Bangkok: PTT Exploration and Production Public Company Limited (PTT EP) has announced plans to accelerate petroleum production in the first half of 2026 to address the impacts of ongoing conflict in the Middle East and has declared a dividend of 4.50 baht per share.
According to Thai News Agency, PTT EP's financial results for the first half of 2026 show a net profit of 39,032 million baht (US$1,209 million), with 27,700 million baht contributed to the government. The company attributes its success to a rise in sales volume and petroleum prices, increased domestic gas production, and efforts to mitigate the effects of the Middle East unrest.
Mr. Montri Lavallchaikul, CEO of PTT EP, highlighted the company's commitment to managing domestic energy resources amidst the Middle East conflict. PTT EP is producing natural gas at a rate of approximately 2,680 million cubic feet per day, surpassing the Daily Contractual Quantity of around 2,500 million cubic feet. This effort aims to alleviate energy shortages for the public and industries, reinforcing national energy security.
In sustainability efforts, PTTEP has achieved Thailand's first Total Wellhead Platform Reuse at the JKWK wellhead platform in the Funan field. This initiative, aligned with the Circular Economy concept, enhances resource efficiency and reduces costs and greenhouse gas emissions. Additionally, PTTEP has partnered with the Department of Fisheries and the Department of Natural Resources to create artificial reefs in the Gulf of Thailand using nine decommissioned wellhead jackets, with construction starting in Q4 2026.
For the first half of 2026, PTTEP reported total revenue of 176,756 million baht (US$5,495 million), a 19% increase from the previous year. Average petroleum sales volume rose by 14%, driven by projects in the Gulf of Thailand and recent investments such as the Thai-Malaysia A18 Joint Development Area, Algeria's Twoat project, and Malaysia's SK408 project. The average selling price also increased by 10% to US$49.54 per barrel. As a result, the company saw a 29.78% rise in net profit, amounting to 39,032 million baht. The board approved an interim dividend of 4.50 baht per share, with an ex-dividend date set for August 14, 2026, and payment on August 28, 2026.
In the first six months of 2026, PTTEP contributed over 27.7 billion baht to the government through taxes, royalties, and benefit shares, aiding national development in various sectors. The government also received a share of petroleum production from the G1/61 and G2/61 projects under Production Sharing Contracts, providing direct revenue for national development.
For Q2 2026, PTTEP reported an average sales volume of 572,882 barrels of oil equivalent per day, a 4% increase from the previous quarter and a 13% year-on-year increase. The net profit for the quarter was US$833 million, a 104% year-on-year increase, driven by higher average selling prices, increased sales volume, and gains from oil price hedging.
The projected average sales volume for Q3/2026 and the full year 2026 is approximately 525,000 and 560,000 barrels of oil equivalent per day, respectively. Q3/2026 sales volume is expected to decrease due to planned maintenance in Thailand and Malaysia and reduced crude sales in Algeria. However, the 2026 average sales volume is projected to increase by 10% from 2025, owing to full-year sales recognition from projects acquired in 2025 and increased natural gas production in Thailand to support domestic demand.