PTTEP accounts: cash well above profit, but nearly all of it reinvested in 2025
PTTEP's operating cash flow has been about twice net profit or more every year, but in 2024–25 investing used nearly all of it. In 2025 cash after investing was just THB 538 million, against roughly THB 34,737 million of dividends from that year's results.
| Price (THB) | P/E (x) | P/BV (x) | ROE | Payout | Dividend yield | 52-week position |
|---|---|---|---|---|---|---|
| 150.50 | 8.4 | 1.03 | 12.7% | 52% | 5.95% | 78% |
Price at the midday break on 12 October 2026. Other ratios are Stock Exchange of Thailand statistics at the previous trading day's close. 52-week position: 0% is the low of the range, 100% the high.
What PTTEP does
PTT Exploration and Production PCL explores for, develops and produces petroleum in Thailand and abroad, with its main fields in the Gulf of Thailand, such as Erawan and Bongkot. Gas and oil prices follow world markets; the company cannot set them.
Revenue in 2025 was THB 292,633 million, a change of -10%, and net profit THB 60,273 million, a change of -24%.
Four years and the latest half-year
| Year | Revenue | Net profit | Gross margin | Operating cash flow | Cash after investing | DPS (THB) | Payout |
|---|---|---|---|---|---|---|---|
| 2022 | 339,902 | 70,901 | 88.2% | 164,916 | 106,156 | 9.25 | 52% |
| 2023 | 313,591 | 76,706 | 85.8% | 151,851 | 69,404 | 9.5 | 50% |
| 2024 | 326,830 | 78,824 | 84.2% | 202,301 | 51,932 | 9.625 | 48% |
| 2025 | 292,633 | 60,273 | 82.2% | 150,401 | 538 | 8.75 | 58% |
| H1 2026 | 176,756 | 39,032 | 82.7% | 93,185 | 20,175 | 4.5 | 46% |
Money in THB million, consolidated. Cash after investing = net cash from operating activities + net cash from investing activities. Dividends per share are counted in the year of the results they were paid from. Payout = dividend per share ÷ earnings per share. The half-year row covers January to June 2026 only.
Heavy depreciation keeps cash above profit
A producer spends first on wells and platforms, then writes that cost off as depreciation and amortisation as it produces. The charge reduces profit without cash going out that year.
In 2025 operating cash flow was THB 150,401 million, 2.50 times net profit. Most of it, though, is needed to drill new wells to replace what has been produced.
Cash after investing fell every year, to almost nothing
Cash after investing here is net operating cash flow plus net investing cash flow, which covers both capital spending and investments in other companies. Net investing cash flow went from THB -58,760 million in 2022 to THB -150,369 million in 2024 and THB -149,863 million in 2025.
Cash after investing therefore fell from THB 106,156 million in 2022 to THB 538 million in 2025, while dividends from 2025 results came to roughly THB 34,737 million.
Over four years, cash after investing of THB 228,030 million still exceeds dividends of about THB 147,386 million, so earlier good years can carry the dividend for now. If investment stays at 2024–25 levels, that cushion will shrink. The company has announced a five-year plan (2026–2030) of more than USD 30 billion.
In the first half of 2026 cash after investing was back to THB 20,175 million, and net profit of THB 39,032 million was already 65% of the 2025 total.
Latest results and news
- 31 July 2026 · Q2 2026 net profit of THB 27,197 million, up 104%, on revenue of THB 102,717 million, up 40%. First-half sales volume averaged 563,179 barrels of oil equivalent a day, up 14%, at an average USD 49.54 a barrel. Interim dividend of THB 4.50 a share (ex-dividend 14 August 2026). มิติหุ้น
- Five-year spending plan for 2026–2030 of more than USD 30 billion. Hoonvision
Figures to watch next
- Unit cost per barrel of oil equivalent, reported each quarter: the company cannot set oil prices, but it can control unit cost.
- Net investing cash flow against operating cash flow: if they stay nearly equal for years, the dividend will rely on cash already built up.
- Daily sales volume, which drops in quarters with planned maintenance shutdowns.
- Crude prices and the baht, since revenue is in US dollars.
Questions
How can PTTEP pay dividends when 2025 cash after investing was almost nil?
It holds cash from earlier years, when cash after investing far exceeded dividends. That works for a while, but sustained heavy investment will run the balance down.
Read next
Financial statements, dividends and share counts are from the Stock Exchange of Thailand website; price and ratios are as of the date on the page; news is from the linked sources. Figures do not update automatically.
Note: this explains how to read a listed company's accounts. It is not a recommendation to buy or sell any security, it sets no valuation or target price, and its author is not a licensed investment adviser. Check the latest information and weigh your own goals and risks before investing.