Page 15 - AsianOil Week 17 2021

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of the previous year. Earnings before Interest,
Taxes, Depreciation and Amortization
(EBITDA) margin stood at 74% as planned,
while unit cost was lowered to USD 27.96 per
BOE.
PTTEP, April 28, 2021
PVOIL expects to hit 2021

profit target

In 2021, if the market condition are favorable,
PVOIL completes the profit goal for the
Lower production from the Apsara wells The favorable growth was primarily attributed year, the corportion will consider the plan of
will have a substantial adverse impact on to higher selling price following the rise in dividend payment, Chairman of the Board
revenue generated from the Apsara Mini global crude oil prices and the recognition of of Management Cao Hoai Duong shared
Phase 1A development despite the recovery an extraordinary income from the investment the information during a recent meeting
in benchmark oil prices since the lows of 2020 in Oman Block 61 Project. The company has with major shareholders, investment funds,
when the COVID-19 pandemic began to again revised up 2021 targeted sales volume securities companies organized ahead
emerge. after it could bring forward the completion of of the 2021 Annual General Meeting of
The average price of benchmark Brent acquisition in Oman Block 61 and the first gas Shareholders, which will take place at 08:30 on
crude oil in 2020 was approximately US$43.00 from Malaysia Block H Project to this quarter. April 27, 2021. This will be an online meeting.
per barrel (“bbl”), the lowest average since Mr. Phongsthorn Thavisin, Chief Executive In 2020, the double impacts of the
KrisEnergy was established in 2009. As of 27 Officer of PTT Exploration and Production COVID-19 pandemic and the decline in oil
April 2021, the Brent price in 2021 to date has Public Company Limited (PTTEP) said prices seriously affected PVOIL’s business
averaged US$62.12/bbl. The benchmark price that the company reported total revenues activities. The corporation had strategy to
is an indicator of oil price direction and not of USD 1,779 million (equivalent to THB manage inventory, petroleum source to
the realised price achieved for Apsara crude 54,034 million) in the first quarter of 2021, minimize damage from cutting price for
oil. Actual realised price will fluctuate and increasing by 32% compared to USD 1,348 inventories.
could be lower or higher than the benchmark million (equivalent to THB 40,494 million) The retail channel maintained good output
price depending on the specific crude quality in the fourth quarter of 2020. The growth volume. Sales through PVOIL Easy grew
and overall market conditions at the time of was primarily from higher sales revenue of strongly despite the pandemic. When pandemic
entering into crude sales contracts. USD 1,391 million (equivalent to THB 42,136 outbreak was reported, PVOIL quickly built
Despite the recovery in oil prices, the million), as a result of the average selling price scenarios to face tb crisis and cost reduction
disappointing recovery expected from that increased by 10% to USD 40.38 per barrel options corresponding to each scenario. With
Apsara production will significantly reduce of oil equivalent (BOE). This was in line with the policy of “tightening austerity”, PVOIL
revenues generated from the development and the continual increase in global crude oil minimized costs and losses in unfavorable
therefore further deteriorate the Company’s prices. The company also recorded gain from business conditions. Among PVOIL’s
financial condition and its ability to service a non-recurring item of USD 350 million subsidiaries, besides those with losses, there were
the Cambodia Block A project financing loan (equivalent to THB 10,772 million) from the still business units reporting profits.
from Kepinvest Singapore Pte. Ltd. and other bargain purchase on the acquisition of Oman In 2021, PVOIL proposed a consolidated
obligations and expenditure. Block 61 Project. pre-tax profit target of 400 billion VND. In
KRISENERGY, April 28, 2021 Besides, the average sales volume of this the first three months of the year, PVOIL
quarter was at 382,877 barrels of oil equivalent made good use of market opportunities to
B.Grimm Power creates LNG per day (BOED), slightly increased from maximize profits. Although the enterprise
did not complete the quarterly sale target due
381,285 BOED in the previous quarter.
unit USD 1,213 million (equivalent to THB 36,764 to the resurgence of COVID-19 pandemic,
Total expenses in the first quarter were at
the consolidated pre-tax profit was reported
B.Grimm Power Public would like to inform million), remained unchanged from the at 178 billion VND, beating target by
that, on 26 April 2021, B.Grimm Power previous quarter. Although PTTEP recorded 78%, contributing 45% of the annual plan.
established a new subsidiary in accordance lower operating expenditure and general PVOIL opened 12 new petroleum stations,
with the principle as approved by the Board of & administrative expenses in this quarter, bringing the total number of stations in the
Directors No. 3/2021 held on 24 March 2021. the company has realized losses from non- whole system to 602. PVOIL continued to
The new company is called B.Grimm Power recurring items including the assets write-off promote its advantage of being the first and
LNG JV. for an exploration project in Brazil of USD only petroleum retailer applying a non-cash
B.GRIMM POWER, April 29, 2021 145 million and oil price hedging loss of USD payment solution by QR code scanning at all
107 million. petroleum stations nationwide. The PVOIL
PTTEP records Q1 net profit recorded net profit of USD 376 million Easy program reached an average output
With the aforementioned factors, PTTEP
of more than 6,200 cubic meters a month,
of $376mn (equivalent to THB 11,534 million) in the equivalent to the output of 55 petroleum
first quarter 2021, an increment of 364% in
stations. The output grew 14% over the same
PTTEP announced improved net profit of comparison with USD 81 million (equivalent period of 2020.
USD 376 million for the first quarter of 2021. to THB 2,433 million) in the fourth quarter PVOIL, April 23, 2021

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