对冲石油：代价不菲

PTTEP's 3Q26 reported earnings were US$443mn, down 47% QoQ. However, the underlying E&P business remained resilient, with core profit declining only 6% QoQ to US$728mn as lower volumes were partly offset by the retroactive recognition of the new PSC/GSA terms for MTJDA A-18-01, lower depreciation and lower unit costs. We view the 3Q volume decline as largely maintenance-related, with continued growth supported by Thailand, Malaysia, Myanmar and the Middle East. PTTEP recorded a ~US$50mn oil hedging loss in 3Q26;