Kasikorn Securities analysts forecast that PTTEP will post a net profit of 26.6 billion baht in the second quarter of 2026, up 97% from the same period last year and 125% from the previous quarter, marking the year's peak. This is supported by a 20% year-on-year increase in average selling price, a 12% rise in sales volume, and a turnaround to a 2.9 billion baht gain from oil price hedging, compared to a previous loss of 8.8 billion baht. As a result, first-half 2026 profit is expected to reach 38.5 billion baht, up 28% from a year earlier, accounting for 48% of the full-year profit estimate. However, unit cost in the second quarter is expected to rise 8% from the prior quarter to 30 US dollars per barrel, due to higher crude oil sales volume, write-offs of dry exploration wells, and higher royalties. For the third quarter of 2026, profit is expected to weaken from the previous quarter, pressured by softer oil prices, lower sales volume, higher unit costs, and reduced hedging gains. Additionally, planned maintenance shutdowns at key natural gas production facilities in the Gulf of Thailand will push unit production costs higher. Meanwhile, Dubai crude prices since the start of the third quarter have dropped more than 30 US dollars per barrel from the second-quarter average, and prices are expected to decline further in the fourth quarter due to oversupply. The IEA forecasts that the crude oil surplus could rise to 5 million barrels per day by 2027. Analysts therefore maintain a hold recommendation and a target price of 152 baht.
PTT Exploration and Production Public Company LimitedAnalyst forecasts Q2 profit surge to 26.6B baht, up 97% YoY and 125% QoQ, driven by higher selling price, sales volume, and hedging gains.