Investor Update
June 2021
Overview
1Q2021 Performance
Strategy
Outlook
Co
nte
nts
01
02
03
04
1
Supplementary Information05
Source: PTIT
Remark : (*)Refined product from refineries = 901 KBD, including domestic supply of LPG from GSPs and Petrochemical Plants = 89 KBD
(**) Included Inventory
KBD = Thousand Barrels per day
Indigenous(16%)188 KBD
Imported Refined Petroleum Products 43 KBD
869 KBD (**)
Import (84%)
Crude/ Condensate910 KBD
RefinedProducts990 KBD*
Domestic
Crude/ Condensate 168 KBD
Supply Production Demand
Export
195 KBD
Total Refining Capacity in Thailand: 1,242 KBD
PTT’s Associated Refineries : 770 KBD (TOP, PTTGC, IRPC)
Other Refineries : 472 KBD(SPRC, ESSO, BCP)
RefinedProducts175 KBD
Crude Export 20 KBD
953 KBD
2
Oil Balance Thailand: Jan – Mar 2021Adequate refining capacity maintains the stability of country supply
Natural Gas Balance: Jan – Mar 2021Main driver of the Thai economy
Gulf of Thailand (66%)
Power (60%)
Industry (16%)
NGV (3%)
Petrochemical Feedstock
(13%)
IndustryHousehold
Transportation(8%)
Ethane/ Propane/
LPG/NGL
LPG/NGL
Remark: MMSCFD = Million Cubic Feet @ Heating Value 1,000 Btu/ft3
Supply Production Sales
958 MMSCFD (21%)
Methane 1,603 MMSCFD
113 MMSCFD
1,426 MMSCFD
3,043 MMSCFD
Bypass Gas482 MMSCFD
Onshore (3%)
PTTEP, 40%
Others, 60%
Myanmar,
49%LNG, 51%
Import (31%)
6 GSPsTotal Capacity
2,870 MMSCFD @ A ctual Heat
3
Gas Separation Plant
42%
18%
14%
11%
5%3% 8% 0.4%
PTT Group: Bt 2,663bn (USD 85Bn)
15%
85%
SET market Cap:Bt 18,276 bn (USD 581 Bn)
2001 2020
Revenue
Net IncomeAffiliate
PTT47%
19%
1,200
53%
81%
19%
Ministry of Finance holds majority stake in PTT
PTT ratings at Thai sovereign level
Thai Ministry of Finance
51%
Vayupak Fund
12%
Public 37%
FC Baa1 BBB+ BBB+
PTT – FC Baa1 BBB+ BBB+
PTT – LC Baa1 BBB+ BBB+
• Foreign 10%• Thai 27%
PTT’s Strategic Importance to Thailand
Note: As of Mar 5, 2021
Market Cap : SET & PTT Group
Robust revenue and net income growth since IPO (MMUSD) 1
12,553
51,356
2001
2020
Thai Premier Multinational Energy Company
Note: A s of May 31, 2021
Others
PTT Group
PTT
PTTEP
PTTGC
TOPIRPC
GPSC
702
International and local recognition
GGC
Best Investor Relations
Best Environmental Stewardship
SET Awards
◼ Best Investor Relations
Awards 2020 (2 nd consecutive years)
◼ Best Sustainability
Excellence Awards 2019
Platts Top 250 Global Energy Company
23rd in 202021st in 201910th in 201812th in 201763th in 2016
Dow Jones Sustainability
Index (DJSI)
DJSI Member 2011-2020(9th consecutive years)
140th Fortune Global 500 in 2020130th in 2019163th in 2018192th in 2017146th in 201693th in 2015
170th in 2020165th in 2019156th in 2018190th in 2017337th in 2016
Best C EO /Best CFO /Best CSRBest Environmental
ResponsibilityBest IR C ompany
Best IR Professional
OR
4
1 2020 Annual Avg. BOT selling rate USD/THB of 31.46 (Avg. rate)
Natural Gas Oil & Retail
Market Share ~ 42%2
- Oil (1,997 stations in Thailand2)- Non-oil Retail- Lubricants- International Oil & Retail
Trading
Upward Integration(PTT Operate through our subsidiaries)
Downward Integration(PTT Operate through our subsidiaries)
E & P
- Oil, Gas, Condensate- > 40 Projects in 15
Countries- 1,074 mmboe proved
reserves or 7 years in 2020
CoalPower
- Electricity - Steam & Chill Water- Energy Storage
Petrochemicals
- Integrated Refineries & Petrochemical
LNG
• LNG Value Chain• LNG Receiving Facilities
Refineries
-Largest refinery group in Thailand : 3 of 6 refineries
Coal Mine inIndonesia
Technology & Engineering
• Engineering & Project Mgt.• Asset management• Innovation & Digital
PTT Own Businesses(PTT’s own operation)
• Diversified International portfolio for
ensuring long-term energy security
• Infrastructure Business – Create networking
of energy that leads to sustainable growth
and PTT’s S-curve
• Ensuring customer satisfaction and loyalty by
products and services
• Create value added thru downstream businesses
PTT Group Businesses and Activities
5
• 4 gas pipelines• 6 Gas Separation Plants• Procurement &
Marketing• NGV
• Crude Procurement• Import/Export• Commodity Hedging• Int’l Office: China/ Singapore/ Dubai/ London/ Thailand
• Traded 75.5 bn liters3 in 2020
Market Share > 50%
Market Share > 50%
5,055 MW (equity portion)
(65.29%)
(50%) (100%)
(100%)
(75%)
(~48%)
(~48%)
(31.72%2)
Remark: Percentage holding as of Mar 2021
1 42.54% after the shareholding restructure in June 20212 As of 31 Dec 20203 For the year 2020
6
Overview
1Q2021 Performance
Strategy
Outlook
Co
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01
02
03
04
Supplementary Information05
1st Trading day on 11 Feb 21
KEY ACTIVITIES IN 1Q2021
2. Establishment of
• Innopolymed Company Limited to operate
Life science business
• PTT MEA Ltd. to operate trading business esp. in the
Middle East and Asia
• On-I on Solutions Co., Ltd to operate
EV Charging station (outside station)
1. Acquisition of 20% stake
in Oman Block 61
2. Gas & Oil Discovery
in Malaysia field (SK417
SK405B and SK438)
3. First Gas production of
Block H Project in Malaysia
Acquisition of Vinythai
shares at 16.24% through
Delisting Tender Offer Market Cap.> 200,000 MB
IPO at Baht 18 per share
Investment in Anhui Axxiva
New Energy Technology
Co., Ltd.
which operate battery
manufacturing business
SUBSEQUENT EVENTSSUBSEQUENT EVENTS
❖ Establishment
❖ Restructure
❖ Acquired
❖ Purchased
6.66% stake in Lotus Pharmaceutical Company Limited; Listed company in Taiwan
Thai Airway International Public Company Limited’s land with buildings
of PTT Public Company Limited’s Power Business (+12.73% stake increased)
of T-ECOSYS Company Limited (“T-ECOSYS”) to operate the industrial digital platform business
1. Gas business
• 1 Jan 2021: NGV retail price for public sector
adjusted to equal private sector
• First LNG reloading cargo
• LNG Truck loading
to operate the entire supply chain of Plant-based protein business❖ Joint investment
7
0
2
4
6
8
10
12
14
16
18
20
Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21
6.6
11.0
7.28
JLC-LNG*
JKM Spot
Avg. Pooled
gas price4.9
9.5
7.22
4.7
9.7
7.15
5.8
9.4
7.30
* JLC = Japan LNG Cocktail : Landed LNG price in Japan
3.6
9.4
7.26
3.62.1
9.1
6.90
6.17
8.48.0
5.67
6.3
5.86
6.3
10.1
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 Apr’21
Key Business Drivers: QoQ: Increased in all product prices due to demand recovery and tight supply from OPEC+ while gas pooled price stabilized
2020 vs 2019: Pressured petroleum and petrochemical prices from impact of COVID-19 and price war
AVG. Petroleum Prices ($/bbl)
HDPE
PX
PP
BZ
0
20
40
60
80
100
Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21
61.2
67.4
64.1 65.162.1
63.562.1
43.4
DubaiFO
(3.5%)
42.9
40.4
50.743.4
30.628.9
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 Apr’21
44.1
60.056.6
44.6
2019 Dubai avg.: 63.5 2020 Dubai avg.: 42.2
AVG. Petroleum Prices ($/bbl)
AVG. FX (THB/USD) Petrochemical Prices (Avg. $/ton)
29
30
31
32
33
34
13
31.8 31.8
30.9
30.5
4Q20 (end. FX 30.21)End: Baht Appre
Bt 1 .6 or 5.0%
31.5
30.8
1Q21 (end FX 31.51)End: Baht Depre.
Bt 1 .3 or 4.3%32.1
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 Apr’21
1Q20 (end FX 32.83)End: Baht Depre.
Bt 2 .5 or 8.2%
31.5
30.4
31.5
100
400
700
1000
1300
1600
Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21
1,080
590
519
1,0931,127 1,143
1,085
Note: F igures are av erage & Naphtha (MO P’J)
1,080
909
625
541
951
813679
494
1,049
841
801
671
540
706
614
440
839986
496
371
274
760
871
546
427
397
919968
561
529
408
1,000
1,142
766
753
557
1,365
1,145
PP HDPE PX BZ Naphtha
QoQ 20% 15% 37% 42% 37%
YoY 38% 36% 8% 23% 27%
2020 vs 2019 10% 11% 36% 24% 27%
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 Apr’21
Naphtha
Dubai FO 3.5%
QoQ 35% 28%
YoY 18% 30%
2020 vs 2019 34% 33%
JLC-LNG* JKM Avg. Pool
QoQ 33% 26% 3%
YoY 11% >100% 19%
2020 vs 2019 21% 22% 10%
62.959.0
8.0
838
935
563
1,428
1,283
8
QoQ: Resilient performance as a result of petroleum & petrochemical demand recovery2020 vs 2019: NI pressured mainly from Oil price war & COVID-19 impacts in line with global trend
23%
26%
27%
13%
11%
6%
14%
31%30%
3%
16%
31%
21%
32%
6%6%
PTT
PTTEP
P&R
Power & Others
Oil &
Retail
PTT Consolidated Performance: 1Q2021
REVENUE
477,837 MB
NI
32,588 MB
1Q2021
483,567 407,174
477,837
2,219,739
1,615,665
1Q20 4Q20 1Q21 2019 2020
Revenue 17% QoQ 27%
(1,554)
13,147
32,588
92,951
37,766
1Q20 4Q20 1Q21 2019 2020
>100% YoY
32,38571,614
102,997
288,972
225,672
1Q20 4Q20 1Q21 2019 2020
Unit: MB
59%NI >100% QoQEBITDA 44% QoQ 22%
EBITDA
102,997 MB
PTT-Gas
PTTEP
P&R
Oil & Retail
P&R
PTT-Trading
PTT-Gas
PTTEP
Power & Others
Oil & Retail Power & Others
PTT-Trading
4%
Unit: MB Unit: MB
23%
26%
27%
13%
11%
9
1% YoY >100% YoY
Oil & Retail+ Improved Gross margin - Lower sales volume both oil and non-oil businesses
Power/ Others+ Power: Higher SPP margin & Lower maintenance cost
+ PTT LNG : Stable revenue & higher gain on derivatives
+ PTTT : Improved margin and sales volume from LPG/LNG and petrochemical products
PTT Gas
+ GSP: Higher avg. selling prices & volume
+ S&M: Higher sales vol. from power sector & industrial
customers’ selling price linked to rising FO price
Trading+ Strong margin from domestic condensate
PTTEP
+ Higher ASP from liquid prices increased
+ Higher Sales vol. from Bongkot and Oman Block 61+ Lower unit cost
PTTEP
PTT
13,147
MMTHB
32,588
4Q20 1Q21
15,608
19,505
P&R
Power/ Others
Extra Items
Extra Items*4Q20 : Coal mining: asset impairment loss of 6,800 MB
EP’s impairment loss of 689 MB; mainly Yetagun
1Q21 : EP: Gain on bargain purchase of Oman Block 61 7,033 MB, offset write-off assets in Brazil 2,909 MB
Oil & Retails
(*PTT’s portion net tax amount)
1Q21 vs 4Q20 PTT Consolidated Performance (QoQ): Enhanced performance in all PTT Group Businesses
Petrochemical & Refining
Refinery
+ Higher Stock gain in 1Q21
+ Higher Mkt GRM despite higher crude premium
Petrochemical
+ Olefins: Improved product prices from demand recovery
+ Aromatics: Increase in BZ & PX spreads ▲47%
▲13%
▲>100%
▲47%
▲2%
▲>100%
10
PTT EBITDA Breakdown by Business
GAS
S&M
TM
GSP
NGV
Others
Trading
Total
1Q20 4Q20 1Q21 QoQ YoY 2019 20202020vs2019
14,433 16,202 21,775 34% 51% 71,407 54,942 23%
1,924 2,796 4,775 71% >100% 15,148 8,120 46%
9,079 8,084 8,120 0% 11% 34,037 34,850 2%
1,803 2,969 6,220 >100% >100% 16,017 4,879 70%
(580) (159) (221) 39% 62% (4,177) (1,836) 56%
2,207 2,512 2,881 15% 31% 10,382 8,929 14%
907 265 1,138 >100% 25% 2,130 3,024 42%
15,340 16,467 22,913 39% 49% 73,537 57,966 21%
11
Unit: MMTHB
Key Financial Ratios
1,292,717 1,379,066
530,535566,036
304,010
363,592
416,921
438,021
1,285,8451,403,158
795,503
850,502
462,835
493,055
1 2 3 4 5
8%
0.29 0.29
1.68 1.39
2020 1Q21
MMTHB
Financial PositionStrong Balance Sheets maintained credit ratings
AP & Other Liabilities
PPE
Others Non-
currentAssets
AR & OtherCurrentAssets
Interest Bearing Debt (IBD)
TotalEquity
Cash & ST Invest
2,746,715
2,544,183
31 Mar 2131 Dec 20
Net Debt/EBITDA ≤ 2.0
Net Debt/Equity ≤ 1.0
PTT Ratings at Sovereign Level
Consolidated Balance Sheets
Foreign Currency Baa1 BBB+ BBB+
Local Currency Baa1 BBB+ BBB+
+ Increase in Account Receivables and Inventories from the higher product prices+ Higher PPE from PTTEP’s business acquisition of Oman Block 61 and TOP’s additional construction in progress of CFP+ Higher Interest Bearing Debt (IBD) from increase in long-term borrowing mainly from GC+ Increase in Equity due to OR’s capital increase and higher net income
12
7.718.75
13.43
22.40
30.57
34.1434.82
18.33
21.06
29.58
37.24 36.58
32.52
20.34
6.73
32.68
46.74
4.15
2.50 2.854.00
6.75
9.25 10.5011.50
8.008.50
10.2513.00 13.00 13.00
11.00 10.00
16.00
20.00 2.00 2.00
32.4% 32.6% 29.8% 30.1% 30.3% 30.8% 33.0%43.6%
40.4% 34.7% 34.9% 35.5%40.0%
54.1%
148.6%
49.0% 42.8% 48.2%62.5%
75.8%
-900.00%
-600.00%
-300.00%
0.00%
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
90.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
25% PTT’s min. payout ratio Policy
Baht / share
Dividend Policy & Historical Payments
Y2020 Dividend payout at 75.8%
* Spilt par value from 10 to 1 Baht/share since 24 April 2018
10-Year Avg. 59%
Avg. since IPO46%
1.00
13
Split par*
1.32
3.20
Dividend payout
EPSDPS
14
Overview
1Q2021 Performance
Strategy
Outlook
Co
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01
02
03
04
Supplementary Information05
PTT Group’s Strategic Framework
15
Vision
Aspiration
StrategicDirection
REIMAGINE upstream REIGNITE new business at SCALE
REINFORCE downstream
Productivity Improvement & Operational EfficiencyFocus on
Reimagination : Initiate business action: Both in existing businesses and new growth for the next normal
16
PTT Group Strategic Move for Growth
“Strategic move in LNG Business
to be LNG Portfolio Player”
“Enhance more synergy for
group value to create sustainable
long-term competitiveness”
“Drive strategic enablers to
speed up execution”• Expand LNG Business overseas
• Globally Investment in upstream
related businesses
• Strengthen collaboration and trust
to maximize value along value chain
• Reduce redundant investment
• Invest in renewables-related
businesses, e.g. Storage/Grid
network, EV, Smart energy platform
• Explore & Expand into New Business
(Life Sciences, Advanced Materials,
Mobility & Life Style, Logistics)
New PLATFORMStrategic PARTNERSHIP
Pharmaceutical
Nutrition
Medical Device
Reignite New Business at scale
Explore & Expand in Life Science projects
▪ Develop Thailand's first cancer pharmaceutical factory
▪ Explore M&A opportunities
▪ Develop Bio-Cellulose for Wound Dressing
Note: Currently, PTT Group’s renewable energy portfolio is ~600 MW: Investment budget is included in the Provisional CAPEX
New Business
▪ EV Platform : Currently 32 stations ▪ Target: 200 EV chargers in 2021
New Energy Opportunities Screening & Alignment
▪ Battery Plant & Smart Grid, Artificial Intelligence
▪ Bringing manufacturing technology▪ Focus on natural ingredients.
▪ Medical masks, Dust mask, and Medical gloves from the situation of the COVID-19
~10%
New Energy
Investment Plan
2021 – 2030
New Business
~10%
2021Market Entry
2025Scalability
2030
3GW
8GW
17
Technology & Engineering (TEG),
International Trading, Downstream
PTTLNG
Transmission
GasOther wholly owned subsidiaries
30%
27,267 MB
13,053 MB
5th onshore Pipeline
10,245 MB
2021 2022 2023 2024 2025
Natural Gas
Transmission
PTTLNG
TEG, International Trading, Downstream
Other wholly owned subs
Note: 2021-2025 CAPEX plan approved by BOD on 17 Dec 20
PTT: Committed CAPEX (PTT and Wholly Owned Subsidiaries)
33,412
6,6631,664
52,931
8,597
Unit: MMTHB
The Provisional CAPEX ~Bt 332 bn which mainly focus on LNG Value Chain, Southern LNG terminal and pipelines according to PDP 2018, Gas-to-power project, and New
Businesses (including Renewable energy, Life sciences, Electricity value chain etc.)
PTT 5-Years (2021-2025) Committed CAPEX Plan totaling Baht 103,267 million or ~ USD 3.3 bn
13%21%
10%
26%
mainly downstream businesses
i.e. MTP Phase#3 (PTT Tank), Innobic
30,552 MB
GSP #7 (To replace GSP#1) and
GSP efficiency improvement projects
22,150 MB
LNG Terminal 2 (Nong-Fab)
i.e. VC ,EECi (Wangchan Valley)
18
12%
51%31%
6%
54
Committed CAPEX: PTT Group
Power Business
Upstream Business
Unit: MMTHB
Key Projects• Onshore and Offshore Exploration and Production in
Thailand (Bongkot, Erawan etc.)
• Algeria HBR• Southwest Vietnam• SK410B• Mozambique LNG
Key Projects• SPP Replacement • ERU
• Renewable Energy (Solar/Wind)
Key Projects• TOP: Clean Fuel Project (CFP)
• GC: Efficiency improvement projects
• IRPC: Ultra Clean Fuel Project (UCF)• OR: Oil & Retail Expansion in domestic &
international
PTT Business
Downstream Business
Key Projects• GSP#7• 5th onshore pipeline
• 2nd LNG Regasification Terminal
19
Total committed CAPEX during 2021-2025*: ~Bt 851 bn or USD 27 bn
PTT Group’s Provisional CAPEX for 2021 - 2025 ~Bt 804 bn
Gas Business RoadmapShort term Gas Demand growth be maintained
Thailand Gas Demand Outlook (Short Term – 5 year plan)
LNG Terminal 2
+7.5 MTA
New SupplyAdditional capacity
(mmscfd)
Major Project : COD & Capacity/
Accumulate Pipeline distance
5th pipeline
RA#6 Pipeline
4,702 KM
Bongkot Erawan
700 800
GSP#7*
460 mmscfd
BPK-SB** pipeline
4,776 KM
20
*Replace GSP#1 **Bang Pakong–South Bangkok Power Plant
Stronger demand of NG for power plants
Newly Thailand Power Development Plan
Natural Gas growth upon Government fuel diversification policy
for power generation
Natural Gas be the most important source of energywith highest portion among other fuels
PDP 2015* PDP 2018 Rev.1**
Unit: GWh
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
37%
Lignite
Import Coal
Natural
Gas
Import Hydro
Domestic Hydro
Renewable
Energy Efficiency
53%
6%
19%
2%
9%
5%
6%
64%
6%
2%
10%
2%
15%
62%
12%
2%
10%
6%
8%
8%
55%
11%
11%
2%
13%
60%
13%
9%
7%
3%8%
*Source: Ministry of Energy ** Source : EPPO (Public Hearing presentation)
Unit: GWh
1%
21
Old* NEW**
Thailand Gas demand forecast (CAGR during 2018-2032): Total ~ 0.1%: Power ~ 2%: GSP ~ -7%: Industry ~ 1%: NGV ~ -6%
Thailand Gas DemandReplace :Coal Krabi (800 MW), EE 30%
*Source: Ministry of Energy ** Source : PTT Business plan 2021 approved by BOD on 17 Dec 2020
Thailand Gas demand forecast (CAGR during 2021-2035): Total ~ 2%: Power ~ 3%: GSP ~ -1%: Industry ~ 2%: NGV ~ -6%
Growth of natural gas upon Government fuel diversification policy for power generation
Natural Gas Demand
22
Completed
In progress
Wait for FID
Under Study
PO/Polyols PO 200 KTA, Polyols 130 KTA
5th onshore pipeline
Length ~ 400 KM.
Southwest Vietnam*PTTEP hold 7-8.5%
490 MMSCFD or ~80 KBOED
GSP #7 (460 MMSCFD)
Mozambique Area 1*PTTEP hold 8.5%
13.1 MTPA or ~300 KBOED
Algeria HBR (Phase I) oil:10-13 KBD*PTTEP hold 49.0%
Nawanakorn Electric Generating Expansion 60 MW *GPSC hold 30%
Algeria HBR (Phase II) 50-60 KBD
*PTTEP hold 49.0%
ERU Project (Power 250 MW)
Gas to Power in MyanmarUpstream : Gas from Zawtika& M3
Pipeline: Length ~ 370 KM
Gas-F ired Power P lant: 600MW
LNG Terminal 27.5 MTPA
Oman Block 61 *PTTEP hold 20.0%
Gas: 1.5 Bcf (100% project)
PTT Group : Upcoming Projects
Olefin Modification ProjectEnhance upstream feedstock flexibility
23
MTP Retrofit (Olefins Reconfiguration)Ethylene 500 KTA, Propylene 250 KTA
Semi-Solid Energy Storage Unit30 MWh
Ultra Clean Fuel (UCF)Building Competitiveness: Euro 5 diesel
Bang Pakong– South Bangkok Pipeline
Length ~ 80 KM.
2020
2021
2025
2023
2024
2022
Sabah H *PTTEP hold in Rotan field 56.0% and
Remaining Area 42%
Gas: 270 MMSCFD (100% project)
Clean Fuel Project (275 ➔ 400 KBD)
24
Overview
1Q2021 Performance
Strategy
Outlook
Co
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01
02
03
04
Supplementary Information05
73
2021 Petroleum and Gas Outlook
-5
0
5
10
15
20
010203040
50
60
70
80
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21
Dubai Mogas Gasoil HSFO VLSFO Singapore GRM
Dubai
+ Global economy and oil demand recover after vaccine rollout
+ OPEC+ & Saudi Arabia manage market balance but will ease crude oil output cut
+ Geopolitical risks; Unrest in oil producing countries i.e. Libya, U.S.’s sanction on Iran
- COVID-19 resurgence in India, Brazil, Japan, and several other countries
0
2
4
6
8
10
12
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21
Asian Spot LNG
Henry Hub
Gas/LNG
Asian Spot LNG:
+ Strong European price from cold weather support Asian spot price
- Asian buyers have already been stocking ahead of time
Henry Hub:
+ Higher price due to continued growth in LNG exports
Price 2020(A) 1Q21(A) 2Q21(E) 2021(E)
Asian Spot LNG 4.3 10.9 7.6 - 8.5 8.2 – 9.2
Henry Hub (HH) 2.1 2.7 2.6 – 2.9 2.5 – 3.1
Price 2020(A) 1Q21(A) 2Q21 (E) 2021(E)
Dubai 42.2 60.0 61-66 60-65
Mogas 46.6 67.1 71-76 67-77
Gasoil 48.4 64.8 66-71 65-75
HSFO (3.5%S) 39.2 56.6 57-62 54-64
VLSFO (0.5%S) 53.4 73.5 68-73 66-76
Singapore GRM 0.4 1.8 1.8-2.0 2.0-2.5
Gasoil
+ Demand is expected to recover following global economic recoveries in 2H20
- Higher supply as refineries shifting Jet/Kerosene yield to produce more Gasoil
- Singapore middle distillate inventories remained at high level
Singapore GRM
+ Improved crack margins from the recovery of gasoline demand
Fuel Oil
+ HSFO: Strong demand supported by the upcoming summer power demand & Lower supply amid reduced term lifting of medium-heavy sour crude from OPEC+
+ VLSFO: Healthy bunker demand following the global trade recovery
Mogas
+ Increasing demand following easing lockdown restrictions in major regions
+ Singapore light distillate inventories back to normal level
+ Healthy summer driving demand in the US (June-July) to boost gasoline price
Source: PTT, PRISMPetroleum Rolling as of Apr 2021
Pe
tro
leu
mG
as/LN
G
(GRM)$/bbl
$/MMBTU
25
600
800
1,000
1,200
1,400
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21
HDPE CFR SEA
PP Yarn CFR SEA
0
200
400
600
800
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21
0
200
400
600
800
1,000
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21
BZ FOB Korea
PX CFR Taiwan
2021 Petrochemical Outlook
$/Ton
$/TonAromatics
+ PX/BZ markets expected to be more balance according to the economic recovery and the improved demand from additional downstream PTA ramp-up production in 1H21 and SM capacities startup in 2H21
+ Low Chinese BZ inventories to bolster the Asian demand growth
- Capped PX price gains from persistent squeezed PTA and end-products
margins
- Additional PX/BZ capacities from China’s Zhejiang PC and Saudi Aramco expected to startup in 2H21
Naphtha
+ Additional demand from new cracker startup, particularly in Northeast Asia, to bolster demand
- Eased supply as refinery runs will be higher regarding better COVID-19 situation
Olefins
+ Remaining tight PE/PP supply in the short term after the US plant outages from Polar Vortex
+ Delayed startup at PRefChem to 2H21
- Slowdown demand amid Ramadan period, Chinese Labour holidays,
and Golden week in Japan together with unexpected surging Covid-19 pandemic cases and lockdowns in many regions
- Incoming additional Asian capacities from Northeast Asia and Southeast Asia to pressure the olefins markets from 2Q21 onwards
$/Ton
Source: PTT, PRISM Petrochemical Rolling as of Apr 2021
Price 2020(A) 1Q21(A) 2Q21(E) 2021(E)
HDPE 880 1,145 1,230-1,250 1,120-1,170
PP Yarn 963 1,348 1,345-1,365 1,270-1,320
Price 2020(A) 1Q21(A) 2Q21(E) 2021(E)
Naphtha MOPJ 380 557 565-585 550-600
Price 2020(A) 1Q21(A) 2Q21(E) 2021(E)
BZ 485 753 875-895 785-835
PX 577 766 810-830 775-825
Ole
fin
sA
rom
ati
cs
Na
ph
tha
26
2H21: Planned Major TA : Ethane Crackers• Oleflex : ~ 1 month • OLE3 : ~1 month• HDPE2 : ~1 month
Maintenance Schedule in 2021
2H21
3Q: GSP#6 Major TA : 26 days 3Q-4Q: GSP#3 & ESP Major TA : 23 days
ESP TD 60% : 15 days
Gas Separation Plants
Upcoming project
98.8%
99.8%
RA#6 : Ratchaburi - Wangnoi
Rayong Waste to Energy
COD:2Q2021
100.0%MTP Retrofit : 750 KTA
COD:May 2021COD:2Q2021
PTT GroupGas Business
97.5%
5th Pipeline
COD:3Q2021
81.8%
Phase III
In the process of sourcing contractor : To COD in Dec 2022
Phase I Phase II
High-quality Circular Plastic Resin Plant
: 45 KTA COD: 4Q2021
• Improve GSP U-RateGSP’s U-Rate = 92-94% in 2021
• Gas Volume Growth: CAGR 3.2 % during 2021 -2025
95.3%
30 MWh Semi-Solid ESU
COD:2Q2021
PTA & PET Capacity Enhancement
• PTA : +470 KTA ,COD: Apr 2021• PET: +53 KTA, COD: Jun 2021
2Q2021
2H2021
E&P : + Crude oil price recovery+ Vol. rise ~14% + Unit Cost drop ~5%
OIL : + Oil Stations +192 stations + Café Amazon + 552 outlets
P&R : + Refinery U-Rate ~97–99% + SG GRM ➔ $2.0 - 2.5 /bbl+ Petrochemical spread increase
Power : + Industrial demand increase ~4%
• Flat Pooled gas cost
Performance Recovery
Petrochemical Plants
• NG DemandIncrease ~1% vs 2020
COD:1Q2022
27
28
Overview
1Q2021 Performance
Strategy
Outlook
Co
nte
nts
01
02
03
04
Supplementary Information05
88
Supplementary Information
29
P.30-31
P.32-33
P.34
P.35
P.36-46
P.47
P.48
P.49-50
PTT Group Performance
Cash Flow
Debt Profile
PTT Group Accounting Structure
Financial Performance by business
Natural Gas Price Structure
Gas Pipeline Business
Sustainability
PTT Group Performance : 1Q2021 (QoQ ,YoY and 2020 vs 2019)
1/Including PTTGE,BSA, PTT TCC and RTC
30
% PTT
holding
1Q20 4Q20 1Q21 2019 2020 QoQ YoY 2020vs2019 1Q20 4Q20 1Q21 2019 2020 QoQ YoY 2020vs2019
PTT Net operating Income 1,716 8,351 8,498 30,673 17,631 2% >100% -43% 1,716 8,351 8,498 30,673 17,631 2% >100% -43%
E&P - PTTEP 8,613 2,527 11,534 48,803 22,664 >100% 34% -54% 63.79% 5,596 1,623 7,524 31,882 14,596 >100% 34% -54%
Petrochemical (8,712) 6,467 9,778 11,994 477 51% >100% -96% (4,058) 2,885 4,675 5,767 182 62% >100% -97%
- GC (8,784) 6,405 9,695 11,682 200 51% >100% -98% 45.41% (4,131) 2,824 4,592 5,455 (95) 63% >100% <-100%
- Other 72 62 83 312 277 34% 15% -11% 73 61 83 312 277 36% 14% -11%
Refining (22,659) 8,866 8,941 5,103 (9,453) 1% >100% <-100% (10,623) 1,187 4,192 2,335 (7,452) >100% >100% <-100%
- TOP (13,754) 7,258 3,360 6,277 (3,301) -54% >100% <-100% 45.03% (6,363) 455 1,615 2,788 (4,511) >100% >100% <-100%
- IRPC (8,905) 1,608 5,581 (1,174) (6,152) >100% >100% <-100% 45.05% (4,260) 732 2,577 (453) (2,941) >100% >100% <-100%
Others Business 7,672 579 24,525 28,121 22,083 >100% >100% -21% 6,217 (916) 7,399 22,546 13,886 >100% 19% -38%
Inter - PTTER/PTTGM 106 (5,799) 531 1,817 (6,318) >100% >100% <-100% 100% 322 (6,010) 493 1,815 (6,652) >100% 53% <-100%
Gas - PTTLNG/PTTNGD/PTTGL/TTM(T)/TTM(M) 2,353 1,037 2,255 8,477 7,153 >100% -4% -16% 2,386 1,157 2,029 7,456 6,953 75% -15% -7%
Utilities - GPSC/TP/DCAP/PTTME/PTTES/PTTDIGITAL/ENCO 2,234 2,104 17,037 6,136 10,423 >100% >100% 70% 564 587 739 1,574 2,666 26% 31% 69%
Oil - OR 1,898 2,923 4,003 10,896 8,791 37% >100% -19% 1,864 3,035 3,439 10,896 8,884 13% 84% -18%
Other - PTTT/Others1/ 1,081 314 699 795 2,034 >100% -35% >100% 1,081 315 699 805 2,035 >100% -35% >100%
Shared of Net Income from Affiliates (15,086) 18,439 54,778 94,021 35,771 >100% >100% -62% (2,868) 4,779 23,790 62,530 21,212 >100% >100% -66%
Tax adjustment for gain on disposal of investment and asset (402) 17 300 (252) (1,077) >100% >100% >100% (402) 17 300 (252) (1,077) >100% >100% <-100%
PTT Conso. Net Income (13,772) 26,807 63,576 124,442 52,325 >100% >100% -58% (1,554) 13,147 32,588 92,951 37,766 >100% >100% -59%
Unit : MMTHB
Performance 100% Equity Method % PTT
PTTEP
Lower ASP following crude oil prices decreased
Higher vol. from Malaysia Project & Partex acquisition; despite
lower domestic demand
<(100%)
15,309 32,385
61,275
17,334
6,676 2,175
12,060
3,359
34,345
17,631
32,270
16,210
8,628
(7,095)
10,896
8,884
11,760
11,614
(4,948)
(9,478)
Trading
Improves margin from capturing arbitrage and lower condensate discount together with lower SG&A
Lower vol. of crude import and out - out activities from pressured global demand
2020 vs 2019 PTT Consolidated Performance: Soften performance caused by COVID-19 pandemic & Oil price war
92,951
MMTHB
37,766
2019 2020
Margin
FX &
Derivatives
OPEX
Depre &
Amortization
Int. &
CIT exp.& Other
Stock
gain/(loss)
101,166
56,470
2020: 315,7942019: 377,069
2020: (19,193)2019: (1,859)
2020: (70,929)2019: (86,238)
2020: (139,880)2019: (133,204)
2020: 4,0632019: 6,238
2020: 11,5362019: 14,895 2020: (51,708)
2019: (84,093)
18%
Oil & RetailsVol. decreased esp. Jet, LPG from COVID-19
Lower Margin mainly from diesel and gasoline
Stock gain in 2020; while stock loss in 2019
Higher non-oil contribution
Extra Items2020 : Impairment* loss on PTTEP’s assets (1,614 MB), PTTGM’s coal mining (7,657 MB), IRPC’s MARs projects (175 MB)
2019 : -PTT Group: Additional Employee Compensation (2,841 MB) -PTT’s payment on damage from court’s judgment (NACAP 2,105 MB)
& pipeline allowance for high speed train project (498 MB)+IRPC: Claim from UHV project (130) & rev erse impairment (366 MB)
PTTGas
GSP: declined petchem prices & vol. from GSP longer S/D
S&M: Lower vol. due to soften power demand & industrial selling price linked to lower FO price
NGV’s business improved due to lower vol. & NG cost
Increasing vol. from full recognition of GLOW
Lower gas cost & lower finance cost from repayment of ST loan
Petrochemical & Refining
Huge stock loss in 2020 as crude price sharply dropped in 1Q20
Lower GRM from reduced in most products’ spread
Olefins: lower vol. as GC’s major T/A & olefin spreads dropped
Aromatics: PX spreads dropped; despite higher vol. (lower T/A)
Power
Power/ Others
Coal: lower vol. and prices from weak global demand
PTT NGD: lower selling prices ref. FO
PTTLNG: stable rev. & higher gain on derivatives
Others
92%
49%
1%
Other
Income
Impairment
2020: (11,917)2019: 143
50%
(*PTT’s portion net tax amount)
PTTEP
PTT
P&R
Power/ Others
Extra Items
Oil & Retails
31
Unit : MMTHB
*Investment in financial assets, ST/LT lending loans
Cash Beginning Operating Investing Financing Adj & Others Cash Ending
332,032
84,889 118,828
319,193
416,921 MMTHB
+50,440 -145,305
+83,952 -1,926
438,021 MMTHB
Cash &Cash Equivalents
ST Investment
31 Dec 20 31 Mar 21
PTT Consolidated Cash Flows
Operating 50,440 Investing (145,305) Financing 83,952
Non-Cash Adjustment 66,826 Investment (Sub. &Affiliates) (72,655) Ordinary share issuance of subsidiaries 53,665
Net Income 32,588 CAPEX (37,040) Received from loans/Bonds 44,494
Changes in assets & liabilities (46,131) Current investment (31,847) Loan Repayment (7,410)
Income Tax (2,843) Others (4,653) Finance cost paid (6,784)
Dividend/Interest Received 890 Derivatives (13)
32
Free Cash Flow
-94,865
Cash Out
-12,839
*Investment in financial assets, ST/LT lending loans
Cash &Cash Equivalents
ST Investment
Cash Beginning Operating Investing Financing Adj & Others Cash Ending
56,342
44,404
35,931
73,274
100,746 MMTHB
+7,634
+8,472 +741 +85
109,205 MMTHB
31 Dec 20 31 Mar 21
Unit : MMTHB
33
Free Cash Flow
+16,106
Cash In
+16,932
Operating 7,634 Investing 8,472 Financing 741
Net Income 14,170 Current investment 7,271 Loan Repayment 2,455
Non-Cash Adjustment 5,233 Dividend/Interest Received 6,257 Finance cost paid (1,714)
Changes in assets & liabilities (11,541) Others 580
Income Tax (228) Investment (Sub. &Affiliates) (3,112)
CAPEX (2,524)
PTT Only Cash Flows
15,230
2,000
12,000
24,354
3,000
13,000
2,000 10,3667,000
4,0003,798
5,0406,205
17,97722,054
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000USD (LHS)
THB (LHS)
PTT Debt Outstanding (RHS)
84,702 92,487 92,483
369,409449,943 444,718
32,67953,946 55,808
236,049
288,567 338,616
117,381 146,433 148,291
605,458
738,510783,334
31 Dec 19 31 Dec 20 31 Mar 21 31 Dec 19 31 Dec 20 31 Mar 21
USD&Others THB
Debt Portfolio
Managed debt according to financial risk and policy
ConsolidatedPTT OnlyUnit : MMTHB : Cost of debts ~ 4.63%
: % fixed-rate ~ 79.07%: Avg. debt life ~ 17.40 years
: Cost of debts ~ 3.58%
: % fixed-rate ~ 73.09%: Avg. debt life ~ 11.52 years
(38%)
(62%)
(37%)
(63%)
(43%)
(57%)
(39%)
(61%)
(28%)
(72%)
(39%)
(61%)
Note : 1. PTT Data as of 31 Mar 21 (THB/USD = 31.5052 THB/JPY = 0.2869) excluding liabilities from finance leases.
3. Cost of debts, % fixed rate, and avg. debt life took into account the derivative transactions, including withholding tax (update as of 31 Mar 21).
2. Debt Outstanding represents amount and portion before derivative swaps, and reconciled with accounting.
FX: 31.5052
As of 31 Mar 21
*PTTC10DA (C entury Bonds) is due on 2 Dec 2110
Unit : MMTHB
Note: 1. Debt O utstanding for Repayment Profile represents financial data and portion after derivative swaps
2. Bond repayment amounting 3,798 MB in 2022 is THB swaps to USD and amounting 4,366 MB in 2035 is USD swaps to THB
5,798
15,406
Debt Outstanding and Repayment Profile
34
Debt Profile : Control Cost & Manage Risk
Subsidiaries ConsolidatePTT Energy Resources Co., Ltd. PTTER 100.00%PTT Green Energy Pte. Ltd PTTGE 100.00%PTT Global Management Co., Ltd. PTTGM 100.00%
Subsidiaries ConsolidatePTT Oil & Retail Business Co., Ltd. OR 75%
Subsidiaries ConsolidatePTT Exploration & Production Plc. PTTEP 65.29%**PTT Natural Gas Distribution Co., Ltd. PTTNGD 58.00%PTT LNG Co., Ltd. PTTLNG 100.00%PTT Global LNG Co., Ltd PTTGL 50.00%
Joint Ventures EquityTrans Thai-Malaysia (Thailand) Co., Ltd. TTM (T) 50.00%Trans Thai-Malaysia (Malaysia) Sdn. Bhd. TTM (M) 50.00%Map Ta Phut Air Products Company Limited MAP 49.00%
Petrochemical Subsidiaries ConsolidatePTT Global Chemical Plc.* GC 48.42%**PTT Tank Terminal Co., Ltd. PTTTANK 100.00%
Refining Subsidiaries ConsolidateThai Oil Plc.* TOP 48.03%**IRPC Plc.* IRPC 48.05%**
Subsidiaries ConsolidateBusiness Service Alliance Co., Ltd.* BSA 25.00%PTT Regional Treasury Center Pte. Ltd. PTTRTC 100.00%PTT Treasury Center Co. Ltd PTT TCC 100.00%
Subsidiaries Consolidate
Global Power Synergy Co., Ltd* GPSC 31.72%Thai Oil Power Co., Ltd.* TP*** 26.00%PTT Digital Solutions Co., Ltd.* PTT DIGITAL 20.00%PTT Energy Solutions Co., Ltd.* PTTES 40.00%Energy Complex Co., Ltd. EnCo 50.00%
Joint Ventures EquityDistrict Cooling System and Power Plant DCAP 35.00%
Remark : * Subsidiaries that PTT holds less than 50% but being consolidated because PTT has the power to control the financial and operating policies.**Holding portion of PTT Group (direct & indirect)
***Entire business transfer to TOP on 1 Feb. 2021
Data as of 31 Mar 2021
Subsidiaries Consolidate PTT International Trading Pte. PTTT 100.00%PTT International Trading London Ltd PTTT LDN 100.00%PTT International Trading USA Inc. PTTT USA 100.00%
PTT Group Accounting Structure
Others CostBaania (Thailand) Company Ltd. Baania 2.89%HG Robotics Plc. HG Robotics 9.49%Innospace (Thailand) Innospace 15.75%Sunfolding, Inc. Sunfloding 5.24%
Others CostSarn Palung Social Enterprise Company Ltd. SPSE 20.00%Dhipaya Insurance Plc. TIP 13.33%
Joint Ventures EquitySuez Environmental Services Co.,Ltd. SES 40.00%
35
E&P and Gas Business Group International Trading Business GroupPetrochemicals &
Refining Business Group
Oil Business Group
Technology and Engineering Business Group International Investment Business Group
Others
52.75
42.61
56.5961.18
41.5544.81
36.85
40.38
47.24
38.92
1Q20 4Q20 1Q21 2019 2020
(15) (87)94 124
(61)
290168
282
1445
781
1Q20 4Q20 1Q21 2019 2020
250 249 271 249 236
113 132 112102 118
1Q20 4Q20 1Q21 2019 2020
Liquid ($/BBL)
Gas($/MMBTU)
Weighted Avg.
($/BOE)
MMUSD
Liquid
Gas
KBOED
* Includes Gain/(Loss) on FX, Deferred tax from Functional currency, Current Tax from FX
Revaluation, Gain/(Loss) from Financial Instruments, Impairment loss on assets and etc.
Non-recurring*
Recurring NI
363381
81275
E&P PerformanceQoQ: Strengthen performance from higher selling prices and lower operating cost2020 vs 2019: Soften performance from lower selling prices and impairment loss despite increased sales volume
+ Recurring NI : improved from higher liquid prices and lower operating cost
+ Non-recurring : mainly from gain on bargain purchase in Oman Block 61
offset with write-off of the exploration project in Brazil
383
376
10%
QoQ
36
Net Income (100%)
Product Prices Sales Volume
33%
6% YoY
1% QoQ
QoQ
- Recurring NI : decreased from lower selling prices and higher DD&A and operating expenses
- Non-recurring : primarily from impairment loss on Mariana Oil Sand and Yetagun
2020 vs 2019
>100% QoQ
37% YoY
6.87 5.63 5.616.92 6.27
9%
18%
32%
351 354
QoQ 1%
1,569
720
54%
E&P: Guidance & Strategy
2021 Guidance
Note: * Include sales volume from ADNOC Gas Processing (AGP)** Based on average Dubai oil price in 2021 at 55.5 $/BBL
Strengthen Core Business
37
New Business – Gas to Power New Business – ARV
28%
31%
33%
843 703 805 755 786
624476
598 750 546
1,2611,258
1,323 1,3051,281
949920
957 1,015909
752739
751 751709
194159
150220
163
1Q20 4Q20 1Q21 2019 2020
Gas Business
NG Price VS FO & Customer Breakdown NGV Price & Sales Volume
QoQ : NG vol. rose from power plants while pool price started to increase 2020 vs 2019 : Decreased in NG vol. from all customers due to COVID-19 impact regardless of lower gas cost
7.28 7.22 7.15 7.30 7.26 6.90
6.17 5.67 5.86
416 422 403
281 281
188
262 286
367
-
100
200
300
400
500
4
6
8
10
12
14
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21
$/MMBTU
EGAT (18%)
IPP (12%)
SPP (29%)
GSP (21%)
Industry (16%)
NGV (4%)
Unit: MMSCFD
4,623
$/TON
HSFO 180 C ST 2%S
Avg. Pooled gas price
4,255
QoQ
YoY2020vs2019
FO (2%) Pool Price3%
19%
10%
AVG.2019 = 7.22
8% QoQ
1% YoY
4,584
AVG. 2020 = 6.48
Fuel Oil
14.8
13.5 13.4
14.514.2
4.7 3.9 3.7
5.4 4.0
1Q20 4Q20 1Q21 2019 2020
Unit: K.Ton/Day
Unit: THB/KG
NGV Avg. price
NGV Sales Vol.
21% YoY
5% QoQ
1%QoQ
9%YoY
+ Increased NG sales volume from unplanned shutdown of domestic coal
power plant while electricity consumption has not recovered from COVID-19 impact
Key Highlights
NG Price
NG Vol.
QoQ
38
4,7964,394
8%
2020 vs 2019- NG sales vol. soften from all customers due to COVID-19 impact
+ Lower pool gas cost benefit to overall gas business + Lower NGV’s subsidy from decreasing sales volume (lockdown policy and
switching to alternative fuel)
26%
2%
1,093 1,080
951 841
839 760 919
1,000 1,145 1,046
1,067 1,008
956 955 866
979
1,239
1,533
1,037 1,017
916 838
847
754 884
983
1,146
453
490
365 430
500
307
363 418
593
456
457
469 472
458
446 464 425
431
309 314 314 334 331
328
318 281 281
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21
Gas Business PerformanceQoQ : Outperformed GSP performance due to higher selling prices & volume2020 vs 2019 : GSP performance dropped from COVID-19 impact & drought situation in Thailand
GSP Sales Vol. & U-Rate
796 761 748
160 161 168
552 569 582
199 239 271 13 6 11
1Q20 4Q20 1Q21
1,720 1,736 1,780
Pentane (1%)
LPG (44%)
Propane (13%)
NGL (9%)
Ethane (33%)
92.1%88.5%
94.7% 94.8%87.8%
3% QoQ
4% YoY
U-Rate
Unit : kTon
QoQUnit: $/Ton
LPG* 1%
*LPG Domestic ** feed cost calculation per GSP production volume
Propane 42%
LDPE 24%
HDPE 15%
GSP Feed Cost vs Petchem. Price
LLDPE 17%
Feed Cost**
+ Higher GSP’s selling prices following global petrochemical prices
+ Increased sales volume & U- Rate according to higher petrochemical demand & lower shutdown days
+ Feed gas cost remained low
QoQ
Key Highlights
39
3,5942,947
674
603
2,398
2,199
892
853
51
37
2019 2020
13%7,609
6,639
- Lower sales volume according to drought situation and lower petrochemical demand
- Decreased GSP’s selling prices following global petrochemical prices due to COVID-19 impact
+ Lower feed gas cost
2020 vs2019
40
0.0700.060
0.090
0.066 0.067
50% QoQ
Gross Margin1/ Sales Volume2
Trading Business: QoQ: Robust performance owing to higher gross margin and volume
2020 vs 2019: EBITDA improved from capturing arbitrage opportunities and lower SG&A despite reduced vol.
Unit1: THB/LITER
29% YoY
20,015 18,741 18,933
82,912 75,527
1Q20 4Q20 1Q21 2019 2020
1 PTT Trading BU + trading subsidiaries: FX Adjusted + gain/loss on derivatives + JTA
2 PTT Trading BU + trading subsidiaries + JTA
Unit2: MM Liter 1% QoQ
5% YoY
Trading – EBITDA3
907
265
1,138
2,130
3,024
1Q20 4Q20 1Q21 2019 2020
3 PTT Trading BU + trading subsidiaries: FX Adjusted + gain/loss on derivatives
Unit: MMTHB
Key Highlights
>100% QoQ
25% YoY
Expanding on LNG business by increasing our shipments across the world (6 shipments; 3,441 Kbbl in 1Q2021)
+ Higher domestic condensate margin from lower discount rate
+ Higher joint trade agreement sharing+ Higher sales vol. from LNG & LPG (out-out) and petchem products
- Volume decreased due to lower out-in & out-out transactions of crude oil impacted by Covid-19
+ EBITDA increased from capturing arbitrage opportunities and lower SG&A
QoQ
2020 vs 2019
42%
9%
2%
1,896 2,923
4,002
10,896
8,791
1Q20 4Q20 1Q21 2019 2020
Oil Business : OR GroupQoQ : Improved performance from higher gross margin while volume pressured from COVID-19 new wave2020 vs 2019 : NI dropped from higher DD&A, while EBITDA improved from higher oil margin and non-oil expansion
Oil Business
Net Income
1Q20 4Q20 1Q21 2019 2020
(3,014) 2,539 3,613 (4,646) 25
Unit : MMTHB
Unit : MMTHB
1Q20 4Q20 1Q21 2019 2020
63.5
50.7
30.5
42.9 44.6
54.8 60.9
64.4
2019 1Q20 2Q20 3Q20 4Q20 Jan'21 Feb'21 Mar'21
Dubai (USD/BBL)
Avg. 1Q21 = 60.0
37% QoQ>100% YoY
35% QoQ18% YoY
Non-Oil Business
1/ Thailand, Japan, O man, My anmar, and Malay sia2/ Domestic, and Laos
Amazon1/
C-Store (7-11, Jiffy) 2/
68 MM Cups3,020 Outlets
74 MM Cups3,310 Outlets
73 MM Cups3,376 Outlets
264 Cups2,930 Outlets
274 Cups3,310 Outlets
1,916 Outlets 1,977 Outlets 1,995 Outlets 1,880 Outlets 1,977 Outlets
13% 14% 15%
15%6% 5%
43%47% 47%
5%5% 6%
22%26%
25%
2%2%
2%
6,623 6,282
5,910
1Q20 4Q20 1Q21
LPG
Aviation
Diesel
Fuel Oil
Gasoline
Others
0.78 1.04
1.31 Margin
(THB/Litre)
(MM Liter)
Sales Volume6% QoQ11% YoY
26% QoQ68% YoY
Gross margin included stock gain/(loss)
Sales Volume(MM Liter)
Cups1% QoQ7% YoY
C-Store1% QoQ4% YoY
QoQ : Oil : Better gross marginNon-Oil : Dropped sales impacted from Covid-19 pandemic
2020 vs 2019 : Oil : Sales volume dropped from COVID-19 impactNon-Oil : Better gross margin from outlet expansion
41
12%
4%
15% 14%
16%7%
40%
46%
5%
6%
21%
25%
3%
2%
27,627
24,400
2019 2020
9%
Avg. 2020 = 42.2
2019
Stock Gain/(Loss)
19%
34%
5%
0.89 0.97
(13,754)
7,258 3,360
(8,905)
1,608 5,581
(8,784)
6,405 9,695
72
62 83
839
1,000 1,145 991
880 847 983
1,146
952 867
986
1,142
1,365
1,101
992
0.73 1.20 1.92 2.670.78
(9.05)
1.90
5.110.21
(1.76)
0.73
(0.64) (0.12)
0.130.23
Hedging G/LStock G/L excl. NRVMkt GRM
Olefins
P&R BusinessesQoQ: NI improved from oil demand recovery and petrochemical prices hiked2020 vs 2019: COVID-19 & price war dampened oil prices resulted in stock loss and soften performances
(PE P lant)
89% 110% 105% 102% 97%
Olefins
U-Rate
Aromatics
Refinery Net Income (100%)101%
95% 96% 97% 96%Refinery
U-Rate
50.7 44.6 60.0 63.5 42.2
Acc.
GRM
15,333
97% 98% 98%88%
96%BTX
U-Rate(GC ’s plant)
Unit : MMTHB
(31,371)
706
561
766 901
577 614
529
753 641
485
Avg. Price:
$/Ton
256 192
253
357
227 164 161
240
97136
Spread to Condensate: $/Ton
<(100%)22% QoQ
BZ: 42% QoQ
PX: 37% QoQ
Avg. Price:
$/Ton
(7.59)
2.46 6.91 3.01
(0.75)
Avg.
Dubai
1Q20 4Q20 1Q21 2019 2020
BZ: 49% QoQ
PX: 32% QoQ
18,719
PP: 20% QoQ
LLDPE: 17% QoQ
HDPE: 15% QoQ
42
1Q20 4Q20 1Q21 2019 2020
1Q20 4Q20 1Q21 2019 2020
6,277
(3,301)(1,174)
(6,152)
11,682
200
312
277
1Q20 4Q20 1Q21 2019 2020
17,097
(8,976)
PTT TANKGCTOPIRPC
>100% YoY
BZ: 40%
PX: 36%
PP: 10%
LLDPE: 9%
HDPE: 11%
BZ: 24%
PX: 36%
P&R : Projects Update
2020
PO/Polyols
MTP Retrofit
PO/Polyols
MTP Retrofit(Olefins Reconfiguration)
CFP(Clean Fuel Project)
Ole 2 Modification plant project Ultra Clean Fuel
Objective/Capacity
• Create value added in
Polyurethane chain
• PO (200 KTA)
• Polyols (130 KTA)
• Ethylene (500 KTA)
• Propylene (250 KTA)
• Refining capacity 2,988 ➔ 3,738 MTA
*100% in progress as of Dec 2020
• Upgrade lower value product ➔ higher value product
• Ability to process heavier (cheaper) crude oil
• Refining capacity 275 ➔400 KBD
• To increase Propane usage as
feedstock
• To enhance feedstock flexibility and long-term competitiveness
• To increase
refinery plant’ s efficiency and upgrade diesel quality to meet the Euro 5 standard
• Increase 75 KBD of diesel capacity
CAPEX 888 MMUSD 985 MMUSD4.8 Bn.USD
incl. ERU unit 757 MMUSD
165 MMUSDor equivalent to
5,198 MB
450 MMUSDor equivalent to
14,400 MB
COD Dec’20 May 211Q23
(FID Jul’18)1Q23 2Q23
2023
CFP
43
Ole 2 Modification plant project
2021
Ultra Clean Fuel
63
5454
43
78
60
2019 2020
5952
68
48
36
49
68 67
89
1Q20 4Q20 1Q21
13.3
(226.8)
30.1
(219.3)
(1.1)
19.9 22.2
28.4
21.3
Other Business : Coal business (SAR) QoQ: NI increased from higher referenced New Castle price and no impairment2020 vs 2019: NI declined due to the impairment loss and COVID-19 impact
1/ Average Calorific value ~ 5,400 kcal/kg
44
Unit: $/Ton
Avg. Selling Price
Total Cash Costs
New Castle
Unit: MMUSD
Operating
profit
Extra items
Avg. Selling Price1/ & Cash cost1/
QoQ
1,785 1,538 1,468
7,328 5,905
136 161
474
462
1Q20 4Q20 1Q21 2019 2020
kTon
Jembayan
Sebuku
1,921 1,699 1,468
14% QoQ24% YoY
+ higher referenced New Castle price and no impairment
- Lower sales volume caused by warm weather during late 1Q2021 and cease operating of the Sebuku coal mine
2020 VS 2019
- Volume decreased due to lower production and sales plan
- Price dropped due to referenced New Castle price dropped
+ Cash cost lower from reduced mining cost and gas oil price
- NI dropped mainly from impairment of 227 MMUSD due to lower reserves and Covid-19 impact
Sales Volume
Net Income (100%) Key Highlights
12.2 (206.9) 22.2NI
>100% QoQ
82% YoY
QoQ
7,802
6,367
18%
58.5
198.0
1Q20 4Q20 1Q21 2019 2020
>100%
14%
23%
20%
31%
33%
36%
Other Businesses : Power - GPSC QoQ: NI increased due to higher SPP margin from industrial customers and lower maintenance cost
2020 vs 2019: Better performance from full year recognition of GLOW and lower finance cost
Net Income
Sales Volume Gross profit & Gross profit margin
Unit: Power: GWhSteam: ‘000 Ton
Unit: MMTHB
5,093
3,254
4,9843,739
4,9413,705
17,564
12,821
19,667
13,871
1Q20 4Q20 1Q21 2019 2020
Steam
Power
29% 30% 32%28%
31%
1,459 1,116 1,019 5,768 5,358 3,834 3,707 4,269
12,511 15,362
72 108 51
383 610
5,365 4,931 5,339
1Q20 4Q20 1Q21 2019 2020
IPP
SPP
VSPP & others
Gross profit margin
Gross profit
1,580 1,4581,973
4,061
7,508
1Q20 4Q20 1Q21 2019 2020
+ Higher sales vol. from full recognition of GLOW’s performance+ Higher SPP margin according to lower NG cost+ Lower finance cost and higher dividend from RPCL
QoQ
2020 vs 2019
8% QoQ
14% 2020 vs 2019
12% 8% 2020 vs 2019
Power Steam
Unit: MMTHB
+ Higher SPP margin selling to industrial customers+ Lower maintenance cost of SPP+ Gain on selling 50% share of GRP to PTT
45
85%35% QoQ
21,33018,662
Gross profit
25% YoY
1% 1% QoQ
3% 14% YoY
Power Steam
YoY
Other Businesses : Power - GPSC
46
Upcoming Projects to Bolster Future Growth
Strategic Directions and Growth Strategy (3S Strategy)
146146
Natural Gas Price Structure : As of Mar 2021
CustomersSales Price Structure
Gas Pool Price Supply Margins Pipeline Tariffs+ +
Average Purchased Gas Price
1.75%
1.75%
9.33%
21.9 Bt/MMBtu
Charged at the same price structure of power producers
Reference to a bi-weekly average of Platt’s FOB Arub Gulf price
Charged at prices comparable to fuel oil
Gas prices are mostly agreed under long term contracts and volatility pass-through to ensure stable returns
Profit-sharing mechanism based on market prices of petrochemicals
Reference to Naphtha market price
At GSPs cost (adjusted every 3 months)
*
*
*
* EGAT IPP and SPP Supply Margins not more than 2.1525 and 11.4759 bt/mmbtu respectively
47
GSP 21%
Petrochemicals Feedstocks
Industry 16%
Ethane, Propane, LPG
NGL
Local Cooking Gas
Export Cooking Gas
Power Producers 60%
: EGAT 18%
: IPP 13%
: SPP 29%
Charged at Avg. gas cost + Operating cost (3.892 bt/kg) for both Public & Private vehiclesNGV’s selling price reflects the natural gas cost and operating cost* (including gas quality adjustment) * The allowed operating cost is still regulated and not fully cover PTT’s operating cost
A s of 16 May 2021 = 13.99 Baht/Kg.
Public transportation vehicles : regulated and capped to minimize the impact from the rising global crude prices on end-users• Since 16 May 2018 : Allowance to adjust NGV public price from 10.62 Baht/Kg. to 13.62 Baht/Kg. by every 4 month (16 May 19, 16 Sep 19 and 16 Jan 20)• Since 1 Jan 2021 : Use the same pricing as private vehiclesPrivate vehicles: reflect the natural gas cost, gas quality adjustment and operating cost (not fully cover PTT’s operating cost)• Since 16 Jul 2016 : The retail price is set to reflect the natural gas cost but operating cost is still regulated• Since 5 Sep 2017 : Allowance to adjusted +0.46 Baht/Kg. to 3.8920 Baht/Kg. for gas quality improvement cost
NGV 3%
Gas Business Generates Stable Returns
Sole owner and operator of entire
gas transmission pipelines in
Thailand (~ 4,000 km), a regulated
business
• IRROE ranges between
12.5% - 18% for transmission
pipeline investment
Supply & marketing of natural gas
provides fixed margin with long-term
contracts of 25-30 years
6 Gas Separation Plants; Total
production 6.7 MTA; are on
petrochemical market price-linked
profit sharing basis
48
Overview Gas transmission pipeline capacity
Gas Separation Plant Capacity
Unit 1 420 MMcf/d
Unit 2 and 3 820 MMcf/d
Unit 4 170 MMcf/d
Unit 5 580 MMcf/d
Unit 6 880 MMcf/d
PTT’s Sustainability Management Performance
SUSTAINABILITY as Business Goal
TRANSPARENCY & SUSTAINABILITY
PTT’s Sustainability DNA
Operate with Integrity (GRC)
Circular Economy
Low Carbon Society
Create Social Shared Value
Self sufficientEconomic Drive by
Creating ‘Next Growth’
Good Governance and Performance Excellence
Sustainable Production and Consumption
People Well-being
Sufficiency Economy
DJSI
Knowledge Virtues
Environment
Social Governance
ESG
SDGs
Performance เราตอ้งเลศิ โลกเราตอ้งรกัษ์ สงัคมไทยเราตอ้งอุม้ชู
49
12,970 victims of drought, cold and floods rescued
Clean energy- 826 beneficiary households,
Biogas system from pig farming project
- 500 beneficiary households, Solar cell system
Planted and cared around 1.17 million rai of forest area
Promoting Social Enterprises- Café Amazon for
Chance: 10 branches,
increase income 7K
baht/person/month
- Community Coffee
Sourcing Project:
Increase income 10-20k
baht/household/year,
PTT supports during the COVID-19 pandemic
Research and technology development, enhancing innovation to commercialization
Storage and regasification tanks for liquefied natural gas
Predictive maintenance(The Soothsayer)
139 schools participated in skill development & learning approach
Evolving Business Modeli.e. renewable energy business
Integrity and Transparency
Assessment (ITA)
Score 91.88 Level A
- 212 Large hospitals
- 4,941 district health support hospitals
19
Social: People Well-being
Governance: Good Governance and Performance Excellence
Awarded a Gold Class distinction from
the S&P Global Sustainability Award 2021 with the Oil & Gas
Upstream & Integrated (OGX) industry's
top-performing company's score
Sustainable Development Goals (SDGs)
PTT’s operations fully support 17 SDGs
PTT’s Sustainability Management Performance
In 2020, PTT Group’s GHG emissions was 31.2 MtCO2e* according to the target.
CO2 “Internal Carbon Price (ICP)” in PTT’s Capital Expenditure Decision Process
Evaluated and analyzed following the
Recommendation of the Task Force on Climate-related Financial Disclosures
Green Products & Services;89 products274 service stations
*The data is being rev iewed by external independent agenciesincluding both direct and indirect emissions (scope 1 and 2)
GHG’s Long-term 2030 target
: 27% reduction target compared
to business-as-usual scenarios.
Environmental: Sustainable Production and Consumption
Listed a member of the DJSI
9th consecutive year in the World
Index and the Emerging Market Index.
Industry Leader of the Oil & Gas Upstream & Integrated Sector (OGX).
50
Thank youPTT Public Company Limited – Investor Relations Department
Disclaimer
The information contained in our presentation is intended solely for your personal reference only. Please do not circulate this material. If you are not an intended recipient, you
must not read, disclose, copy, retain, distribute or take any action in reliance upon it. In addition, such information contains projections and forward-looking statements that
reflect our current views with respect to future events, financial performance and result of PTT’s activities. These views are based on assumptions subject to various risks and
uncertainties. No assurance is given that future events will occur, that projections will be achieved, or that our assumptions are correct. Actual results may differ materially from those projected.
The information contained in this presentation is subject to change without notice and PTT does not undertake any duty to update the forward-looking statements, and the
estimates and assumptions associated with them, except to the extent required by applicable laws and regulations.157
Tel. +66 2 537-3518, Fax. +66 2 537-3948
Website: http://www.pttplc.com
E-mail: [email protected]
51