Interim report
Page 1
PTT Exploration and Production Public Company Limited Statement of Financial Position As at 30 June 2025 Unaudited 30 June Notes 2025 Assets Current assets Cash and cash equivalents 9 3,482,885 Short-term investments 10 235,000 Trade and other current receivables 11 1,237,587 Short-term loans to related parties 12 5,718 Inventories 638,857 Current tax assets 72,947 Derivative assets 8 32,488 Other current financial assets 8 30,949 Other current assets 285,404 Assets held-for-sale - Total current assets 6,021,835 Non-current assets Investments in associates 13 159,711 Investments in joint ventures 13 138,805 Long-term loans to related parties 12 603,765 Property, plant and equipment 14 15,217,344 Right-of-use assets 15 949,808 Goodwill 1,353,200 Intangible assets 190,707 Exploration and evaluation assets 16 2,507,074 Deferred tax assets 616,658 Rights to receive reimbursement from decommissioning funds 409,545 Derivative assets 8 69,079 Other non-current financial assets 227,240 Other non-current assets 159,295 Total non-current assets 22,602,231 Total assets 28,624,066 Consolidated financial information Unit: Thousand US Dollar (Kanita Sartwattayu) Executive Vice President, Strategy, Business Development, and Human Resources Group Acting Chief Executive Officer 2
Page 2
The condensed notes to the interim financial information are an integral part of this interim financial information. 3
Page 3
PTT Exploration and Production Public Company Limited Statement of Financial Position As at 30 June 2025 Unaudited 30 June Notes 2025 Liabilities and equity Current liabilities Trade and other current payables 1,783,787 Current portion of long-term liabilities 17 460,848 Current corporate income tax payable 370,417 Other current provisions 116,910 Derivative liabilities 8 21,141 Other current liabilities 152,604 Liabilities held-for-sale - Total current liabilities 2,905,707 Non-current liabilities Debentures 17 2,791,225 Lease liabilities 17 630,663 Deferred tax liabilities 1,443,511 Non-current provision for employee benefits 174,501 Non-current provision for decommissioning costs 18 4,381,388 Non-current provision for remuneration for production bonus and renewal of petroleum production 125,611 Derivative liabilities 8 37,539 Other non-current liabilities 57,889 Total non-current liabilities 9,642,327 Total liabilities 12,548,034 Consolidated financial information Unit: Thousand US Dollar 4
Page 4
The condensed notes to the interim financial information are an integral part of this interim financial information. 5
Page 5
PTT Exploration and Production Public Company Limited Statement of Financial Position As at 30 June 2025 Unaudited 30 June 2025 Liabilities and equity (continued) Equity Share capital Authorised share capital Ordinary shares, 3,969,985,400 shares at par value of Baht 1 each Issued and paid-up share capital Ordinary shares, 3,969,985,400 shares paid-up at Baht 1 each 150,684 Share premium 3,439,037 Retained earnings Appropriated Legal reserve 15,048 Reserve for expansion 431,231 Unappropriated 11,970,617 Other components of equity 61,103 Equity attributable to owners of the parent company 16,067,720 Non-controlling interests 8,312 Total equity 16,076,032 Total liabilities and equity 28,624,066 Consolidated financial information Unit: Thousand US Dollar 6
Page 6
The condensed notes to the interim financial information are an integral part of this interim financial information. 7
Page 7
Audited Unaudited Audited 31 December 30 June 31 December 2024 2025 2024 3,938,163 113,389,910 133,849,584 291,023 7,650,736 9,891,242 1,273,117 40,291,255 43,270,420 25,292 186,165 859,630 669,624 20,798,825 22,759,065 79,064 2,374,886 2,687,207 25,114 1,057,697 853,558 - 1,007,577 - 201,678 9,291,659 6,854,537 32,543 - 1,106,071 6,535,618 196,048,710 222,131,314 151,679 5,199,618 5,155,253 207,186 4,518,974 7,041,783 557,480 19,656,379 18,947,522 14,431,173 495,420,710 490,484,138 891,709 30,922,265 30,307,231 1,353,200 44,055,228 45,992,339 162,516 6,208,677 5,523,524 2,659,296 81,621,103 90,383,689 576,404 20,076,110 19,590,713 385,702 13,333,269 13,109,179 46,949 2,248,955 1,595,701 203,876 7,398,094 6,929,308 238,587 5,186,041 8,109,054 21,865,757 735,845,423 743,169,434 28,401,375 931,894,133 965,300,748 Consolidated financial information Unit: Thousand US Dollar Unit: Thousand Baht _________________________________________ (Sakchai Sarawek) Senior Vice President, Accounting Division 8
Page 8
The condensed notes to the interim financial information are an integral part of this interim financial information. 9
Page 9
Audited Unaudited Audited 31 December 30 June 31 December 2024 2025 2024 1,797,389 58,073,527 61,089,321 389,966 15,003,524 13,254,100 625,320 12,059,411 21,253,248 154,060 3,806,168 5,236,143 525 688,261 17,850 136,174 4,968,221 4,628,252 673 - 22,879 3,104,107 94,599,112 105,501,793 2,795,370 90,872,019 95,008,548 575,845 20,532,049 19,571,729 1,468,493 46,995,396 49,910,884 233,336 5,681,093 7,930,561 4,267,152 142,641,879 145,031,231 133,051 4,089,444 4,522,121 296 1,222,149 10,042 57,025 1,884,664 1,938,136 9,530,568 313,918,693 323,923,252 12,634,675 408,517,805 429,425,045 Consolidated financial information Unit: Thousand US Dollar Unit: Thousand Baht 10
Page 10
The condensed notes to the interim financial information are an integral part of this interim financial information. 11
Page 11
Audited Unaudited Audited 31 December 30 June 31 December 2024 2025 2024 3,969,985 3,969,985 150,684 3,969,985 3,969,985 3,439,037 105,417,620 105,417,620 15,048 396,999 396,999 431,231 16,900,000 16,900,000 11,677,291 399,534,748 389,773,609 45,145 (3,113,622) 19,136,602 15,758,436 523,105,730 535,594,815 8,264 270,598 280,888 15,766,700 523,376,328 535,875,703 28,401,375 931,894,133 965,300,748 Consolidated financial information Unit: Thousand US Dollar Unit: Thousand Baht 12
Page 12
The condensed notes to the interim financial information are an integral part of this interim financial information. 13
Page 13
PTT Exploration and Production Public Company Limited Statement of Financial Position As at 30 June 2025 Unaudited 30 June Notes 2025 Assets Current assets Cash and cash equivalents 9 41,357 Trade and other current receivables 11 419,162 Short-term loans to a related party 12 580,045 Inventories 109,289 Current tax assets 17,941 Derivative assets 8 1,309 Other current assets 111,957 Total current assets 1,281,060 Non-current assets Investments in associates 13 25,577 Investments in subsidiaries 13 3,320,879 Long-term loans to a related party 12 6,982,835 Property, plant and equipment 14 1,543,084 Right-of-use assets 15 94,188 Intangible assets 113,617 Deferred tax assets 264,390 Rights to receive reimbursement from decommissioning funds 18,472 Derivative assets 8 37,668 Other non-current financial assets 46 Other non-current assets 14,178 Total non-current assets 12,414,934 Total assets 13,695,994 Unit: Thousand US Dollar 5
Page 14
The condensed notes to the interim financial information are an integral part of this interim financial information. 6
Page 15
Unaudited 30 June Notes 2025 Liabilities and equity Current liabilities Trade and other current payables 286,533 Current portion of lease liabilities 17 56,349 Current corporate income tax payable 176,001 Other current provisions 30,421 Derivative liabilities 8 7,662 Other current liabilities 30,783 Total current liabilities 587,749 Non-current liabilities Debentures 17 534,267 Lease liabilities 17 52,506 Deferred tax liabilities 4,586 Non-current provision for employee benefits 131,232 Non-current provision for decommissioning costs 18 1,001,304 Non-current provision for remuneration for renewal of petroleum production 12,606 Other non-current liabilities 11,513 Total non-current liabilities 1,748,014 Total liabilities 2,335,763 PTT Exploration and Production Public Company Limited Statement of Financial Position As at 30 June 2025 Unit: Thousand US Dollar 7
Page 16
The condensed notes to the interim financial information are an integral part of this interim financial information. 8
Page 17
Unaudited 30 June 2025 Liabilities and equity (continued) Equity Share capital Authorised share capital Ordinary shares, 3,969,985,400 shares at par value of Baht 1 each Issued and paid-up share capital Ordinary shares, 3,969,985,400 shares paid-up at Baht 1 each 150,684 Share premium 3,439,037 Retained earnings Appropriated Legal reserve 15,048 Reserve for expansion 431,231 Unappropriated 7,300,074 Other components of equity 24,157 Total equity 11,360,231 Total liabilities and equity 13,695,994 PTT Exploration and Production Public Company Limited Statement of Financial Position As at 30 June 2025 Unit: Thousand US Dollar 9
Page 18
The condensed notes to the interim financial information are an integral part of this interim financial information. 10
Page 19
Audited Unaudited Audited 31 December 30 June 31 December 2024 2025 2024 767,600 1,346,418 26,089,062 662,565 13,646,358 22,519,134 35,037 18,884,147 1,190,824 125,210 3,558,054 4,255,602 21,354 584,096 725,771 6,464 42,629 219,712 87,299 3,644,916 2,967,100 1,705,529 41,706,618 57,967,205 25,577 832,707 869,321 3,320,879 108,115,607 112,869,455 6,982,835 227,335,418 237,331,368 1,512,366 50,237,130 51,402,018 116,299 3,066,410 3,952,758 95,550 3,698,967 3,247,537 259,806 8,607,550 8,830,240 14,845 601,394 504,563 17,355 1,226,332 589,844 44 1,500 1,500 14,640 461,568 497,594 12,360,196 404,184,583 420,096,198 14,065,725 445,891,201 478,063,403 Separate financial information Unit: Thousand US Dollar Unit: Thousand Baht 11
Page 20
The condensed notes to the interim financial information are an integral part of this interim financial information. 12
Page 21
Audited Unaudited Audited 31 December 30 June 31 December 2024 2025 2024 349,746 9,328,460 11,887,098 54,145 1,834,503 1,840,275 328,968 5,729,949 11,180,909 36,084 990,402 1,226,428 279 249,459 9,492 37,015 1,002,184 1,258,051 806,237 19,134,957 27,402,253 511,724 17,393,760 17,392,378 74,536 1,709,392 2,533,301 1,111 149,304 37,768 126,625 4,272,432 4,303,726 974,883 32,598,782 33,134,150 15,608 410,415 530,478 10,786 374,804 366,591 1,715,273 56,908,889 58,298,392 2,521,510 76,043,846 85,700,645 Separate financial information Unit: Thousand US Dollar Unit: Thousand Baht 13
Page 22
The condensed notes to the interim financial information are an integral part of this interim financial information. 14
Page 23
Audited Unaudited Audited 31 December 30 June 31 December 2024 2025 2024 3,969,985 3,969,985 150,684 3,969,985 3,969,985 3,439,037 105,417,620 105,417,620 15,048 396,999 396,999 431,231 16,900,000 16,900,000 7,480,054 244,820,787 250,976,606 28,161 (1,658,036) 14,701,548 11,544,215 369,847,355 392,362,758 14,065,725 445,891,201 478,063,403 Separate financial information Unit: Thousand US Dollar Unit: Thousand Baht 15
Page 24
The condensed notes to the interim financial information are an integral part of this interim financial information. 16
Page 25
Note 2025 Revenues Revenue from sales 2,120,215 Revenue from pipeline transportation 30,625 Other income Gain on foreign exchange rates 10,016 Gain on remeasuring of financial instruments 1,964 Interest income 49,741 Other income 41,571 Total revenues 2,254,132 Expenses Operating expenses 378,708 Exploration expenses 40,506 Administrative expenses 125,994 Petroleum royalties 88,792 Depreciation, depletion and amortisation 754,864 Finance costs 97,151 Total expenses 1,486,015 Share of profit of associates and joint ventures 4,777 Profit before income taxes 772,894 Income taxes (365,230) Profit for the period 407,664 Profit (loss) attributable to: Owners of the parent company 407,863 Non-controlling interests (199) 407,664 2025 Earnings per share Basic earnings per share 19 0.11 Unit: Thousand US Dollar PTT Exploration and Production Public Company Limited Statement of Income For the three-month period ended 30 June 2025 Consolidated financial information (Unaudited) Unit: US Dollar 8
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The condensed notes to the interim financial information are an integral part of this interim financial information. 9
Page 27
2025 Profit for the period 407,664 Other comprehensive income (expense) Items that will be reclassified subsequently to profit or loss Currency translation differences 1,360 Gain on remeasuring of financial assets 84 Changes in hedging reserves (8,877) Income taxes relating to changes in hedging reserves 3,341 Share of other comprehensive income (expense) of associates and joint ventures 22,819 Total items that will be reclassified subsequently to profit or loss 18,727 Items that will not be reclassified subsequently to profit or loss Currency translation differences - Gain (loss) on remeasuring of financial assets 2 Gain from changes in actuarial assumptions of provision for employee benefits 941 Total items that will not be reclassified subsequently to profit or loss 943 Other comprehensive income (expense) for the period - net of tax 19,670 Total comprehensive income (expense) for the period 427,334 Total comprehensive income (expense) attributable to: Owners of the parent company 427,226 Non-controlling interests 108 427,334 Consolidated financial information (Unaudited) Unit: Thousand US Dollar PTT Exploration and Production Public Company Limited Statement of Comprehensive Income For the three-month period ended 30 June 2025 10
Page 28
The condensed notes to the interim financial information are an integral part of this interim financial information. 11
Page 29
2024 2025 2024 2,257,467 70,170,145 82,869,156 40,881 1,009,590 1,500,492 799 324,197 30,494 13,964 82,117 512,850 66,399 1,647,297 2,437,484 32,171 1,379,233 1,181,105 2,411,681 74,612,579 88,531,581 309,718 12,529,004 11,370,002 26,601 1,335,074 976,105 111,533 4,173,122 4,094,208 104,226 2,934,262 3,825,840 716,250 24,974,289 26,291,960 87,501 3,215,801 3,211,841 1,355,829 49,161,552 49,769,956 5,475 156,325 201,009 1,061,327 25,607,352 38,962,634 (408,277) (12,098,652) (14,988,447) 653,050 13,508,700 23,974,187 653,145 13,515,258 23,977,675 (95) (6,558) (3,488) 653,050 13,508,700 23,974,187 2024 2025 2024 0.17 3.41 6.04 Unit: Thousand US Dollar Unit: Thousand Baht Consolidated financial information (Unaudited) Unit: US Dollar Unit: Baht 12
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The condensed notes to the interim financial information are an integral part of this interim financial information. 13
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2024 2025 2024 653,050 13,508,700 23,974,187 (492) (6,252,372) 1,309,886 - 2,770 - (7,431) (295,046) (272,264) 427 111,269 15,498 (2,438) 767,259 (89,669) (9,934) (5,666,120) 963,451 - (15,402,296) 3,841,416 (1) 65 (15) 962 30,707 35,317 961 (15,371,524) 3,876,718 (8,973) (21,037,644) 4,840,169 644,077 (7,528,944) 28,814,356 644,206 (7,521,198) 28,816,414 (129) (7,746) (2,058) 644,077 (7,528,944) 28,814,356 Consolidated financial information (Unaudited) Unit: Thousand US Dollar Unit: Thousand Baht 14
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The condensed notes to the interim financial information are an integral part of this interim financial information. 15
Page 33
Notes 2025 Revenues Revenue from sales 4,184,017 Revenue from pipeline transportation 62,610 Other income Gain on foreign exchange rates 1,814 Gain on remeasuring of financial instruments 6,573 Interest income 103,790 Other income 72,194 Total revenues 4,430,998 Expenses Operating expenses 734,836 Exploration expenses 48,960 Administrative expenses 251,496 Petroleum royalties 183,889 Depreciation, depletion and amortisation 1,435,575 Other expenses Loss on foreign exchange rates - Finance costs 193,895 Total expenses 2,848,651 Share of profit of associates and joint ventures 18,535 Profit before income taxes 1,600,882 Income taxes 21 (705,767) Profit for the period 895,115 Profit (loss) attributable to: Owners of the parent company 895,402 Non-controlling interests (287) 895,115 2025 Earnings per share Basic earnings per share 19 0.23 Unit: Thousand US Dollar PTT Exploration and Production Public Company Limited Statement of Income For the six-month period ended 30 June 2025 Consolidated financial information (Unaudited) Unit: US Dollar 10
Page 34
The condensed notes to the interim financial information are an integral part of this interim financial information. 11
Page 35
2025 Profit for the period 895,115 Other comprehensive income (expense) Items that will be reclassified subsequently to profit or loss Currency translation differences 1,497 Gain on remeasuring of financial assets 246 Changes in hedging reserves (15,566) Income taxes relating to changes in hedging reserves 4,820 Share of other comprehensive income (expense) of associates and joint ventures 25,294 Total items that will be reclassified subsequently to profit or loss 16,291 Items that will not be reclassified subsequently to profit or loss Currency translation differences - Gain (loss) on remeasuring of financial assets 2 Share of other comprehensive expense of associates - Income taxes relating to share of other comprehensive expense of associates - Gain from changes in actuarial assumptions of provision for employee benefits 941 Total items that will not be reclassified subsequently to profit or loss 943 Other comprehensive income (expense) for the period - net of tax 17,234 Total comprehensive income for the period 912,349 Total comprehensive income (expense) attributable to: Owners of the parent company 912,301 Non-controlling interests 48 912,349 Consolidated financial information (Unaudited) Unit: Thousand US Dollar PTT Exploration and Production Public Company Limited Statement of Comprehensive Income For the six-month period ended 30 June 2025 12
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The condensed notes to the interim financial information are an integral part of this interim financial information. 13
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2024 2025 2024 4,350,949 140,249,436 157,557,644 70,298 2,096,099 2,549,224 - 46,862 - 2,132 236,929 86,894 123,099 3,482,337 4,461,166 61,658 2,419,178 2,232,379 4,608,136 148,530,841 166,887,307 609,328 24,620,413 22,059,781 72,900 1,621,273 2,635,602 216,889 8,434,891 7,852,442 208,134 6,164,145 7,531,385 1,339,495 48,081,436 48,521,968 1,264 - 45,441 172,355 6,500,401 6,237,635 2,620,365 95,422,559 94,884,254 15,656 624,720 563,036 2,003,427 53,733,002 72,566,089 (826,866) (23,666,316) (29,910,410) 1,176,561 30,066,686 42,655,679 1,176,693 30,076,236 42,660,492 (132) (9,550) (4,813) 1,176,561 30,066,686 42,655,679 2024 2025 2024 0.30 7.58 10.75 Unit: Thousand US Dollar Unit: Thousand Baht Consolidated financial information (Unaudited) Unit: US Dollar Unit: Baht 14
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The condensed notes to the interim financial information are an integral part of this interim financial information. 15
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2024 2025 2024 1,176,561 30,066,686 42,655,679 (3,668) (6,527,107) 8,242,887 - 8,241 - 24,737 (526,285) 873,450 (7,227) 162,205 (257,265) (8,473) 855,196 (303,896) 5,369 (6,027,750) 8,555,176 - (16,223,283) 29,932,996 (13) 69 (741) (45) - (1,626) 9 - 325 962 30,707 35,317 913 (16,192,507) 29,966,271 6,282 (22,220,257) 38,521,447 1,182,843 7,846,429 81,177,126 1,183,220 7,856,719 81,180,630 (377) (10,290) (3,504) 1,182,843 7,846,429 81,177,126 Consolidated financial information (Unaudited) Unit: Thousand US Dollar Unit: Thousand Baht 16
Page 40
The condensed notes to the interim financial information are an integral part of this interim financial information. 17
Page 41
Note 2025 Revenues Revenue from sales 494,126 Other income Gain on foreign exchange rates - Gain on remeasuring of financial instruments 1,188 Interest income 101,590 Other income 51,822 Dividend income from related parties 1,749 Total revenues 650,475 Expenses Operating expenses 59,826 Exploration expenses - Administrative expenses 110,941 Petroleum royalties 58,434 Depreciation, depletion and amortisation 96,707 Other expenses Loss on foreign exchange rates 9,570 Finance costs 20,841 Total expenses 356,319 Profit before income taxes 294,156 Income taxes (101,593) Profit for the period 192,563 2025 Earnings per share Basic earnings per share 19 0.05 Unit: Thousand US Dollar PTT Exploration and Production Public Company Limited Statement of Income For the three-month period ended 30 June 2025 Separate financial information (Unaudited) Unit: US Dollar 12
Page 42
The condensed notes to the interim financial information are an integral part of this interim financial information. 13
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2025 Profit for the period 192,563 Other comprehensive income (expense) Items that will be reclassified subsequently to profit or loss Changes in hedging reserves (3,752) Income taxes relating to changes in hedging reserves 1,910 Total items that will be reclassified subsequently to profit or loss (1,842) Items that will not be reclassified subsequently to profit or loss Currency translation differences - Gain (loss) on remeasuring of financial assets 2 Total items that will not be reclassified subsequently to profit or loss 2 Other comprehensive income (expense) for the period - net of tax (1,840) Total comprehensive income (expense) for the period 190,723 Separate financial information (Unaudited) Unit: Thousand US Dollar PTT Exploration and Production Public Company Limited Statement of Comprehensive Income For the three-month period ended 30 June 2025 14
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The condensed notes to the interim financial information are an integral part of this interim financial information. 15
Page 45
2024 2025 2024 536,605 16,353,917 19,700,175 13,913 - 512,376 2,554 45,636 93,615 125,757 3,363,789 4,615,993 52,859 1,716,230 1,939,877 27,501 57,610 1,009,308 759,189 21,537,182 27,871,344 49,352 1,981,006 1,811,984 13 - 467 104,625 3,674,199 3,840,006 63,798 1,933,516 2,341,757 99,319 3,201,456 3,646,043 - 324,554 - 28,315 689,892 1,039,214 345,422 11,804,623 12,679,471 413,767 9,732,559 15,191,873 (104,664) (3,363,007) (3,843,028) 309,103 6,369,552 11,348,845 2024 2025 2024 0.08 1.60 2.86 Unit: Thousand US Dollar Unit: Thousand Baht Separate financial information (Unaudited) Unit: US Dollar Unit: Baht 16
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The condensed notes to the interim financial information are an integral part of this interim financial information. 17
Page 47
2024 2025 2024 309,103 6,369,552 11,348,845 (5,357) (126,080) (196,506) 651 63,996 23,794 (4,706) (62,084) (172,712) - (15,402,296) 3,841,416 - 65 (15) - (15,402,231) 3,841,401 (4,706) (15,464,315) 3,668,689 304,397 (9,094,763) 15,017,534 Separate financial information (Unaudited) Unit: Thousand US Dollar Unit: Thousand Baht 18
Page 48
The condensed notes to the interim financial information are an integral part of this interim financial information. 19
Page 49
Notes 2025 Revenues Revenue from sales 994,927 Other income Gain on foreign exchange rates - Interest income 205,649 Other income 104,975 Dividend income from related parties 17,049 Total revenues 1,322,600 Expenses Operating expenses 110,515 Exploration expenses 22 Administrative expenses 217,860 Petroleum royalties 122,426 Depreciation, depletion and amortisation 187,478 Other expenses Loss on foreign exchange rates 11,384 Loss on remeasuring of financial instruments 1,665 Finance costs 41,669 Total expenses 693,019 Profit before income taxes 629,581 Income taxes 21 (206,544) Profit for the period 423,037 2025 Earnings per share Basic earnings per share 19 0.11 Unit: Thousand US Dollar PTT Exploration and Production Public Company Limited Statement of Income For the six-month period ended 30 June 2025 Separate financial information (Unaudited) Unit: US Dollar 14
Page 50
The condensed notes to the interim financial information are an integral part of this interim financial information. 15
Page 51
2025 Profit for the period 423,037 Other comprehensive income (expense) Items that will be reclassified subsequently to profit or loss Changes in hedging reserves (6,693) Income taxes relating to changes in hedging reserves 2,687 Total items that will be reclassified subsequently to profit or loss (4,006) Items that will not be reclassified subsequently to profit or loss Currency translation differences - Gain (loss) on remeasuring of financial assets 2 Total items that will not be reclassified subsequently to profit or loss 2 Other comprehensive income (expense) for the period - net of tax (4,004) Total comprehensive income (expense) for the period 419,033 Separate financial information (Unaudited) Unit: Thousand US Dollar PTT Exploration and Production Public Company Limited Statement of Comprehensive Income For the six-month period ended 30 June 2025 16
Page 52
The condensed notes to the interim financial information are an integral part of this interim financial information. 17
Page 53
2024 2025 2024 1,039,488 33,354,981 37,651,282 25,164 - 910,057 251,530 6,897,245 9,100,844 104,082 3,520,887 3,768,121 52,114 574,979 1,894,058 1,472,378 44,348,092 53,324,362 97,485 3,701,655 3,529,434 35 736 1,264 199,592 7,304,277 7,227,879 130,834 4,106,724 4,731,931 201,360 6,282,074 7,284,775 - 387,304 - 11,498 51,115 411,475 54,111 1,397,091 1,959,387 694,915 23,230,976 25,146,145 777,463 21,117,116 28,178,217 (226,264) (6,927,131) (8,177,843) 551,199 14,189,985 20,000,374 2024 2025 2024 0.14 3.57 5.04 Unit: Thousand US Dollar Unit: Thousand Baht Separate financial information (Unaudited) Unit: US Dollar Unit: Baht 18
Page 54
The condensed notes to the interim financial information are an integral part of this interim financial information. 19
Page 55
2024 2025 2024 551,199 14,189,985 20,000,374 10,545 (227,240) 370,667 (5,204) 90,870 (184,960) 5,341 (136,370) 185,707 - (16,223,283) 29,932,996 (3) 69 (115) (3) (16,223,214) 29,932,881 5,338 (16,359,584) 30,118,588 556,537 (2,169,599) 50,118,962 Separate financial information (Unaudited) Unit: Thousand US Dollar Unit: Thousand Baht 20
Page 56
The condensed notes to the interim financial information are an integral part of this interim financial information. 21
Page 57
Issued and Currency Remeasuring Cash flow paid-up Share Legal Reserve for translation of financial hedge Note share capital premium reserve expansion Unappropriated differences assets reserve Balance as at 1 January 2024 150,684 3,439,037 15,048 431,231 10,531,354 1,559 (452) 22,807 Changes in equity for the period Increase in share capital of a subsidiary - - - - - - - - Dividends paid - - - - (585,644) - - - Profit (loss) for the period - - - - 1,176,693 - - - Other comprehensive income (expense) for the period - - - - 468 (3,423) 445 17,510 Balance as at 30 June 2024 150,684 3,439,037 15,048 431,231 11,122,871 (1,864) (7) 40,317 Balance as at 1 January 2025 150,684 3,439,037 15,048 431,231 11,677,291 991 (4) 57,311 Changes in equity for the period Dividends paid 20 - - - - (603,017) - - - Profit (loss) for the period - - - - 895,402 - - - Other comprehensive income (expense) for the period - - - - 941 1,162 248 (10,746) Balance as at 30 June 2025 150,684 3,439,037 15,048 431,231 11,970,617 2,153 244 46,565 The condensed notes to the interim financial information are an integral part of this interim financial information. Other comprehensive income (expense) Retained earnings PTT Exploration and Production Public Company Limited Statement of Changes in Equity Consolidated financial information (Unaudited) Attributable to owners of the parent Other components of equity For the six-month period ended 30 June 2025 16
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Issued and Currency Remeasuring Cash flow paid-up Share Legal Reserve for translation of financial hedge Note share capital premium reserve expansion Unappropriated differences assets reserve Balance as at 1 January 2024 3,969,985 105,417,620 396,999 16,900,000 349,691,132 21,986,967 (16,332) 1,016,656 Changes in equity for the period Increase in share capital of a subsidiary - - - - - - - - Dividends paid - - - - (20,840,159) - - - Profit (loss) for the period - - - - 42,660,492 - - - Other comprehensive income (expense) for the period - - - - 17,179 38,174,574 16,096 616,185 Balance as at 30 June 2024 3,969,985 105,417,620 396,999 16,900,000 371,528,644 60,161,541 (236) 1,632,841 Balance as at 1 January 2025 3,969,985 105,417,620 396,999 16,900,000 389,773,609 17,513,266 (104) 2,184,527 Changes in equity for the period Dividends paid 20 - - - - (20,345,804) - - - Profit (loss) for the period - - - - 30,076,236 - - - Other comprehensive income (expense) for the period - - - - 30,707 (22,749,650) 8,310 (364,080) Balance as at 30 June 2025 3,969,985 105,417,620 396,999 16,900,000 399,534,748 (5,236,384) 8,206 1,820,447 Statement of Changes in Equity For the six-month period ended 30 June 2025 Consolidated financial information (Unaudited) The condensed notes to the interim financial information are an integral part of this interim financial information. Other components of equity Other comprehensive income (expense) Retained earnings Attributable to owners of the parent PTT Exploration and Production Public Company Limited 17
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Unit: Thousand US Dollar Share of other comprehensive income (expense) Total other Total Non- of associates and components owners of controlling Total joint ventures of equity the parent interests equity (997) 22,917 14,590,271 3,398 14,593,669 - - - 4,341 4,341 - - (585,644) - (585,644) - - 1,176,693 (132) 1,176,561 (8,473) 6,059 6,527 (245) 6,282 (9,470) 28,976 15,187,847 7,362 15,195,209 (13,153) 45,145 15,758,436 8,264 15,766,700 - - (603,017) - (603,017) - - 895,402 (287) 895,115 25,294 15,958 16,899 335 17,234 12,141 61,103 16,067,720 8,312 16,076,032 Other comprehensive income (expense) Consolidated financial information (Unaudited) Other components of equity 18
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Unit: Thousand Baht Share of other comprehensive income (expense) Total other Total Non- of associates and components owners of controlling Total joint ventures of equity the parent interests equity (36,526) 22,950,765 499,326,501 116,309 499,442,810 - - - 158,509 158,509 - - (20,840,159) - (20,840,159) - - 42,660,492 (4,813) 42,655,679 (303,896) 38,502,959 38,520,138 1,309 38,521,447 (340,422) 61,453,724 559,666,972 271,314 559,938,286 (561,087) 19,136,602 535,594,815 280,888 535,875,703 - - (20,345,804) - (20,345,804) - - 30,076,236 (9,550) 30,066,686 855,196 (22,250,224) (22,219,517) (740) (22,220,257) 294,109 (3,113,622) 523,105,730 270,598 523,376,328 Consolidated financial information (Unaudited) Other components of equity Other comprehensive income (expense) 19
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Issued and paid-up Share Legal Reserve for Note share capital premium reserve expansion Balance as at 1 January 2024 150,684 3,439,037 15,048 431,231 Changes in equity for the period Dividends paid - - - - Profit for the period - - - - Other comprehensive income (expense) for the period - - - - Balance as at 30 June 2024 150,684 3,439,037 15,048 431,231 Balance as at 1 January 2025 150,684 3,439,037 15,048 431,231 Changes in equity for the period Dividends paid 20 - - - - Profit for the period - - - - Other comprehensive income (expense) for the period - - - - Balance as at 30 June 2025 150,684 3,439,037 15,048 431,231 Retained earnings PTT Exploration and Production Public Company Limited Statement of Changes in Equity For the six-month period ended 30 June 2025 Separate financial information (Unaudited) 18
Page 62
The condensed notes to the interim financial information are an integral part of this interim financial information. 19
Page 63
Unit: Thousand US Dollar Remeasuring Cash flow Total other of financial hedge component Total Unappropriated assets reserve of equity equity 7,500,990 (4) 19,295 19,291 11,556,281 (585,644) - - - (585,644) 551,199 - - - 551,199 - (3) 5,341 5,338 5,338 7,466,545 (7) 24,636 24,629 11,527,174 7,480,054 (4) 28,165 28,161 11,544,215 (603,017) - - - (603,017) 423,037 - - - 423,037 - 2 (4,006) (4,004) (4,004) 7,300,074 (2) 24,159 24,157 11,360,231 Retained earnings income (expense) Other component of equity Other comprehensive Separate financial information (Unaudited) 20
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21
Page 65
For the six-month period ended 30 June 2025 Issued and paid-up Share Legal Reserve for Note share capital premium reserve expansion Unappropriated Balance as at 1 January 2024 3,969,985 105,417,620 396,999 16,900,000 252,272,599 Changes in equity for the period Dividends paid - - - - (20,840,159) Profit for the period - - - - 20,000,374 Other comprehensive income (expense) for the period - - - - - Balance as at 30 June 2024 3,969,985 105,417,620 396,999 16,900,000 251,432,814 Balance as at 1 January 2025 3,969,985 105,417,620 396,999 16,900,000 250,976,606 Changes in equity for the period Dividends paid 20 - - - - (20,345,804) Profit for the period - - - - 14,189,985 Other comprehensive income (expense) for the period - - - - - Balance as at 30 June 2025 3,969,985 105,417,620 396,999 16,900,000 244,820,787 Retained earnings Separate financial information (Unaudited) PTT Exploration and Production Public Company Limited Statement of Changes in Equity 19
Page 66
The condensed notes to the interim financial information are an integral part of this interim financial information. 20
Page 67
Unit: Thousand Baht Currency Remeasuring Cash flow Total other translation of financial hedge components Total differences assets reserve of equity equity 15,799,208 (121) 737,238 16,536,325 395,493,528 - - - - (20,840,159) - - - - 20,000,374 29,932,996 (115) 185,707 30,118,588 30,118,588 45,732,204 (236) 922,945 46,654,913 424,772,331 13,674,593 (104) 1,027,059 14,701,548 392,362,758 - - - - (20,345,804) - - - - 14,189,985 (16,223,283) 69 (136,370) (16,359,584) (16,359,584) (2,548,690) (35) 890,689 (1,658,036) 369,847,355 Other comprehensive income (expense) Other components of equity Separate financial information (Unaudited) 21
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22
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2025 Cash flows from operating activities Profit before income taxes 1,600,882 Adjustments for: Share of profit of associates and joint ventures (18,535) Depreciation, depletion and amortisation 1,435,575 Write-off of exploration expenses 45,595 Other amortised expenses 4,954 Write-off of assets 1,360 Loss (gain) on remeasuring of financial instruments 13,129 (Gain) loss on foreign exchange rates (5,042) Interest income (103,790) Finance costs 191,006 Other income and expenses 4,213 Cash flows before changes in working capital 3,169,347 Changes in working capital Trade and other current receivables 105,713 Inventories 35,203 Other current assets 10,998 Rights to receive reimbursement from decommissioning funds (23,206) Other non-current assets (6,710) Trade and other current payables (206,293) Other current liabilities (60,495) Provisions (53,729) Other non-current liabilities 362 Net cash provided by operating activities 2,971,190 Interest received from bank deposits 70,347 Cash paid for income taxes (1,045,778) Net cash flows provided by operating activities 1,995,759 The condensed notes to the interim financial information are an integral part of this interim financial information. PTT Exploration and Production Public Company Limited Statement of Cash Flows For the six-month period ended 30 June 2025 Consolidated financial information (Unaudited) Unit: Thousand US Dollar 20
Page 70
2025 Cash flows from investing activities Cash paid for short-term investments (180,000) Cash received from short-term investments 205,852 Cash paid for other non-current financial assets (382) Cash received from other non-current financial assets - Net cash received from financial derivative contracts 89 Cash paid for short-term loans to related parties (149) Cash received from short-term loans to related parties 18,705 Cash received from long-term loans to a related party 4,453 Cash paid for long-term loans (14,770) Dividend received from related parties 7,413 Cash paid for investments in an associate and joint ventures (446) Interest received from short-term investments 4,133 Interest received from loans to related parties - Net cash paid for acquisition of assets (44,046) Cash received from acquisition of assets 48,578 Net cash paid for disposal of investment in an associate (673) Cash received from disposal of investment in an associate 2,453 Increase in property, plant and equipment (1,566,874) Increase in intangible assets (41,523) Increase in exploration and evaluation assets (51,950) Net cash flows used in investing activities (1,609,137) Cash flows from financing activities Cash paid for lease liabilities (181,303) Interest paid (74,360) Cash received from issuance of subsidiaries’ share capital - Dividends paid (603,017) Net cash flows used in financing activities (858,680) Net decrease in cash and cash equivalents (472,058) Cash and cash equivalents at the beginning of the period 3,938,163 Adjustment for the impact of exchange rate changes 16,780 Cash and cash equivalents at the end of the period 3,482,885 Significant non-cash transactions Outstanding payable from purchases of assets 821,236 Increase in right-of-use assets 272,612 PTT Exploration and Production Public Company Limited Statement of Cash Flows For the six-month period ended 30 June 2025 Consolidated financial information (Unaudited) Unit: Thousand US Dollar 21
Page 71
The condensed notes to the interim financial information are an integral part of this interim financial information. 22
Page 72
2024 2025 2024 2,003,427 53,733,002 72,566,089 (15,656) (624,720) (563,036) 1,339,495 48,081,436 48,521,968 49,267 1,508,048 1,792,788 4,646 166,207 168,064 1,672 45,654 58,925 (11,113) 434,084 (408,510) 13,173 (169,003) 476,518 (123,099) (3,482,337) (4,461,166) 169,246 6,403,740 6,125,082 8,068 138,912 291,832 3,439,126 106,235,023 124,568,554 289,964 3,543,332 10,488,693 6,405 1,179,942 231,678 (42,143) 368,628 (1,524,430) (10,337) (777,824) (373,920) (15,134) (224,908) (547,428) 48,081 (6,914,628) 1,739,204 26,657 (2,027,700) 964,277 (36,511) (1,800,928) (1,320,702) 6,336 12,115 229,178 3,712,444 99,593,052 134,455,104 110,048 2,357,936 3,980,698 (921,859) (35,052,864) (33,345,834) 2,900,633 66,898,124 105,089,968 The condensed notes to the interim financial information are an integral part of this interim financial information. Consolidated financial information (Unaudited) Unit: Thousand US Dollar Unit: Thousand Baht 23
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2024 2025 2024 (50,288) (6,033,324) (1,819,022) 170,000 6,899,830 6,149,305 (175) (12,815) (6,332) 812 - 29,388 981 2,983 35,484 (17,134) (5,004) (619,768) 1,250 626,971 45,215 - 149,258 - (584,028) (495,081) (21,125,700) 26,340 248,481 952,785 (94,213) (14,936) (3,407,910) 4,708 138,525 170,285 43 - 1,564 (531,310) (1,476,350) (19,218,750) - 1,628,266 - - (22,563) - - 82,222 - (1,231,575) (52,519,215) (44,548,990) (9,148) (1,391,771) (330,922) (37,859) (1,741,280) (1,369,465) (2,351,596) (53,935,803) (85,062,833) (134,445) (6,076,975) (4,863,184) (69,698) (2,492,444) (2,521,153) 4,341 - 158,509 (585,644) (20,345,804) (20,840,159) (785,446) (28,915,223) (28,065,987) (236,409) (15,952,902) (8,038,852) 4,018,959 133,849,584 137,541,856 (31,329) (4,506,772) 8,728,183 3,751,221 113,389,910 138,231,187 637,963 27,526,588 23,076,646 155,634 9,137,540 5,629,641 Consolidated financial information (Unaudited) Unit: Thousand US Dollar Unit: Thousand Baht 24
Page 74
The condensed notes to the interim financial information are an integral part of this interim financial information. 25
Page 75
PTT Exploration and Production Public Company Limited Statement of Cash Flows For the six-month period ended 30 June 2025 2025 Cash flows from operating activities Profit before income taxes 629,581 Adjustments for: Depreciation, depletion and amortisation 187,478 Write-off of exploration expenses - Other amortised expenses 1,302 Write-off of assets 1,145 Loss (gain) on remeasuring financial instruments 5,910 Dividend income from related parties (17,049) Gain on foreign exchange rates (8,464) Interest income (205,649) Finance costs 41,467 Other income and expenses 7,308 Cash flows before changes in working capital 643,029 Changes in working capital Trade and other current receivables 18,738 Inventories 10,682 Other current assets (24,351) Rights to receive reimbursement from decommissioning funds (2,990) Other non-current assets (26) Trade and other current payables (50,596) Other current liabilities (6,357) Provisions (9,217) Other non-current liabilities (7,656) Net cash provided by operating activities 571,256 Interest received from bank deposits 8,558 Cash paid for income taxes (355,158) Net cash flows provided by operating activities 224,656 The condensed notes to the interim financial information are an integral part of this interim financial information. Separate financial information (Unaudited) Unit: Thousand US Dollar 22
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2025 Cash flows from investing activities Cash paid for short-term investments - Cash received from short-term investments - Cash paid for short-term loans to a related party (538,935) Cash paid for investments in subsidiaries - Dividend received from related parties 17,049 Interest received from short-term investments - Interest received from loans to a related party 426,034 Increase in property, plant and equipment (194,257) Increase in intangible assets (25,498) Net cash flows (used in) provided by investing activities (315,607) Cash flows from financing activities Cash received from short-term loans from a related party - Cash paid for lease liabilities (23,370) Interest paid (15,045) Dividends paid (603,017) Net cash flows used in financing activities (641,432) Net (decrease) increase in cash and cash equivalents (732,383) Cash and cash equivalents at the beginning of the period 767,600 Adjustment for the impact of exchange rate changes 6,140 Cash and cash equivalents at the end of the period 41,357 Significant non-cash transactions Outstanding payable from purchases of assets 141,225 Increase in right-of-use assets 2,540 The condensed notes to the interim financial information are an integral part of this interim financial information. Separate financial information (Unaudited) Unit: Thousand US Dollar PTT Exploration and Production Public Company Limited Statement of Cash Flows For the six-month period ended 30 June 2025 23
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2024 2025 2024 777,463 21,117,116 28,178,217 201,360 6,282,074 7,284,775 - - 4 1,121 43,632 40,564 347 38,022 12,745 (8,902) 199,014 (332,970) (52,114) (574,979) (1,894,058) (1,934) (283,692) (69,962) (251,530) (6,897,245) (9,100,844) 53,969 1,390,346 1,954,200 4,988 243,486 180,417 724,768 21,557,774 26,253,088 35,352 628,085 1,278,764 2,167 358,071 78,363 (14,947) (816,206) (540,654) (2,917) (100,232) (105,499) (975) (865) (35,280) (13,566) (1,695,892) (490,731) (675) (213,117) (24,420) (13,199) (308,965) (477,439) (9,785) (256,634) (353,925) 706,223 19,152,019 25,582,267 40,702 286,863 1,472,303 (264,736) (11,904,360) (9,576,124) 482,189 7,534,522 17,478,446 The condensed notes to the interim financial information are an integral part of this interim financial information. Separate financial information (Unaudited) Unit: Thousand US Dollar Unit: Thousand Baht 24
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2024 2025 2024 (20,288) - (733,851) 170,000 - 6,149,305 - (18,064,283) - (110,315) - (3,990,337) 52,114 574,979 1,894,058 4,708 - 170,285 393,815 14,280,021 14,245,230 (139,865) (6,511,219) (5,059,251) (4,397) (854,644) (159,060) 345,772 (10,575,146) 12,516,379 71,968 - 2,603,242 (18,253) (783,330) (660,258) (28,228) (504,272) (1,021,057) (585,644) (20,345,804) (20,840,159) (560,157) (21,633,406) (19,918,232) 267,804 (24,674,030) 10,076,593 954,109 26,089,062 32,652,711 (4,496) (68,614) 2,132,086 1,217,417 1,346,418 44,861,390 90,153 4,733,632 3,261,049 8,360 85,133 302,391 The condensed notes to the interim financial information are an integral part of this interim financial information. Separate financial information (Unaudited) Unit: Thousand US Dollar Unit: Thousand Baht 25