Thai Oil (TOP) reported Q2/2025 net profit of 8.28 billion baht, up 27.9% YoY but down 57.5% from Q1 due to two major headwinds: a 10.7 billion baht stock loss on crude oil from geopolitical tensions and rapid price corrections, and 2.3 billion baht impact from government diesel price subsidies. The company also faces growing liquidity pressure from 9.7 billion baht in outstanding compensation claims from the state Oil Fund, with additional government price controls expected in Q3 estimated at 926 million baht impact.