...February 1, 2024 This report does not constitute a rating action. SINGAPORE (S&P Global Ratings) Feb. 1, 2024--PTT Exploration and Production Public Co. Ltd. has a solid platform for growth in 2024 following its 2023 results. Our forecasts for the Thailand-based oil explorer and producer include production growth of about 8% from 2024 onward, providing a stronger base for earnings than in the previous year. Production and sales volumes in 2023 were lower than we had expected, weighed down by the unplanned shutdowns at B8/32 in Thailand and Malaysia Blocks H and K. Furthermore, the company wrote off US$120 million of assets, primarily located in Mozambique, during the year. However, results for the fiscal year ended Dec. 31, 2023 were broadly in line with our expectations. The debt-to-EBITDA ratio remained flat, at about 0.6x in 2023. Our projected earnings growth in 2024 will primarily be underpinned by the ramp up of production at G1/61 (Erawan), with total volumes increasing to about...
