Last year saw numerous events causing high volatility in global oil prices. Therefore, PTT Public Company Limited had to adjust its plans to prepare for this year's conditions, including a long-term strategy to transform from non-trending businesses (as the world shifts toward clean energy and sustainability) to maintain continuous growth.
Dr. Kongkapan Intarajang, Chief Executive Officer and President of PTT Public Company Limited. He stated that 2025 was filled with volatility, including geopolitical tensions, tariff policies, and fluctuating energy prices, all of which pose risks to business operations in 2026. Thus, PTT must adapt to external factors and continuously restructure its business to generate new sources of revenue.
In 2026, sales volume across all business segments is expected to increase, including gas, petroleum exploration and production, among others. Although oil prices remain unpredictable due to global uncertainties, PTT aims to increase sales volume to boost profits, believing that the main growth driver will come from upstream to downstream businesses.
However, the company will focus on continuous business enhancement, targeting EBITDA (earnings before interest, taxes, depreciation, and amortization) growth through Profit Enhancement projects. The short-term plans for this year include:
- Project P1 aims for 3,244 million baht.
- Domestic Products Management (D1) project targets 1,035 million baht.
- Mission X project aims for 20,000 million baht.
- AXIS project targets 2,000 million baht.
Cash flow is expected to reach 100 billion baht, following 17 billion baht achieved in 2025.
Although traditional energy businesses, the company’s core, may not align with global trends, restructuring does not necessarily mean creating new businesses; it could involve transforming existing ones. PTT's infrastructure group is seeking new partners to create synergies. Discussions are underway, and clarity is expected within 2026 regarding the petroleum and refining business investment portfolio adjustment project (Genesis).
While major oil industry players face declining profits, PTT maintains profitability through diversified business segments, a key strength. Therefore, seeking new global partners with strong expertise in their fields is essential to significantly accelerate company growth.
Additionally, PTT is expanding into new businesses to generate revenue, such as Carbon Capture and Storage (CCS) and Hydrogen. In 2025, it completed the Hydrogen/Ammonia Business Roadmap and aims to establish a supply network and pilot ammonia infrastructure as a co-fuel in power plants by 2030.
Meanwhile, PTT has proposed joining the Stock Exchange of Thailand's (SET) JUMP+ program, which promotes enhanced disclosure and clearer commitments. Details are not yet public, and PTT's subsidiaries will join progressively when ready, though none have been brought to their boards yet.
Regarding the special dividend paid for the first time, it is emphasized that this was a one-time event due to high cash levels in 2025. For 2026, dividend distribution or reinvestment decisions will depend on this year's plans and medium to long-term opportunities.
In 2025, PTT and subsidiaries reported EBITDA of 332.849 billion baht, down 16% from 2024. This was mainly due to decreased performance in petroleum exploration and production from lower average selling prices, as well as declines in petrochemical and refining segments. Petrochemical profits declined due to lower product spreads and sales volumes in aromatics and olefins. Refining results fell due to reduced sales volumes despite improved gross refining margins and lower net stock losses. The group posted a net loss of approximately 12 billion baht in 2025, compared to about 13 billion baht in 2024.
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