27, 2022, the Board of Directors approved the proposed of 2021 dividend payment to the shareholders at THB 5 per share. The interim dividend for the first six-month operating results at THB 2 per share was paid on August 27, 2021, while the remaining dividend will be paid at THB 3 per share on April 18, 2022, after obtaining approval from the 2022 Annual General Shareholders’ Meeting. The record date of the company’s share registration for the right to receive the dividend is scheduled on February 11, 2022.

Revisited corporate strategy to become low carbon organization

Mr. Montri added that during the global energy transition, PTTEP is set to become the E&P company that will be using more technologies for clean energy. For example, a feasibility study on the Carbon Capture and Storage (CCS) to be applied in gas production platforms in the Gulf of Thailand, as well as new forms of energy (Future Energy). The implementation of this strategic plan will help maintain the continuity of gas production for the energy security of the country, enhance growth and increase the competitiveness of PTTEP in the upcoming future.

For more information, please contact Media Management Section


The information, statements, forecasts and projections contained herein reflect the Company’s current views with respect to future events and financial performance.   These views are based on assumptions subject to various risks.   No assurance is given that these future events will occur, or that the Company’s future assumptions are correct.   Actual results may differ materially from those projected.