Thailand’s PTT Exploration and Production PTTE.BK reported a larger-than-expected 32 percent fall in its fourth-quarter earnings on Friday, mainly due to higher costs related to an oil spill at Australia’s Montara field.

PTTEP, a subsidiary of PTT PTT.BK, Thailand’s biggest energy firm,
posted a net profit of 4.65 billion baht ($140.6 million) down from
6.79 billion a year earlier, and lower than 5.26 billion in the
previous quarter.

Seven analysts polled by Reuters had an average forecast of a net profit of 6.66 billion baht for the October-December quarter.

Its full-year net profit fell to 22.2 billion baht.

Analysts expect PTTEP’s net profit to rise 40 percent in 2010 due to
increases in gas sales and volume in line with rising oil prices.

PTTEP, which ranks among Asia’s top 10 explorers and competes with big
Chinese oil firms like CNOOC and Sinopec, is involved in more than 40
oil and gas exploration and development projects. ($1 = 33.08 Baht)

Source: Reuters

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