PTT Exploration & Production (PTTEP) reported a 23% decrease in net profit for the third quarter of this year. The decline was mainly attributed to lower average selling prices of crude oil and hedging losses.
According to the company, the net profit for the quarter ending in September reached $514.0 million, while total revenue stood at $2.29 billion, compared to $2.62 billion in the same period last year.
PTTEP also highlighted the impact of non-operating items such as foreign-exchange forward contracts and oil-hedging instruments on the weaker financial performance.
Looking ahead, the company expects a decrease in crude-oil demand during the fourth quarter due to off-peak seasonal needs in Western countries. PTTEP anticipates average sales volumes for 2023 to be around 463,000 barrels of oil equivalent per day.
Furthermore, PTTEP cautioned that the current high interest rates and tightening monetary policies implemented by leading central banks, including the US Federal Reserve, Bank of England, and EU Central Bank, aimed at curbing inflation, may potentially hamper economic growth and oil demand.
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