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PTT Exploration and Production Public Company Limited Management Discussion and Analysis ( MD & A ) for the third quarter of 2021 Executive Summary PTTEP Dubai crude price in Q3 / 2021 had slightly increased to an average of 71.68 USD / barrel , mainly from continuous recovery in crude oil demand following economic stimulus packages and lockdowns relaxation while the demand for natural gas for electricity generation had pushed LNG price to a record high . On the supply side , despite OPEC + plan to boost production , prior slowdown in investment had resulted in many member countries being unable to increase production as per the quota received . Together with lower crude oil production in the Gulf of Mexico due to Hurricane Ida , global demand recovery had outweighed the supply increase and caused global crude oil inventories to fall below 5 - year average . The market expected to see continuing supply deficit in Q4 / 2021 , driving the oil price up further to 75-85 USD per barrel . In this quarter , PTTEP had key activities under the EXECUTE - EXPAND strategy including the Sarawak SK417 , which we previously announced natural gas discovery earlier this year , had started the second exploration well drilling in June 2021 and expected the results in Q4 / 2021 ; the acquisition of additional stake in Algeria Hassi Bir Rekaiz Project from CNOOC was officially approved and announced by the Algerian government in August this year , allowing our holding interest to increase to 49 % . We had also divested investment in Potiguar Project , a small producing oil field in Brazil , as part of portfolio rationalization that aligned with our strategy with completion expected in Q4 / 2021 . With regards to the transition of operations for G1 / 61 Project ( Erawan field ) , the company are still not allowed to access the site to set up wellhead platforms and install pipeline , although the company has accepted all conditions to access the site required by the current concessionaire . This will affect the gas production under the new PSC . The impact is currently being evaluated with remediation plan to compensate potential volume shortfall from other projects . We continuously and closely coordinate with the buyer and government to find minimal impact solution . For G2 / 61 Project ( Bongkot field ) , we have good progress in transition as planned . Regarding non - E & P businesses , we had established subsidiaries to support investment in electricity and renewable energy businesses and had established subsidiaries under Al and Robotics Ventures Company Limited or ARV to support its 4 business units covering Subsea inspection , repair and maintenance , Integrated asset inspection and management service to various industries , Smart farming and smart forestry solution , and Health data network . In Q3 / 2021 , PTTEP reported net income of 292 MMUSD , 32 % increase from the previous quarter . The continuously increasing crude oil price had pushed average selling price higher to 44.25 USD / barrel of oil equivalent ( BOE ) , while average sales volume dropped from lower gas nomination in the Gulf of Thailand due to annual maintenance shutdown . Unit cost rose to 29.39 USD / BOE , mainly from exploration well write - off . Consequently , the profit from normal operation declined to 335 MMUSD while the loss from non - recurring items sharply dropped reflecting lower oil price hedging losses . PTTEP , therefore , reported cash flow from operations for nine - month period of 2,375 MMUSD with the EBITDA margin at 74 % . As at Q3 / 2021 , PTTEP reported total assets of 23,226 MMUSD , of which 2,000 MMUSD was cash on hand , while total liabilities were reported at 11,157 MMUSD , of which 3,888 MMUSD was interest - bearing debt . Total shareholders ' equity stood at 12,069 MMUSD with debt - to - equity ratio at 0.32 , reflecting strong and healthy financial structure . Table of key financial results Q2 Q3 2021 2021 Q3 2020 % % Inc. ( Dec. ) Inc. ( Dec. ) 9M 9M % 2021 2020 Inc. ( Unit : Million US Dollar ) QoQ ΥΟΥ YTD Total Revenue 1,767 1,784 1,305 1 37 5,331 4,082 31 Sales Revenue * 1,729 1,744 1,228 1 42 4,864 3,751 30 EBITDA ** 1,328 1,297 890 ( 2 ) 46 3,665 2,682 37 Profit ( loss ) for the period 222 292 230 32 27 890 639 39 Basic earnings ( loss ) per share ( Unit : US Dollar ) 0.06 0.07 0.06 17 17 0.22 0.16 38 Profit ( loss ) from normal operation 349 335 195 ( 4 ) 72 967 613 58 Profit ( loss ) from non - recurring items ( 127 ) ( 43 ) 35 66 > ( 100 ) ( 77 ) 26 > ( 100 ) * Included deemed income for tax payment by Oman government for Q2 / 2021 , Q3 / 2021 and for the nine - month period ended September 2021 but were excluded in the average sales volume and selling price calculation ** Excluded gain from a bargain purchase of Oman Block 61 Project and partial write - off of exploration and evaluation assets of the exploration project in Brazil for the nine - month period ended September 2021 Executive Summary Economic Outlook Financial Performance Operational Highlights Company Strategy Business Outlook Page | 1