Core subsidiary of parent PTT Public Co. Ltd. (PTT) Large upstream operator domestically. Low lifting costs. Diversity into gas, which has more stable pricing than oil. Lower proven reserve life than peers' and trend of reserve depletion over the past four years. Execution risk for the development of the company's large, but undeveloped, fields. Solid and fairly stable cash flow. Conservative funding policies and cash flow adequacy ratios. Sizable capital expenditure requirements to maintain the reserve base and develop new fields. The stable outlook on PTT Exploration and Production Public Co. Ltd. (PTTEP) reflects the outlook on parent PTT and S&P Global Ratings' expectation that PTTEP will remain a core subsidiary of the parent over the next 24 months. We
