Thailand's dominant energy group: national gas pipelines & LNG import terminals, ~65% of PTTEP (upstream), refining (TOP/IRPC/PTTGC) and retail via OR; a gas-utility-plus-integrated model.
State-controlled (~51%) with regulated gas and refining/petrochem cyclicality; a high dividend. Flags: gas-utility/downstream-heavy structure, so upstream is a minority of value.
Its EV/EBITDA of 7.0x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 13.4% is higher than the 6.5% median, and at $34.02/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, PTT PCL scores 37/100, strongest on valuation (55/100). Sub-scores: value 55, quality 22, growth 45, risk 71 (higher = riskier).
PTT PCL holds approximately 1.84 billion boe of proved (1P) reserves with FY2025 production of about 510 thousand boe/d (24% liquids), a reserve life of roughly 9.9 years. Break-even: n/a (gas-utility + integrated; upstream via PTTEP) — PTT is a gas-dominated integrated; earnings are driven by regulated gas midstream, refining/petrochem and its ~65% PTTEP upstream stake.
For PTT PCL, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Thailand | 75% | 55 | Stable output; mature Gulf fields, periodic political unrest. |
| Other SE Asia / Africa | 15% | 50 | diversified/unspecified exposure — universe-average proxy |
| Myanmar | 10% | 98 | Post-coup sanctions, conflict, majors exiting, sanctions risk. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Domestic gas pipelines & LNG terminals | Thailand | Gas midstream | national gas backbone |
| PTTEP upstream (~65%) | Thailand/SE Asia | Upstream | Gulf of Thailand, Myanmar, Mozambique |
| Refining (TOP, IRPC) | Thailand | Downstream | refineries |
| Petrochemicals (PTTGC) | Thailand | Chemicals | olefins/aromatics |
| OR (retail) | Thailand | Marketing | fuel & non-oil retail |
| Mozambique LNG (via PTTEP) | Mozambique | LNG | via PTTEP |
| Gas separation plants | Thailand | Gas processing | GSPs |
| LNG (Nong Fab/Map Ta Phut) | Thailand | LNG import | terminals |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 416 | 468 | 462 | 480 | 510 |
| Proved reserves (bnboe) | 1.30 | 1.20 | 1.15 | 1.20 | 1.84 |
| Revenue ($bn) | 64.0 | 96.0 | 90.0 | 86.0 | 77.2 |
| EBITDA ($bn) | 11.0 | 13.0 | 12.0 | 11.5 | 8.9 |
| Net income ($bn) | 3.1 | 2.6 | 3.2 | 2.6 | 2.6 |
| Free cash flow ($bn) | 2.5 | 3.0 | 4.0 | 3.5 | 3.9 |
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✓ FY2025 figures verified against primary sources: