SET-listed PTT Exploration and Production Plc (PTTEP) posted a third-quarter net profit of US$315 million (10.4 billion baht), bouncing back from a year-earlier loss.
The oil and gas drilling firm posted a net loss of $264 million in last year's third quarter.
Chief executive Phongsthorn Thavisin attributed the improved result to a higher average sales price in line with rallying global oil prices, as well as rising sales volume, mainly from additional stakes in the Bongkot gas field.
"PTTEP recorded an average sales price of $47.67 per barrel of oil equivalent for the third quarter, compared with $38.78 in the same period last year," he said. "Sales volume for the period also increased, with average sales volume of 304,940 barrels of oil equivalent per day, up from 298,139 BOED in the third quarter last year."
Mr Phongsthorn said PTTEP generated revenue of $3.96 billion in the first nine months of 2018, up 22% from $3.25 billion in the same period last year.
Net profit for the first nine months also jumped to $851 million, compared with $305 million in the year-earlier period.
Mr Phongsthorn said PTTEP is accelerating its final investment decisions, focusing on merger and acquisition (M&A) assets across Asia-Pacific.
"M&A opportunities can expand our investment in new businesses that can foster long-term and sustainable growth," he said.
As of September, the company generated operating cash flow of $2.26 billion, while its debt-to-equity ratio stood at 0.17.
Mr Phongsthorn said PTTEP can now accommodate investment plans, including expenses for development of key projects in its portfolio, targeting M&A deals and new business opportunities because of the firm's robust financial results.
PTTEP purchased additional stakes in the Bongkot gas field from Shell, yielding higher sales volume and immediate cash flow.
"We prioritised investment in strategic areas through M&A and exploration of new blocks in petroleum-productive areas in both the Middle East and Southeast Asia," Mr Phongsthorn said.
PTTEP is a bidder in the auctions for the Erawan and Bongkot gas fields, a partnership with Mubadala Petroleum Thailand Co. Mubadala joined the bidding for Erawan only.
The announcement of the winning bidders is expected in December.
PTTEP and its partners are also accelerating the final investment decision on Mozambique Rovuma Offshore Area 1.
The project is making progress, including construction of an onshore liquefied natural gas (LNG) liquefaction plant and the close of a sale and purchase agreement with Tohoku Electric Power for 280,000 tonnes a year.
The final decision is expected in the first half of next year, while the first LNG shipments are to commence in 2023.
