Bulletin: PTTEP Gains Momentum Despite Myanmar Woes

SINGAPORE (S&P Global Ratings) Jan. 31, 2022--Solid full-year results provide Thailand's PTT Exploration and Production Public Co. Ltd. (PTTEP) with positive momentum for 2022. Somewhat clouding the results are geopolitical risks in neighboring Myanmar as several major international oil companies announce their withdrawal from the country. But we expect PTTEP to be less deterred given its more than three-decade history of operating in the country. We expect PTTEP (BBB+/Stable/--) to remain comfortably within the rating tolerances of our 'bbb' stand-alone credit profile. Under our current price assumptions of US$75 a barrel in 2022, we forecast PTTEP's financial profile to remain robust, and debt-to-EBITDA to remain below 1x in 2022. For the full year ended Dec. 31, 2021, PTTEP posted an

...January 30, 2022 SINGAPORE (S&P Global Ratings) Jan. 31, 2022--Solid full-year results provide Thailand's PTT Exploration and Production Public Co. Ltd. (PTTEP) with positive momentum for 2022. Somewhat clouding the results are geopolitical risks in neighboring Myanmar as several major international oil companies announce their withdrawal from the country. But we expect PTTEP to be less deterred given its more than three-decade history of operating in the country. We expect PTTEP (###+/Stable/--) to remain comfortably within the rating tolerances of our '###' stand-alone credit profile. Under our current price assumptions of US$75 a barrel in 2022, we forecast PTTEP's financial profile to remain robust, and debt-to-EBITDA to remain below 1x in 2022. For the full year ended Dec. 31, 2021, PTTEP posted an 18% increase in sales volumes to 416 thousand barrels of oil equivalent per day (kboe/d) in 2021. This compares to sales volumes of 354 kboe/d in 2020. Bolstering the result was PTTEP's...

Bulletin