June 2026
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Largest Energy Production Public Companies in Thailand
Benchmark revenue and EBITDA valuation multiples for public comps like
PTT, Gulf Development, PTTEP, PTT Oil and Retail and Thaioil.
 | Ptt PCL is an integrated national petroleum and petrochemical company based out of Thailand. The Group is organized into business groups based on types of products and services. The segments of the Group are Upstream petroleum and Natural gas business group which is further divided into Petroleum exploration and production business and Natural gas business. Downstream petroleum business group is divided into Oil and retail business; International trading business and Petrochemical and Refining business. New business and sustainability group includes emphasis on decarbonization to achieve the Net Zero Emission. | $1 | +21% | $32B | $49B | 0.6x | 4.1x | ||
| Gulf Development PCL is a Thailand-based company mainly involved in the electricity-generating business. The group's principal operations are to generate and sell electricity and steam, store and convert natural gas from liquid to gas, provide satellite services, and operate other businesses in domestic and international markets. It is also involved in the business of renewable energy, such as solar rooftops and biomass energy. The group's reportable segments are: Power business (which generates maximum revenue), Consulting business, Infrastructure business, and Satellite and digital business. Geographically, it derives maximum revenue from Thailand. | $2 | +71% | $31B | $41B | 11.2x | 34.3x | ||
| PTT Exploration & Production PCL is engaged in the exploration and production of petroleum in Thailand and overseas, and related business. Its segments include Exploration and production, which operates in oil and gas exploration and production both domestically and overseas, including overseas gas transportation pipeline in overseas, either as an operator or as a joint venture partner with international oil and gas companies. Its domestic projects are located in the Gulf of Thailand. Overseas projects are located in Southeast Asia, the Middle East, Africa, and other regions. Other businesses and corporate consist of investments in other businesses, such as new businesses for energy transition, related businesses, and corporate. | $4 | +31% | $18B | $19B | 2.1x | 2.9x | ||
| PTT Oil and Retail Business PCL operates in the oil and gas refining and marketing sector. The company is engaged in the distribution of petroleum products and retailing of non-oil products and services in both domestic and international markets. Its segments include Mobility Business, Lifestyle Business, and Global Business. The firm generates the majority of its revenue from the Mobility segment. | $0 | +10% | $5B | $4B | 0.2x | 5.2x | ||
| Thai Oil PCL operates an integrated business in oil refining and petrochemicals business. The company is engaged in oil refinery and distribution, petrochemicals, lube base oil and other businesses in domestic and overseas. It operates in the following reportable segments: Oil refinery, Lube base oil refinery, Aromatics and LAB, Solvent, Power generation, Ethanol, Olefins, and Others. The majority of the company's revenue is derived from the Oil refinery segment. Geographically, it generates the maximum revenue from Thailand, followed by Indonesia and other countries. | $1 | +70% | $3B | $4B | 0.3x | 5.1x | ||
| Electricity Generating PCL is engaged in the generation of electricity for sales to the government sector and industrial users. As a holding company, the majority of the company's revenue comes from its numerous subsidiaries and joint ventures located throughout Thailand and other regions. The company has two segments report which are comprised of electricity generation and other businesses. The majority of revenue is derived from the electricity generation segment. Geographically, key revenue for the company is derived from Thailand and the rest from the Philippines and Australia. | $4 | +15% | $2B | $4B | 3.8x | 9.3x | ||
| Banpu PCL is engaged in three core groups of businesses which are energy resources, energy generation and energy technology. The Group has operations in Thailand and overseas which are mainly in the Indonesia, People’s Republic of China, Australia, Mongolia, Socialist Republic of Vietnam, Japan, and the United States. The Group is organized into the following business segments: - Energy Resources: operates in coal sales and production both domestically and overseas. The Group also operates in gas production in the United States. - Energy Generation: operates in electricity generation which consists of thermal and renewable energy both domestic and overseas. - Energy Technology: operations comprise solar rooftops, electric vehicles, energy storage, and energy management systems. | $0 | +38% | $2B | $7B | 1.3x | 7.0x | ||
| Bangchak Corp PCL is a Thailand-based energy company that engages in petroleum refining. The company operates in six reporting segments: Refinery and oil trading, Marketing, Electricity, Bio-based product, Natural resource. Majority of revenue is from Refinery and oil trading. The company Thailand, Singapore, Norway, Laos, Korea, and Others, with maximum of revenue from Thailand. | $1 | +10% | $2B | $5B | 0.3x | 4.0x | ||
| B.Grimm Power PCL along with its subsidiary engaged in the generating and distribution of electricity for the government sectors and Industrial Users, both in Thailand and overseas. The group operates through two reportable segments report which comprise electricity generation and other businesses. The electricity generation segment, which accounts for the majority of the revenue, generates and distributes electricity to the government sectors and industrial users both in Thailand and overseas. The other segment is engaged in holding companies, maintenance, and operating services for power plants. The majority of the company's revenue comes from Thailand, followed by Vietnam. | $0 | +43% | $1B | $4B | 2.5x | 9.9x | ||
| Banpu Power PCL is engaged in investments in power businesses in Thailand and overseas. The business activities of the group include the generation and sale of electricity and other related business. The company's business segments include Energy Generation and Energy Technology. The Energy Generation segment operates in electricity generation which consists of thermal and renewable energy both domestic and overseas. The Energy Technology segment operations comprise solar rooftops, electric vehicles, energy storage, and energy management systems. Geographically, the company has its presence in the United States which is the key revenue driver, China, and other regions. | $0 | +69% | $1B | $1B | 1.6x | 5.7x | ||
| CK Power PCL principally engaged in investment in companies, whose principal business operation is the generation of electricity for sales, and provision of consulting services and other services relating to electricity generating projects both locally and overseas. The company's business segments are: generation of electricity from hydroelectric power, generation of electricity from solar power, and generation of electricity from thermal power, and other segments. The majority of revenue is from generation of electricity from thermal power. | $0 | +5% | $588M | $1B | 3.8x | 5.7x | ||
| Median | $1 | +31% | $2B | $4B | 1.6x | 5.7x |
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