PTT Pushes Ahead with Exploration, Production, and Trading Operations to Support Second-Half Profits
PTT plans to boost second-half profits through exploration, production, and trading operations, with trading expected to benefit from market volatility and high global oil prices supporting upstream operations.
PTT President and CEO Kongkrapan Intrajang revealed that the company's business plans for the rest of the year will be driven primarily by exploration and production (E&P) and trading (Trading) operations. The trading business, in particular, stands to benefit significantly from market volatility, which increases product flow circulation. The company is also aggressively pursuing new customers. The sustained high oil prices on global markets represent a direct positive factor for upstream operations like E&P. Kongkrapan acknowledged that plans to find refining and petrochemical business partners may move more slowly due to global volatility and the current chaotic state of the refining sector, which is still under discussion. "Partnership plans must proceed more carefully because global rules have changed, so surpluses may become shortages and shortages may become more acute, requiring us to consider matters much more carefully," he said. For the first quarter of 2025, PTT reported net profit of 25,738 million baht, up 2,423 million baht or 10.4% year-on-year. The company managed the Middle East tensions by leveraging its international trading network with offices worldwide, allowing rapid diversification of crude oil supplies from various sources. The company's refineries have invested over 111,000 million baht over the past five years, providing machinery reliability and flexibility to handle crude from multiple sources. PTT established the PTT Incident Command System (PTT ICS) to manage business continuity and energy security nationwide. Over two months from March to April, the company's refineries operated at over 100% capacity under safety standards. Petrochemical operations ran at full capacity to ensure supply chain security for plastic and chemical customers. The company adjusted natural gas procurement to continuously supply power plants and industry, securing spot LNG from non-Middle Eastern suppliers and rescheduling maintenance to maximize gas separation plant output. PTT managed financial liquidity to support national energy security, increasing available liquidity by 230,000 million baht as global oil prices surged.
