Thailand’s PTT Exploration and Production (PTTEP) has reported a 49.6 per cent rise in 2005 net profit, slightly below market expectations.

PTTEP, 66-per cent owned by top Thai energy firm PTT, said in a statement it made a 2005 net profit of 23.7 billion baht ($606 million) versus 15.87 billion baht in 2004.
PTTEP said it made a net profit of 6.8 billion baht in the fourth quarter of 2005, up 33.7 per cent from a year earlier. Sixteen analysts had a 2005 net profit consensus forecast of 24.3 billion baht. They expected the company to post a net profit of 30.7 billion baht this year.
The company said it had revenues of 69.6 billion baht in 2005, up 44 percent from year earlier, and average petroleum sales of 153,531 barrels of equivalent per day (BOED), above its target of 144,000 BOED.
At the end of 2005, the company had proven reserves of about 950 million barrels of oil equivalent, comprising about 151 million barrels of crude oil and condensate and 5,158 billion cubic feet of natural gas, the statement said.
PTTEP has 29 oil and gas exploration and development projects in the Middle East, Africa and Asia. It is looking to buy new gas and oil assets at home and abroad in a bid to increase reserves.
In a separate statement, PTTEP said its board had approved a 5-for-1 share split to boost liquidity of its stock and would pay an interim dividend of eight baht a share.
A calculation based on Energy Ministry data showed that Thai oil product exports, excluding bitumen and liquefied petroleum gas, fell 15.7 per cent in December 2005 from a year earlier to 97,693 barrels per day.
The fall was led by an 81.3 drop in fuel oil exports to 22.4 million litres from 120.0 million litres and a 25.6 drop in exports of 95 octane gasoline to 125.6 million litres, according to ministry data.