Core subsidiary of parent PTT Public Co. Ltd. Large upstream operator domestically. Low lifting costs. Diversity into gas, which has more stable pricing than oil. Lower proven reserve life than peers' and growing depreciation, depletion, and amortization expenses. Execution risk for the development of the company's large proven, 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 on developing new fields. The stable outlook on PTT Exploration and Production Public Co. Ltd. (PTTEP) reflects the outlook on PTT and our expectation that PTTEP will remain a core subsidiary of the parent over the next 24 months. We expect PTTEP to maintain sound
