Company report
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22 Pages

PTTEP corporate report


PTTEP corporate report

Report summary

PTTEP's market rating has been hit hard by the fall in oil prices since 2014. The Thai NOC is now one of the most discounted companies in our coverage with an enterprise value that is less than half our commercial asset valuation. PTTEP needs to improve its growth prospects if it is to achieve a market re-rating. In common with many Asian NOCs, it suffers from a maturing domestic portfolio and insufficient exposure to opportunities that could deliver sustained growth. We look at the company's current portfolio and strategic options.

What's included?

This report includes 2 file(s)

  • PTTEP corporate report PDF - 1.06 MB 22 Pages, 8 Tables, 25 Figures
  • PTTEP Corporate Report.xls XLS - 3.11 MB

Description

The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Company report offers thought-provoking insight into corporate financial health, investment strategy and operational outlook supported by our proprietary asset data and energy research experts.

Widely used by both the energy and financial sectors, our report gives you a unique perspective on key strategic and financial challenges, as well as opportunities facing this oil and gas company.

Wood Mackenzie provides an independent evaluation and expert opinion on the operational performance, strategy and future of the world's top oil and gas companies. Our unique, objective analysis helps you understand, validate, compare and challenge market and corporate views so you can assess strategic opportunities.

  • Executive summary
    • Organisational structure
  • Strategy
    • Seeking countercyclical growth
    • Recent strategic moves
    • Current strategic positioning
    • Strategic priorities
      • 1. Maintaining the domestic business
      • 3. Business development/M&A and developing the post-2020 vision
        • Business development/M&A drivers
  • Financial health
    • Financial health overview
      • Cash flow breakeven outlook
      • Net debt and gearing outlook
  • Investment
    • Investment overview
    • Legacy assets
    • Development pipeline
  • Resources, reserves and production
    • Resources and reserves overview
    • Production overview
  • Key success factors
  • Economic assumptions
    • Economic assumptions

In this report there are 33 tables or charts, including:

  • Executive summary
    • SWOT analysis
  • Strategy
    • Relative share price performance
    • Benchmark: market premium/discount to WM NPV,10
    • Strategic fit of upstream regions
    • Benchmarking: production CAGR
    • Benchmarking: % gas production
    • Benchmarking: NPV,10 by resource theme
    • Investment by country
    • Domestic production by asset
    • Domestic capital investment by asset
    • International production by asset
    • International capital investment by asset
    • Thailand total energy demand
    • Thailand gas supply-demand
  • Financial health
    • Cash flow breakevens
    • Benchmarking: upstream cash flow breakevens
    • Evolution of year-end net cash
    • Breakdown of upstream cash flow by country
  • Investment
    • PTTEP: capital investment (2016 to 2020)
    • Top international probable projects by projected capex (to 2020)
  • Resources, reserves and production
    • Reserves and resource detail
    • Benchmarking: reserves and resources detail
    • Benchmarking: reserves and resources life
    • Production outlook
  • Key success factors
    • Key legacy assets by value
    • Key growth assets by value
  • Economic assumptions
    • Base price assumptions (nominal terms)
    • Base price assumptions (nominal terms)
    • Base, high and low Brent (nominal terms)
    • High price assumptions
    • Low price assumptions
    • Value assumptions
    • Foreign exchange rate assumptions
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