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HSBC Virtual Asia Credit Tour
29 Nov 2021
Overview
3Q2021 & 9M2021 Performance
Strategy
Outlook
Co
nte
nts
01
02
03
04
1
Supplementary Information05
Source: PTIT
Remark : (*)Refined product from refineries = 888 KBD, including domestic supply of LPG from GSPs and Petrochemical Plants = 91 KBD
(**) Included Inventory
KBD = Thousand Barrels per day
Indigenous(17%)179 KBD
Imported Refined Petroleum Products 36 KBD
817 KBD (**)
Import (83%)
Crude/ Condensate854 KBD
RefinedProducts979 KBD*
Domestic
Crude/ Condensate 162 KBD
Supply Production Demand
Export
218 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)
RefinedProducts201 KBD
Crude Export 17 KBD
890 KBD
Oil Balance Thailand: Jan – Sep 2021Adequate refining capacity maintains the stability of country supply
2
Natural Gas Balance: Jan – Sep 2021Main driver of the Thai economy
Gulf of Thailand (63%)
Power (60%)
Industry (17%)
NGV (3%)
Petrochemical Feedstock
(12%)
IndustryHousehold
Transportation(8%)
Ethane/ Propane/
LPG/NGL
LPG/NGL
Remark: MMSCFD = Million Cubic Feet @ Heating Value 1,000 Btu/ft3
Supply Production Sales
924 MMSCFD (20%)
Methane 1,536 MMSCFD
104 MMSCFD
1,574 MMSCFD
2,832 MMSCFD
Bypass Gas372 MMSCFD
Onshore (2%)
PTTEP, 41%
Others, 59%
Myanmar,
44%
LNG, 56%
Import (35%)
6 GSPsTotal Capacity
2,870 MMSCFD @ A ctual Heat
3
Gas Separation Plant
42%
18%
13%
11%
4%
3%8% 1%
PTT Group: Bt 2,599bn (USD 83Bn)
14%
86%
SET market Cap:Bt 19,002 bn (USD 604 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 9%• Thai 28%
PTT’s Strategic Importance to Thailand
Note: As of Sep 30, 2021
Market Cap : SET & PTT Group
Robust revenue and net income growth since IPO (MMUSD) 1
12,553
51,356
2001 2020
Note: A s of Oct 31, 2021
Others
PTT Group
PTT
PTTEP
PTTGC
TOP
IRPC
GPSC
702
International and local recognition
GGC
Platts Top 250 Global Energy Company
23rd in 202021st in 201910th in 201812th in 201763th in 2016
Dow Jones Sustainability
Index (DJSI)
DJSI Member 2011-2021(10th 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
OR
1 2020 Annual Avg. BOT selling rate USD/THB of 31.46 (Avg. rate)
1 2020 Annual Avg. BOT selling rate USD/THB of 31.46 (Avg. rate)2 As of Sep 2021
▪ International E&P business: 1,074 mmboe proved reserves or 7 years in 2020▪ Sole operator & owner of gas transmission pipelines and Gas Separation Plants
(GSPs) in Thailand▪ Largest refinery group in Thailand : 3 of 6 refineries▪ Largest petrochemical producer group in Thailand : total capacity of olefins, aromatics
and styrenics production of more than 15 mtpa▪ Leading oil marketing business in Thailand : 2,039 retail stations2 and ~42%2 of
market share by sales volume▪ International oil trading business having traded 54.1 bn litters2 (75.5 bn liters in 2020)▪ Power Plant flagship with committed capacity of 7,102 MW2 (equity portion)
Fully integrated & highly diversified over entire O&G value chain
4
Natural Gas Oil & Retail
Market Share ~ 42%1
- Oil (2,039 stations in Thailand1)- 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)
PTT Group Businesses and Activities
• 4 gas pipelines• 6 Gas Separation Plants• Procurement &
Marketing• NGV
• Crude Procurement• Import/Export• Commodity Hedging• Int’l Office: China/ Singapore/ Abu Dhabi/ London/ USA/ Thailand
• Traded 54.1 bn liters1
Market Share > 50%
Market Share > 50%
7,102 MW1 (equity portion)
(65.29%)
(50%) (100%)
(100%)
(75%)
(~48%)
(~48%)
(~ 75%2)
Remark: Percentage holding as of Sep 2021 1 As of Sep 2021 / 2 Holding portion of PTT Group (direct & indirect)
(In process for divestment)
5
• Renewable Energy
• EV Chain
Ne
w
Bu
sin
ess
• Life Sciences
• AI Robotics
(100%)
• Pharmaceutical• Medical device• Nutrition
Beyond Energy
Future Energy (50%)
PTT Group’s renewable energy portfolio is ~2.7 GW1
(~ 75%)
(100%) (75%)
- EV Service platform & Electric Vehicles/ Batteries- 34 EV Charging stations
(100%)
(~ 75%)
(6 .66%)
JV with NRF (50:50)
JV with IRPC (PTT 40 : IRPC 60)
(100%)
• AI / Robotics
• Cloud service, Data center
• Digital platform
(50%)
(100%)
(100%)
Overview
3Q2021 & 9M2021 Performance
Strategy
Outlook
Co
nte
nts
01
02
03
04
6
Supplementary Information05
Key Activities in 3Q2021Key Activities in 3Q2021
• Investment 15.4% in petrochemical producer (Olefins) in Indonesia (PT Chandra Asri)
• FID Refinery Efficiency and Diesel Quality Improvement Project for EURO V Standards (Ultra Clean Fuel )
• Investment in HVB (coating resins) (Acquired 100% in Allnex)
• FID Bioplastic project plant 2 (capacity: 75,000 tons per year)
• Establishment of GC Marketing Solutions (Shanghai) to support trading business (Polymer) in China
• Investment 41.6% in power project in India (Avaada: 4,560 MW)
• Investment 25% in offshore wind power projects in Taiwan (CI Changfang and CI Xidao : 595 MW)
• Establishment of ORZON VENTURES to invest in high-potential startup companies in Thailand and Southeast Asia
• Investment in Imsub Global Cruisine to strengthen OR’s food and beverage business• Establishment of EVME PLUS as digital
service platform to promote EV
• JV (50%) with BGRIM for operating in LNG Business to procure and supply LNG (Seeking for further business opportunities related to LNG value chain)
• JV (60%) with FOXCONN for the electric vehicle manufacturing business
• PTT – EGAT renewed 10 years Gas purchase agreement for Nam Phong Power Plant
What we have done so far?
• Established 7 subsidiaries to support future investment, especially in AI and Robotics such as
ROVULA: Marine inspection SKYLLER: Integrated asset inspection via droneVARUNA: Smart farmingCARIVA: Health data network
7
• MOU with Hozon to explore opportunities for EV market expansion and production with the facility of JV between Arun+ and Foxconn in Thailand
Key Business Drivers:
QoQ: Crude and most of product prices increased from improved demand following easing of lockdown while supply remained tight
9M21 vs 9M20: All petroleum and petrochemical prices improved from the demand recovery still pooled gas price dropped with lag time
AVG. Petroleum Prices ($/bbl)
HDPE
PX
PP
BZ
0
20
40
60
80
100
Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21
61.2
67.464.1 65.1
62.163.5
62.1
43.4
Dubai
FO
(3.5%)
42.9
40.4
50.743.4
30.628.9
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 Oct’21
44.1
60.056.6
44.6
2019 Dubai avg.: 63.5 2020 Dubai avg.: 42.2
AVG. NG Prices ($/MMBTU)
AVG. FX (THB/USD) Petrochemical Prices (Avg. $/ton)
29
30
31
32
33
34
35
13
31.8 31.8
30.9
30.5
9M20 (end FX 31.8)End: Baht Depre.
Bt 1 .5 or 5.0%
31.5
30.8 2Q21 (end FX 32.2)End: Baht Depre.
Bt 0 .7 or 2.2%
32.1
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 Oct’21
3Q20 (end FX 31.8)End: Baht Depre.
Bt 0.7 or 2.3%
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 Jul-21 Oct-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
813
679
494
1,049
841
801671
540
706
614
440
839
986
496
371
274
760
871
546
427
397
919968
561
529
408
1,000
1,142
766753
557
1,365
1,145
PP HDPE PX BZ Naphtha
QoQ 7% 4% 7% 3% 12%
YoY 29% 24% 68% >100% 70%
9M21 vs 9M20 40% 38% 45% 92% 66%
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 Oct’21
Naphtha
Dubai FO 3.5%
QoQ 7% 12%
YoY 67% 69%
9M21 vs 9M20 60% 65%
66.961.1
933972
771
1,368
1,239
8
68.371.7
859
966
606
1,338
1,191
3Q21 (end FX 34.1)End: Baht Depre.
Bt 1 .9 or 5.9%
9M21 (end FX 34.1)End: Baht Depre.
Bt 3.9 or 12.9%
33.1
6.36
10.08.5
18.6
2019 Avg. : 31.2 / End : 30.4 2020 Avg. : 31.5 / End : 30.2
JLC-LNG* JKM Avg. Pool
QoQ 20% 86% 8%
YoY 62% >100% 10%
9M21 vs 9M20 11% >100% 6%81.6
77.6
9M21 Dubai avg.: 66.2
6.84
10.2
36.0
676
1,250
1,138
993
33.7
0
4
8
12
16
20
24
28
32
Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21
6.6
11.0
7.31
JLC-LNG*
JKM Spot
Avg. Pooled
gas price4.9
9.5
7.19
4.7
9.7
7.20
5.8
9.4
7.30
* JLC = Japan LNG Cocktail : Landed LNG price in Japan3.6
9.4
7.23
3.62.1
9.1
6.79
6.20
8.48.0
5.68
6.3
5.89
6.3
10.1
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 Oct’21
9M21 Avg. : 31.7 / End : 34.1
919
Remark: 5/ Technology and Engineering business mainly contributed from power business
6/ O thers business mainly contributed from PTT LNG, PTT NGD, PTTT and PTTGM etc.
QoQ: NI soften primarily from P&R and Oil businesses due to lower demand impact of Covid-19 Delta variant9M21 vs 9M20: Robust performance as a result of petroleum & petrochemical demand recovery in line with global trend
23%
33%
22%
9%
3%10%6%
14%
32%30%
15%
2%
1%
36%
20%
30%
5%5%
1%
PTT(GAS & Trading)
P&R
TEG5/
Oil &
Retail
PTT Consolidated Performance: 3Q2021 & 9M2021
REVENUE
1,569,981 MB
NI
80,819 MB
9M2021
383,599 533,256 558,888
1,208,491
1,569,981
3Q20 2Q21 3Q21 9M20 9M21
REVENUE 5% QoQ 30%
14,12024,578 23,653 24,619
80,819
3Q20 2Q21 3Q21 9M20 9M21
68% YoY
67,465113,166 110,522
154,058
326,685
3Q20 2Q21 3Q21 9M20 9M21
Unit: MB
>100%NI 4% QoQEBITDA 2% QoQ >100%
EBITDA
326,685 MB
Gas1/
P&R
Oil & Retail
P&R
Trading2/
Gas1/
E & PTEG3/
Oil & Retail
TEG3/
Trading2/
3%
Unit: MB Unit: MB46% YoY 64% YoY
Others6/Others4/
Remark: 1/ PTT Gas business and affiliates
2/ PTT Trading business and affiliates3/ Technology and Engineering business mainly contributed from power business
4/ O thers business mainly contributed from coal business
Others4/
E & P
E & P
9
Extra Items*3Q21 : PTT’s write-off on obsolete materials and supplies of 702 MB
and TOP’s gain on divestment of UBE 233 MB2Q21 : GC’s Emery Oleochemicals impairment of 1,463 MB, tax
from selling stakes of GPSC 2,264 MB, and PTT’s reverse gain from LNG reloaded 580 MB
Others+ PTTT: Improved out-out margin of crude and petroleum products+ PTTNGD: Higher industrial selling price referenced to FO↔ Coal: Increased in selling prices, and sales volume due to higher
demand from energy shortage crisis offset with increased income tax and hedging loss
1,757 1,355
3,046
687 365
2,2894,680 4,432
2Q21 Margin StockGain/(Loss)
OPEX DD&A Other Income Impairment FX &Derivatives
Int. & CIT Exp.& Other
3Q21
Margin
23,653
▲Stock Gain/(Loss)
OPEX
DD&A
Other Income
Impairment
FX & Derivatives
Int. & CIT Exp. & Other
3Q21: 120,8462Q21: 119,089
3Q21: 10,8152Q21: 12,170 3Q21: (21,139)
2Q21: (18,093) 3Q21: (39,295)2Q21: (38,608)
3Q21: 1,3182Q21: 953
3Q21: (876)2Q21: (3,165)
3Q21: (18,173)2Q21: (13,493)
3Q21: (29,843)2Q21: (34,275)
10,311
4,664
8,411
2,425 949
2,247
(4,429)
▼
▼
▲
▼
▲
8,950
6,231
4,005
1,400 974
2,552
(459)
▲
TEG (mainly from power)+ Increased in shareholding in GPSC despite lower GPSC’s
performance from IPP & SPP’s outages and rising fuel cost
Oil & Retail- Both oil and non-oil have decreased sales volume and gross margin impacted by from COVID-19 Delta variant
PTT
Gas+ GSP: Higher avg. selling prices mainly from LPG and propane while
there was major turnaround of GSP#6 + S&M: Higher industrial selling price referenced to FO despite lower
gas sales volume
Trading+ Higher domestic condensate margin
Higher loss on FX due to more Baht depreciation
PTTEP
PTT
24,578
MMTHB
23,653
2Q21 3Q21
22,165
18,073
P&R
TEG/2
Extra Items
Oil & Retails
(*PTT’s portion net tax amount)
3Q21 vs 2Q21 PTT Consolidated Performance (QoQ): NI slightly declined from impact of Covid-19 Delta variant while upstream and gas remained resilient
Others/1
Remark: 1/ O thers business mainly contributed from PTT LNG, PTT NGD, PTTT and PTTGM etc.
2/ Technology and Engineering business mainly contributed from power business 10
▲3%
▼42%
▼52%
▲34%
▲14%
▼13%
▲90%
PTTEP+ Lower loss from oil price hedging+ Higher avg. selling prices from higher liquid gas prices- Sales volume dropped from Bongkot, MTJDA, and Yadana project
Petrochemical & Refining
Refinery- Lower sales volume from shutdown and higher crude premium- Increased hedging loss despite higher Mkt GRM
Petrochemical- Olefins: Lower PE prices and higher feedstock price+ Aromatics: Increase in PX spreads from tight supply despite lower
BZ spread
-
112,297
66,040
5,710 7,882
6,670 1,157
50,703
63,355
-
9M/2020 Margin StockGain/(Loss)
OPEX DD&A Other Income Impairment FX &Derivatives
Int. & CIT Exp.& Other
9M/2021
Margin
▲
Stock Gain/(Loss)
OPEX
DD&A
Other IncomeImpairment
FX & Derivatives
Int. & CIT Exp. & Other
9M21: 343,8039M20: 231,506
9M21: 38,8749M20: (27,166)
9M21: (55,992)9M20: (50,282)
9M21: (112,939)9M20: (105,057)
9M21: 9,4139M20: 2,743
9M21: (4,036)9M20: (2,879)
9M21: (43,394)9M20: 7,309
9M21: (94,910)9M20: (31,555)
9,280
13,898
(11,342)
5,849 2,079 6,637
(1,782)
27,011
14,295
21,283
7,262 2,662 8,320
(14)
▲
▲
▲
▲
▲
▲
PTTEP
+ Higher sales vol. from Oman Block 61 acquisition, Bongkot, Contract4, and Malaysia project
+ Higher avg. Selling price from liquid prices increasedPTTEP
PTT
MMTHB
9M20 9M21
P&R
ExtraItems
Oil& Retails
9M21 vs 9M20 PTT Consolidated Performance (YTD): Escalated performance driven from most of PTT Group Businesses
24,619
80,819
40,862
58,804
Petrochemical & Refining
Refinery
+ Higher stock gain in 9M21+ Higher mkt GRM mainly from gasoline spread- Lower sales volume from lower demandPetrochemical+ Olefins: Improved product prices and sales volume+ Aromatics: Increased in BZ & PX spreads and sales
volumeTEG/2Others/1
Remark: 1/ O thers business mainly contributed from PTT LNG, PTT NGD, PTTT and PTTGM etc.
2/ Technology and Engineering business mainly contributed from power business
Oil & Retail+ Improved oil margin- Lower oil volume due to Covid-19 impact- Non-oil was pressured from Covid-19 lockdown
TEG (mainly from power)
+ Higher share of profits from XPCL due to higher water level
Others
Coal: Higher margin due to increased selling pricesfollowing Newcastle coal price
PTTNGD: Higher industrial selling price referenced to FO
Extra Items*9M21 : EP: Gain on bargain purchase of Oman Block 61
7,033 MB, offset write-off assets in Brazil 2,909 MBGC: Emery Oleochemicals impairment of 1,463 MB, and tax from selling stakes in GPSC 2,264 MB
9M20 : EP: Mariana Oil Sands impairment of 925 MBPTTGM: Coal mining impairment of 857 MB
(*PTT’s portion net tax amount)
▲28%
▲24%
▲3%
▲>100%
▲>100%
▲25%
▲99%
PTT
Gas+ GSP: Higher avg. selling prices, sales volume, and lower
feed gas cost+ S&M: Higher industrial customers’ selling price linked to FO
price, lower pooled gas cost, and higher gas sales vol. from most of customers
Trading+ Higher domestic condensate margin despite lower sales
volume11
PTT EBITDA Breakdown by Business
GAS
S&M
TM
GSP
NGV
Others
Trading
Total
Unit: MMTHB
12
3Q20 2Q21 3Q21 QoQ YoY 9M20 9M219M21 vs
9M20
13,279 22,134 23,388 6% 76% 38,740 67,297 74%
2,044 3,732 4,281 15% >100% 5,324 12,788 >100%
8,727 8,577 8,463 1% 3% 26,766 25,160 6%
582 7,384 8,198 11% >100% 1,910 21,802 >100%
(413) (425) (465) 9% 13% (1,677) (1,111) 34%
2,339 2,866 2,911 2% 24% 6,417 8,658 35%
601 907 1,942 >100% >100% 2,759 3,987 45%
13,880 23,041 25,330 10% 82% 41,499 71,284 72%
Key Financial Ratios
1,292,717 1,410,232
530,535
650,830
304,010
435,877416,921
473,063
1,285,8451,434,760
795,503
935,660
462,835
599,582
1 2 3 4 5
17%
0.29 0.32
1.68
1.16
2020 9M21
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
2,970,002
2,544,183
30 Sep 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 Inventories and Account Receivables from the higher product prices+ Increase in Long-term investments from TOP’s investment in CAP and GPSC’s investment in Avaada+ Higher PPE from PTTEP’s business acquisition of Oman Block 61 and TOP’s construction in progress of Clean Fuel Project+ Increase in Equity due to PTT group’s net profit and OR’s capital increase + Higher Interest Bearing Debt (IBD) from increase in long-term borrowing mainly from PTT, GC, and TOP
13
7.718.75
13.43
22.40
30.57
34.1434.82
18.33
21.06
29.58
37.2436.58
32.52
20.34
6.73
32.68
46.74
4.15
3.20
1.32
2.00
2.50 2.854.00
6.75
9.2510.50 11.50
8.00 8.5010.25
13.00 13.00 13.0011.00 10.00
16.00
20.00 2.00 2.00
1.00
1.20
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%
60.0%
-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 1H2021
25% PTT’s min. payout ratio Policy
Baht / share
Dividend Policy & Historical Payments
1H2021 Dividend payout at 60.0%
* Split par value from 10 to 1 Baht/share since 24 April 2018
10-Year Avg. 59%
Avg. since IPO47%
Split par*
Dividend payout
EPS
DPS
14
Overview
3Q2021 & 9M2021 Performance
Strategy
Outlook
Co
nte
nts
01
02
03
04
15
Supplementary Information05
PTT’s vision is revised to set aspirations
along with future trends
with Future Energy and Beyond
Powering Life
16
Powering life with
Future Energy and Beyond Strategic Positioning
Future Energy
BeyondLife
Science
Logistics & Infrastructure
Mobility & Lifestyle
High Value Business
AI, Robotics digitalization
Ready to explore…
Renewable
EV Value Chain
Hydrogen
Energy Storage & System Related
focus more on future energy trend
and new businesses that have potentials to grow
Moving toward future energy and energy technologies which are clean and environmental friendly as
well as stepping into new potential businesses that support people live and drive people well-being
17
Directing energy business in line with future trend
Reinforce Reignite new businessat speed and scaleReimagine
Focus on
Lower-carbon portfolio
▪ Collaboratively build LNG value
chain platform
▪ Accelerate LNG portfolio development through partnership
Fully integrated player in gas and LNG value chain
▪ Coal business divestment
▪ Downstream Business Portfolio
Rebalancing
▪ Resilience for Refinery Business
▪ To be Global Player with Digital
Forefront
▪ Synchronized Upstream &
Downstream Optimization
Acceleration into
LNG value chain Powering
Downstream along with Future Energy
▪ Renewable Energy
▪ Energy Storage
System
▪ EV Value Chain
▪ Energy Platform
▪ Other potential
(e.g. H2)
Expedite execution
New Energy & EV
& integrate Renewable Energy Value Chain with
PTT Group Business
18
•Stimulate EV
demand in
Thailand
•Drive EV Adoption
•All in one solution
and services
EV service platform
Mobility as a Service
Swapping station
Battery swapping platform for
electric motorcycles
Vehicle
Foxconn-PTT JV
Study for M&A: 2 Wheels & Bus
Developing EV
platform production
19
Battery
Preparing core-shell cathode
material for pilot scale
• Pilot Plant in Rayong
• Giga Scale Plant in China
Maintenance-as-a-Service
Service & Maintenance
• Aftermarket
services
• to provide full-
service-
maintenance
Charger
Charging station & Platform
• Quick Charge
• Normal Charge
• Integrating with
Renewable Energy
Certificates (REC)
PTT Group Strategy related to EV business
19
Growing along the way of life beyond energyReignite New Business at Speed and Scale
PTT Group’s Marketing PlatformFocus on 3rd Party Logistics (3PL) segment with interest in 2nd Party Logistics (2PL)
Mobility LifestyleStrive one-stop solution for
All Lifestyle
Rail & Terminal
Modern Logistics Solution & Platform▪ Seamless logistic solution provider
▪ Rail-based intermodal logistics services provider
Strengthen energy solution for
Seamless Mobility
Oil Ecosystem
Energy
SolutionEcosystem
F&BEcosystem
One-stop
SolutionEcosystem
through M&A
Coating and Adhesive
Next HVB
▪ Accelerating growth in attractive segments(e.g. composites & UPR, coating additives)
▪ Seeking more opportunities in HPP and Composite
Pharmaceutical
Medical Technology
Nutrition
Investment in Generics / Biopharma Company
(e.g. Covid-19 Test Kit, Meltblown, MED.
GLOVES and MED. DEVICE)
Explore opportunities inAI, Robotics & Digitalization▪ Robotic / AI
▪ Digital platform
▪ Cloud service provider, Data center
co-location
20
Overall Strategic Direction to achieve purpose of New Vision
E&P
Gas
Oil & Retail
Power
P&R
• Build global LNG portfolio
• Expand growth for high return asset
& mainly invest in gas assets
• Accelerate growth in Thailand &
region
• Grow in retail with customer-
oriented
• Move to mobility & lifestyle
• Supply chain integration
• Move to high value business
Direction Business
Newbusiness
New Energy
• Scale up potential business e.g. life
science, logistics & infrastructure
• Expedite growth in new energy e.g.
renewable, energy storage & system
related and EV value chainFuture Energy(RE, ESS, EV)
New businessFuture
Energy
&
Beyond 32%
15%
17%
CAPEX(2021 – 2030)
PTT Group 68%
Hydrocarbon Business
(E&P, Gas, LNG, Power, P&R, Oil)
NI from Future Energy and Beyond > 30%1
New growth
Power (Conventional) 8 GW
LNG* 9 MTA
Renewable energy 12 GW
Business growth
2
315% GHG reduction from 2020
Clean growth
(Moving to net zero GHG within 2070)
* LNG Equity and controlling of portfolio v olume 21
PTT Sustainability Strategic Direction
Sufficiency Economy ESG
Reasonableness Prudence Social Governance & Economics
Environmental
DJSI SDGs
Sufficiency Economy
SUSTAINABILITY as Business Goal
Operate with Integrity (GRC)
Economic Drive by creating ‘Next Growth’
Circular Economy
Low Carbon Society
Social Shared Value
Workforce for
New Growth
PTT’s Sustainability DNA
Sustainable Production and Consumption
ENVIRONMENTAL GOVERNANCE
Good Governance and Performance Excellence
SOCIALPeople’s
Well-being
Safety and Human Rights
VirtuesKnowledge
Moderation
โลกเราตอ้งรกัษ์ สงัคมไทยเราตอ้งอุม้ชู ผลด าเนนิงานเราตอ้งเลศิ
22
PTT Group Clean & Green Strategic Execution
2030 GOAL
Aim to achieve Carbon Neutrality By 2050, and Net Zero By 2065 (align with "National Energy Plan")
Aim to reduce GHG emission15% from 2020
Continue execution in GHG reductionand initiate carbon price application to enable green investment
2012
Base year
2018 2021 2030
Financial & investment Mechanism
Carbon Exchange Platform
EnablerCarbon Neutral Framework
Scope 3 (Other Indirect Greenhouse Gas Emission)
Scope 1+2
Carbon Credit Offset
Reforestation & Community GHG Project
Biofuel / Low Carbon Product Electric Mobility
Renewable Energy in Operations
Process Optimization & Energy Efficiency (All facilities)
(All facilities)
CO2 Utilization and Storage (PTTEP, PTT)
Renewable/New Energy Investment(PTT, GPSC)
(PTT)(OR, GC, IRPC, TOP, INI)
(CSR)
R&D Partnership
As Hidden Price in Feasibility Study
Review and adjust price to ensure meeting GHG reduction target
Apply Carbon Price in Investment Decision Process
per ton CO2e
STRATEGIC DIRECTION
to achieve GHG reduction
and manage carbon intensity
Circular Economy(GC, IRPC)
(Direct and Indirect
Greenhouse Gas Emissions)
23
PTT: Committed CAPEX (PTT and Wholly Owned Subsidiaries)PTT 5-Years (2021-2025) Committed CAPEX Plan totaling Baht 117,840 million or ~ USD 3.8 bn1/
Technology & Engineering (TEG),
International Trading, DownstreamPTTLNG
Transmission
Gas
Other wholly owned subsidiaries2/
25%20,225 MB
12,983 MB
5th onshore Pipeline
30,743 MB
17%11%
21%26%
i.e. Arun plus, MTP Phase#3 (PTT Tank), Innobic
29,847 MB
GSP #7 (To replace GSP#1) and
GSP efficiency improvement projects
24,042 MB
LNG Terminal 2 (Nong-Fab)i.e. Restructure of Power Business, VC,
EECi (Wangchan Valley)
Natural Gas
Transmission
PTTLNG
TEG, International Trading,Downstream
Other wholly owned subsidiaries
33,412
6,663 1,664
52,931
8,597
Unit: MMTHB
67,504
2021(revised)
2022 2023 2024 2025
28%
The Provisional CAPEX ~Bt 312 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.)
1/ FX rate (avg.) 31.00 Baht/USD ( Jan – 14 June 2021)2/ Excluding OR as IPO on 11 Feb 21 (holding from 100% -> 75%) , CAPEX as of Dec 20 included OR amounting to Baht 75,805 million
Note: 2021 budget revision approved by BOD on 17 Jun 21* Revised 2021 only
Restructure of PTT’s Power Business (GPSC)Arun plus: EV value chain (Scope expansion)
2021
24
Overview
3Q2021 & 9M2021 Performance
Strategy
Outlook
Co
nte
nts
01
02
03
04
25
Supplementary Information05
Price 2Q21 3Q21 9M20 9M21 2021(E) 2022(E)
Dubai 66.9 71.7 41.4 66.2 68-73 71-76
Mogas 76.8 83.4 46.0 75.8 79-84 82-87
Gasoil 72.2 77.1 48.4 71.3 75-80 81-86
HSFO (3.5%S) 61.1 68.3 37.6 62.0 63-68 66-71
VLSFO (0.5%S) 71.9 76.6 48.8 72.1 73-78 76-81
Singapore GRM 2.1 3.8 0.1 2.5 3.1-4.1 4.0-5.0
2022 Petroleum and Gas Outlook
0
4
8
12
16
20
24
0
20
40
60
80
100
120
1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22
Dubai Mogas Gasoil HSFO VLSFO Singapore GRM
Source: PTT, PRISMPetroleum Rolling as of October 2021
Pe
tro
leu
m
(GRM)$/bbl
Dubai
+ Recovered demand driven by a rise in economic activity and vaccination campaigns
+ Higher demand of power sector from gas-to-oil switching on the back of high LNG prices
+ OPEC+ decided to maintain a gradual increase in production by 0.4 MBD every month
- Supply recovery from OPEC+, Iran, and US due to higher price and new budget year 2022
Gasoil
+ Demand recovery from the industrial and transportation sectors
+ High natural gas prices and coal shortages have incentivized the use of diesel generators
+ Lower Chinese export from improved domestic demand and tighter government mandates to reduce carbon emission such as Dual control policy
- Rising supply from higher utilization rate along with recovered demand from Dec’21 onwards
Singapore GRM
+ Improved due to the continued strength of the light distillate and middle distillate spreads
Fuel Oil
HSFO: + Firm power demand in South Asia and the utility demand during winter
- Easing supply from OPEC+ (High heavy distillate yield)
VLSFO: + Improved bunker demand and incremental heating demand amid high LNG price
- Easing supply from higher utilization rate and new capacity from Kuwait
Mogas
+ Increasing demand as COVID-19 situation stabilizes and restrictions are lifted
+ Low inventory level in U.S. and Europe
- Rising supply from higher refinery utilization rate along with recovered demand
82
82
Gas/LNG
Asian Spot LNG:
+ low European gas inventory level, strong demand to prepare for the winter
+ Global trend to replace fossil fuel to cleaner energy driving more demand for LNG especially, China
Henry Hub:
+ Higher demand following the recovery of economic activities and easing of COVID-19 situationin US
05
10152025303540
1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22
Asian Spot LNG
Henry Hub
Price 2Q21 3Q21 9M20 9M21 2021(E) 2022(E)
Asian Spot LNG 10.0 18.7 3.1 13 15.5 17.8
Henry Hub (HH) 3.0 4.3 1.9 3.4 3.6 4.0
Ga
s/LN
G
$/MMBTU
26
800
1,000
1,200
1,400
1,600
1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22
HDPE CFR SEA
PP Film CFR SEA
500
700
900
1,100
1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22
BZ FOB Korea
PX CFR Taiwan
2022 Petrochemical Outlook
$/Ton
$/Ton Aromatics
- Incoming additional Asian capacities from Northeast Asia and SoutheastAsia especially China in 4Q2021-Y2022
- Dual energy control policy and Crude import quota to put pressure onAsian market sentiment in Y2022
+ Expected more balanced BZ/PX markets from new downstream demand,economic recovery in 4Q2021-Y2022
Olefins
- Incoming additional Asian capacities from Northeast Asia and SoutheastAsia especially China in 4Q2021-Y2022
- Chinese government’s coal intervention and Easing US export supplyto put pressure on Asian market sentiment until Y2022
+ Chinese tight supply from power outage and run rates reduction as a resultof dual energy control policy
+ Expected demand recovery according to brighter economic prospects andvaccination campaigns to support olefins prices in 4Q2021 - Y2022
Source: PTT, PRISM Petrochemical Rolling as of Oct 2021
Price 2Q21 3Q21 9M20 9M21 2021(E) 2022(E)
HDPE 1,191 1,138 839 1,158 1,160-1,210 1,120-1,170
PP Film 1,338 1,250 943 1,318 1,305-1,355 1,275-1,325
Ole
fin
sA
rom
ati
cs
27
Price 2Q21 3Q21 9M20 9M21 2021(E) 2022(E)
BZ 966 993 471 904 900-950 850-900
PX 859 919 583 848 850-900 870-920
200
400
600
800
1,000
1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22
Naphtha
+ Demand recovery in 2022
+ Low-to-no LPG substitution level amid high LPG prices
- Expectation on easing supply from higher refinery runs due to better COVID-19 situation
$/Ton Price 2Q21 3Q21 9M20 9M21 2021(E) 2022(E)
Naphtha MOPJ 606 676 370 613 650-660 660-670
Na
ph
tha
PTT Group Guidance
20224Q21
Non-woven Fabric Plant (Innopolymed)
: 2.1 KTA COD: Dec 2021
Business Outlook in 2022
E&P : Improve crude oil price with competitive cost
GAS : + Domestic gas demand slightly increase despite higher gas cost compared to 2021
OIL : + Resuming domestic demand+ Strong network through expanding both of the oil and retail business
P&R : + Refinery
: Improving Demand after the easing lockdown in Asia
(SG GRM ➔ 4.0 – 5.0$/bbl)
: PTT Group U-Rate ~94–97%
- Petchem : more capacities addition from new plants will pressure the product prices
Power : Recover domestic electricity consumption
New Energy : +Expansion of EV charger (Arun+ +1,350 units & OR +~200 stations)
+FID - EV Platform (JV with Foxconn)
Upcoming project
Maintenance Schedule
Higher Pooled gas price
Stable Domestic Gas demand compared to 3Q21
20-25% QoQ
Project COD
Gas business outlook
Planned Shutdown
Ethane Crackers
Oleflex : ~1 month
GSP#3 SD & ESP TD 60%: 6 days
GSP#6 SD : 9 days
98.8%
5th Pipeline
COD:Dec 2021
86.9%
Phase III
In the process of preparing to
construct
To C OD in Dec 2022
Phase I Phase II
COD: Jan 2022
83.4%
LNG Terminal#2
Full COD:Dec 2022
Avaada Solar Power Platform in India : 4,560 MW - GPSC hold 41.6%(1,500 MW in operating / 3,060 MW in progress)
COD: 4Q2021-2022
Gas Separation Plants
Petrochemical & Refinery Plants
2Q: ESP Major TA & GSP#2&3 TD : 23 days4Q: GSP#5 SD : 15 days
2Q: Ole 3 & ARO I Major TA : ~1 month 4Q: Ole 2/2 & HDPE Major TA : ~1 month
Refinery Plant Major TA : 50 days
High-quality Circular Plastic Resin Plant: 45 KTA
COD:1Q2022
4Q: Refinery Plant Major TA : ~1 month
CAGR 3.0 % during 2021 -2025)
28
Overview
3Q2021 & 9M2021 Performance
Strategy
Outlook
Co
nte
nts
01
02
03
04
29
Supplementary Information05
97
Supplementary Information
30
P.53
P.54
P.31-35
P.36-37
P.38
P.39
P.40-50
P.51
P.52
PTT Group Performance
Cash Flow
Debt Profile
PTT Group Accounting Structure
Financial Performance by business
Natural Gas Price Structure
Gas Pipeline Business
Gas Business Roadmap
Thailand Power Development Plan (PDP)
Natural Gas Demand P.55
39%
47%
(19%)
10%
23%
63.542.2
2,219,739
1,615,665
2019 2020
92,951
37,766
2019 2020
288,972
225,672
2019 2020
22%
PTT Consolidated Performance: 2019 vs 2020
Avg. Dubai (USD/BBL)
Revenue
EBITDA
Net Income
EBITDA
Unit : MMTHB
31
2020 vs 2019: NI pressured mainly from Oil price war & COVID-19 impacts in line with global trend
27%
59%
Net Income 59% 2020 vs 2019
- Weaken EBTIDA- Impairment of Coal and EP assets- Higher DD&A from EP and power business from acquisition
- Lower gain on FX despite Higher derivatives gain+ Lower tax expenses from declined performances
- EP : Soften avg. selling prices despite vol. increased- P&R : Huge stock loss, lower GRM, and petchemspreads- GAS : Weaken GSP’s selling prices & vol., and S&M’s margin
+ Power : Increased from GLOW’s contribution
22% 2020 vs 2019
- Most businesses: Declined from lower selling prices and volumes due to COVID-19 impact and oil price war
+ Power : Fully recognition of Glow’s performance
27% 2020 vs 2019
34%
6%
16%
27%30%
4%
17%
49%
25%
9%
10%
8%
2020
PTTP&R
Net Income
EBITDA
P&R
PTT-Gas
PTTEP
Revenue
PTT-
Trading
PTT-Gas
PTTEP
P&R
PTTEP
Power & Others
(1%)
Power & Others
Power & Others
Oil & Retail
PTT-
Trading
Oil & Retail
Oil & Retail
Revenue
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
32
PTT Group Performance : 3Q2021 (QoQ & YoY)
1/Including PTTGE,BSA, PTT TCC and RTC
33
% PTT
holding
3Q20 2Q21 3Q21 QoQ YoY 3Q20 2Q21 3Q21 QoQ YoY
PTT Net operating Income 2,601 9,595 8,250 -14% >100% 2,601 9,595 8,248 -14% >100%
E&P - PTTEP 7,202 7,139 9,545 34% 33% 65.29% 4,603 4,664 6,231 34% 35%
Petrochemical 994 25,114 7,083 -72% >100% 475 1,469 3,545 >100% >100%
- GC 908 25,035 7,005 -72% >100% 48.18% 389 1,390 3,467 >100% >100%
- Other 86 79 78 -1% -9% 86 79 78 -1% -9%
Refining 2,271 6,697 4,217 -37% 86% 1,312 3,215 693 -78% -47%
- TOP 715 2,123 2,062 -3% >100% 48.03% 599 1,006 (337) <-100% <-100%
- IRPC 1,556 4,574 2,155 -53% 38% 48.05% 713 2,209 1,030 -53% 44%
Oil - OR 3,450 3,225 1,893 -41% -45% 75.00% 3,426 2,439 1,410 -42% -59%
TEG - GPSC/TP/DCAP/PTTES/PTTDIGITAL/ENCO 3,517 2,704 2,263 -16% -36% 874 949 974 3% 11%
Others Business 1,624 2,824 3,358 19% >100% 1,509 2,245 2,552 14% 69%
Inter - PTTER/PTTGM (988) 345 538 56% >100% 100% (878) 3 36 >100% >100%
Gas - PTTLNG/PTTNGD/PTTGL/TTM(T)/TTM(M) 2,298 2,282 2,427 6% 6% 2,073 2,039 2,118 4% 2%
Other - PTTT/Others1/ 314 197 393 99% 25% 314 203 398 96% 27%
Shared of Net Income from Affiliates 19,058 47,703 28,359 -41% 49% 12,199 14,981 15,405 3% 26%
Tax adjustment for gain on disposal of investment and asset (680) 2 - -100% 100% (680) 2 - -100% 100%
PTT Conso. Net Income 20,979 57,300 36,609 -36% 75% 14,120 24,578 23,653 -4% 68%
Unit : MMTHB
Performance 100% Equity Method % PTT
PTT Group Performance : 9M21 vs 9M20
1/Including PTTGE,BSA, PTT TCC and RTC 34
% PTT
holding
9M20 9M21 9M21 VS 9M20 9M20 9M21 9M21 VS 9M20
PTT Net operating Income 9,280 26,343 >100% 9,280 26,341 >100%
E&P - PTTEP 20,137 28,218 40% 65.29% 13,122 18,419 40%
Petrochemical (5,990) 41,975 >100% (2,717) 9,689 >100%
- GC (6,205) 41,735 >100% 48.18% (2,933) 9,449 >100%
- Other 215 240 12% 216 240 11%
Refining (18,319) 19,855 >100% (8,707) 8,100 >100%
- TOP (10,559) 7,545 >100% 48.03% (5,025) 2,284 >100%
- IRPC (7,760) 12,310 >100% 48.05% (3,682) 5,816 >100%
Oil - OR 5,868 9,121 55% 75.00% 5,849 7,288 25%
TEG - GPSC/TP/DCAP/PTTES/PTTDIGITAL/ENCO 8,319 22,002 >100% 2,079 2,662 28%
Others Business 7,317 9,667 32% 6,807 8,018 18%
Inter - PTTER/PTTGM (519) 1,414 >100% 100% (709) 532 >100%
Gas - PTTLNG/PTTNGD/PTTGL/TTM(T)/TTM(M) 6,116 6,964 14% 5,796 6,186 7%
Other - PTTT/Others1/ 1,720 1,289 -25% 1,720 1,300 -24%
Shared of Net Income from Affiliates 17,332 130,838 >100% 16,433 54,176 >100%
Tax adjustment for gain on disposal of investment and asset (1,094) 302 >100% (1,094) 302 >100%
PTT Conso. Net Income 25,518 157,483 >100% 24,619 80,819 >100%
Unit : MMTHB
Performance 100% Equity Method % PTT
106
106
PTT Group Performance : 2020 vs 2019
1/ Including BSA, PTT TCC, and RTC
% PTT
holding
2019 2020 2020vs2019 2019 2020 2020vs2019
PTT Net operating Income 30,673 17,631 -43% 30,673 17,631 -43%
E&P - PTTEP 48,803 22,664 -54% 65.29% 31,882 14,596 -54%
Petrochemical 11,994 477 -96% 5,767 182 -97%
- GC 11,682 200 -98% 48.42% 5,455 (95) <-100%
- Other 312 277 -11% 312 277 -11%
Refining 5,103 (9,453) <-100% 2,335 (7,452) <-100%
- TOP 6,277 (3,301) <-100% 48.03% 2,788 (4,511) <-100%
- IRPC (1,174) (6,152) <-100% 48.05% (453) (2,941) <-100%
Others Business 28,121 22,083 -21% 22,546 13,886 -38%
Inter - PTTER/PTTGM 1,817 (6,318) <-100% 100% 1,815 (6,652) <-100%
Gas - PTTLNG/PTTNGD/PTTGL/TTM(T)/TTM(M) 8,477 7,153 -16% 7,456 6,953 -7%
Utilities - GPSC/TP/DCAP/PTTME/PTTES/PTTDIGITAL/ENCO 6,136 10,423 70% 1,574 2,666 69%
Oil & Oth. - PTTT/OR/Others1/ 11,691 10,825 -7% 11,701 10,919 -7%
Shared of Net Income from Affiliates 94,021 35,771 -62% 62,530 21,212 -66%
Tax adjustment for gain on disposal of investment and asset (252) (1,077) >100% (252) (1,077) <-100%
PTT Conso. Net Income 124,442 52,325 -58% 92,951 37,766 -59%
Unit : MMTHB
Performance 100% Equity Method % PTT
35
Operating 216,728 Investing (235,480) Financing 71,738
Non-Cash Adjustment 237,581 Investment (Sub. & Affiliates) (119,505) Received from Loans/Bonds 160,229
Net Income 80,819 CAPEX (100,647) Ordinary Share Issuance of Subsidiaries 55,152
Changes in Assets & Liabilities (57,314) Current Investment (12,521) Loan Repayment (78,050)
Income Tax (44,358) Others (7,777) Dividend Paid (43,406)
Dividend/Interest Received 4,970 Finance Cost Paid (22,050)
Derivatives (137)
Unit : MMTHB
*Investment in financial assets, ST/LT lending loans
Cash &Cash Equivalents
ST Investment
31 Dec 20 30 Sep 21
PTT Consolidated Cash Flows 9M21
36
Free Cash Flow
-18,752
*
Cash Beginning Operating Investing Financing Adj & Others Cash Ending
332,032
84,889
100,989
372,074
416,921
+216,728 -235,480
+71,738 -12,944
473,063
Cash In
+40,042
Operating 38,982 Investing 17,000 Financing 27,739
Net Income 58,643 Dividend/Interest Received 35,018 Received from loans/Bonds 52,953
Changes in Assets & Liabilities (12,120) Current Investment 31,068 Loan Repayment 3,124
Income Tax (6,997) Investment (Sub. & Affiliates) (29,259) Dividend Paid (23,421)
Non-Cash Adjustment (544) Others (13,226) Finance Cost Paid (4,874)
CAPEX (6,601) Others (43)
Cash Beginning Operating Investing Financing Adj & Others Cash Ending
56,342
44,404
10,958
140,147
100,746
+38,982
+17,000
+27,739 +84
151,105
*Investment in financial assets, ST/LT lending loans
Cash &Cash Equivalents
ST Investment
31 Dec 20 30 Sep 21
Unit : MMTHB
PTT Only Cash Flows 9M21
Free Cash Flow
+55,982
Cash In
+83,805
*
37
14,200
2,000
16,000
39,354
3,000
21,000
13,000
5,0002,000
8,00012,236
7,0004,000
4,110
3,409
6,714
19,45223,864
-
40,000
80,000
120,000
160,000
200,000
-
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 92,487144,403
369,409449,943 486,600
32,67953,946
60,313
236,049
288,567
365,601
117,381146,433
204,716
605,458
738,510
852,201
31 Dec 19 31 Dec 20 30 Sep 21 31 Dec 19 31 Dec 20 30 Sep 21
USD&Others THB
Debt Profile : Control Cost & Manage Risk
Debt Portfolio
Managed debt according to financial risk and policy
ConsolidatedPTT OnlyUnit : MMTHB : Cost of debts ~ 3.71%
: % fixed-rate ~ 75.24%: Avg. debt life ~ 14.17 years
: Cost of debts ~ 3.37%
: % fixed-rate ~ 70.59%: Avg. debt life ~ 11.18 years
(29%)
(71%)
(37%)
(63%)
(43%)
(57%)
(39%)
(61%)(28%)
(72%)
(39%)
(61%)
Note : 1. PTT Data as of 30 Sep 21 (THB/USD = 34.0908 THB/JPY = 0.3071) 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 30 Sep 21).
2. Debt Outstanding represents amount and portion before derivative swaps, and reconciled with accounting.
FX: 34.0908
As of 30 Sep 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 4,110 MB in 2022 is THB swaps to USD and amounting 6,236 MB in 2035 is USD swaps to THB
6,110
15,645
PTT Only : Debt Outstanding and Repayment Profile
38
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 75.00%
Subsidiaries ConsolidatePTT Exploration & Production Plc. PTTEP 65.29% 2/
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. 1/ GC 48.18% 2/
PTT Tank Terminal Co., Ltd. PTTTANK 100.00%
Refining Subsidiaries ConsolidateThai Oil Plc. 1/ TOP 48.03% 2/
IRPC Plc. 1/ IRPC 48.05% 2/
Subsidiaries ConsolidateBusiness Service Alliance Co., Ltd. 1/ BSA 25.00%3/
PTT Treasury Center Co. Ltd PTT TCC 100.00%
Subsidiaries Consolidate
Global Power Synergy Co., Ltd1/ GPSC 75.23% 2/
PTT Digital Solutions Co., Ltd. 1/ PTT DIGITAL 20.00%PTT Energy Solutions Co., Ltd. 1/ PTTES 40.00%Energy Complex Co., Ltd. EnCo 50.00%
Joint Ventures EquityDistrict Cooling System and Power Plant DCAP 35.00%
Remark : 1/Subsidiaries that PTT holds less than 50% but being consolidated because PTT has the power to control the financial and operating policies.
2/ Holding portion of PTT Group (direct & indirect)
Data as of 30 Sep 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 Fair valueBaania (Thailand) Company Ltd. Baania 2.73%HG Robotics Plc. HG Robotics 9.49%Innospace (Thailand) Innospace 13.61%Sunfolding, Inc. Sunfolding 5.59%Luminar Technologies, Inc. Luminar Technologies 0.06%Ample, Inc. AMPLE 1.16%
Others Fair valueSarn Palung Social Enterprise Company Ltd. SPSE 20.00%Dhipaya Group Holdings Pub Co., Ltd. TIPH 13.46%
Joint Ventures EquitySuez Environmental Services Co.,Ltd. SES 40.00%
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
3/ PTT holds 100.00% of BSA ’s ordinary shares, PTT ’s ownership interest in BSA is 100%
39
+ Recurring NI : significantly enhanced from higher sales volume and selling prices and lower unit cost
- Non-recurring : lower primarily from higher oil price hedging loss and write-off of Brazil’s project despite gain from bargain purchase of Oman Block 61
41.82
63.98
41.14
63.40
38.77
42.19 44.25
39.6942.34
3Q20 2Q21 3Q21 9M20 9M21
35(127)
(43) 26(77)
195349 335
613
967
3Q20 2Q21 3Q21 9M20 9M21
233317 300
232297
111
126117
113
118
3Q20 2Q21 3Q21 9M20 9M21
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
344
443
222230
E&P PerformanceQoQ: Increased earning from higher average selling prices and lower oil price hedging loss9M21 VS 9M20: Strengthen performance due to higher sales volume and selling prices
417
292
5%
40
Net Income (100%)
Product Prices Sales Volume
8%
21% YoY
6% QoQ
QoQ
9M21 VS 9M20
32% QoQ
27% YoY
13%
7%
54%
345
415
QoQ 20%
89039%
639
- Recurring NI : decreased from lower sales volume and higher unit cost despite higher selling prices
+ Non-recurring : improved mainly from lower oil price hedging loss
6.22
5.59 5.76
6.50
5.66
3%
69.16
E&P: Guidance & Strategy
2021 Guidance
Note: * Include sales volume from ADNOC Gas Processing (AGP)** Based on average Dubai oil price in 2021 at 67.2 $/BBL
Strengthen Core Business
41
Energy New NormalNon-E&P Business Directions
9M21 vs 9M20+ NG sales vol. increased from almost all customers except NGV due to the recovery of economic activities and lower shutdown days+ Industrial selling prices improved according to FO price linked + Lower pooled gas cost from gulf and Myanmar gas benefit to overall gas business
12%
69%
65%
761 796 627 813 742
589 727509
570 611
1,3161,333
1,3551,288 1,337
921958
857906 924
677803
764700 786
162134
112164 132
3Q20 2Q21 3Q21 9M20 9M21
Gas Business
NG Price VS FO & Customer Breakdown NGV Price & Sales Volume
QoQ : Lower NG vol. from all customers esp. power producers and GSP9M21 vs 9M20 : Increased gas sales vol., higher industrial selling prices referenced to FO price and lower pooled gas cost
7.31 7.19 7.20 7.30 7.23 6.79 6.20 5.68 5.89
6.36
6.84
416 422 403
281 281
188
262 286
367 397
443
0
100
200
300
400
500
4
6
8
10
12
14
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21
$/MMBTU
EGAT (16%)
IPP (14%)
SPP (30%)
GSP (20%)
Industry (17%)
NGV (3%)
Unit: MMSCFD
4,426
$/TON
HSFO 180 C ST 2%S
Avg. Pooled gas price
4,751
QoQ
YoY9M21vs9M20
FO (2%) Pool Price8%
10%
6%
A VG.2019 = 7.25
11% QoQ
5% YoY
4,224
Fuel Oil
14.213.8
15.014.4
14.1
4.0 3.3
2.7
4.0 3.2
3Q20 2Q21 3Q21 9M20 9M21
Unit: K.Ton/Day
Unit: THB/KG
NGV Avg. price
NGV Sales Vol.
YoY
18% QoQ
9% QoQ
6% YoY
- Decreased overall NG sales volume from all customers esp. power producers and GSP due to seasonal demand and planned major shutdown of GSP#6
- NGV vol. reduced from impact of Lockdown
+ Industrial selling prices linked to FO increased
Key Highlights
NG Price
NG Vol.
QoQ
4,4414,532
2%
20%
2%
AVG. 9M21 = 6.36AVG. 9M20 = 6.74
A VG. 2020 = 6.48
42
33%
1,093 1,080
951 841
839 760 919
1,000 1,145
1,191
1,138 1,046
1,067 1,008
956 955 866
979
1,239
1,533 1,540
1,398
1,037 1,017
916 838
847
754 884
983
1,185
453
490
365 430
500
307
363 418
593 528
648
456
457
469 472
458
446 464 425 430 423 412
309 314 314 334 331
328
318 281 281 297 295
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21
1,1851,146
Gas Business : Gas Separation Plant (GSP)QoQ : GSP performance enhanced from higher average selling prices despite lower volume due to major shutdown9M21 vs 9M20 : Outperformed GSP performance due to higher selling prices & volume together with lower feed cost
GSP Sales Vol. & U-Rate
745 783 815
155 161 144
568 566 521
215 275
205 7
12 9
3Q20 2Q21 3Q21
1,6901,797 1,694
Pentane (1%)
LPG (44%)
Propane (14%)
NGL (9%)
Ethane (32%)
89.2%95.9%
84.6% 87.6%91.7%
6% QoQ
YoY
U-Rate
Unit : kTon
QoQUnit: $/Ton
LPG** 3%
* LPG price selling to Petro customers close to propane **LPG Domestic ***feed cost calculation per GSP production volume
Propane* 23%
LDPE 9%
HDPE 4%
GSP Feed Cost vs Petchem. Price
LLDPE
Feed Cost*** 1%
+ Higher average GSP’s selling prices following referenced global petrochemical prices esp.
LPG and Propane
- Decreased sales volume & U- Rate according to major planned shutdown of GSP#6
• Feed cost remained stable
QoQ
Key Highlights
2,185 2,346
442 473
1,630 1,668
614
752 31
32
9M20 9M21
8%
4,902
5,271
+ Increased GSP’s selling prices following global petrochemical prices
+ Higher sales volume according to higher petrochemical demand and less plants’ shutdown
compared to 9M20
+ Lower feed gas cost
9M21 vs 9M20
43
+ Improved spread of domestic condensate- Decreased sales vol. from lower crude out-out activities from lower demand of
West African and Mediterranean crude in Asia since Brent/Dubai spread widen+ Improved EBITDA following higher gross margin
+ Higher domestic condensate margin and margin per unit of LNG, LPG, and Aromatics products increased from out-out trading
- Volume decreased due to lower out-out & out-in transactions of crude oil impacted by Covid-19 pandemic started since March 2020
+ EBITDA improved from higher gross margin
0.07 0.07
0.16
0.080.10
>100% QoQ
Gross Margin1
Trading Business: QoQ: Performance improved owing to sharply increased gross margin while sales volume dropped
9M21 vs 9M20 : Enhanced EBITDA mainly due to improved domestic condensate margin
Unit: THB/Liter
>100% YoY
Trading – EBITDA3
601 907
1,942
2,759
3,987
3Q20 2Q21 3Q21 9M20 9M21
3 PTT Trading BU + trading subsidiaries: FX Adjusted + gain/loss on derivatives
Unit: MMTHB
Key Highlights>100% QoQ
>100% YoY
QoQ
9M21 vs 9M20
45%
44
25%
18,360 18,224 16,906
56,786 54,052
3Q20 2Q21 3Q21 9M20 9M21
1 PTT Trading BU + trading subsidiaries: FX Adjusted + gain/loss on derivatives
+ Joint Trade Agreement (JTA)
2 PTT Trading BU + trading subsidiaries + JTA
Unit: MM Liter 7% QoQ
8% YoY
5%
Sales Volume2
50.7
30.6
42.9 44.6
60.0 66.9
72.9 69.5 72.6
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 Jul'21 Aug'21 Sep'21
3,450 3,225
1,892
5,868
9,121
3Q20 2Q21 3Q21 9M20 9M21
Oil Business : OR GroupQoQ : NI declined from both of oil and non-oil sales volume and margin pressured by Covid-19 Delta variant9M21 vs 9M20 : Improved performance from wider oil margin despite reduced oil sales volume and non-oil performance
Oil Business
Net Income
Unit : MMTHB
3Q20 2Q21 3Q21 9M20 9M21
Dubai ($/BBL)
Avg. 3Q21 = 71.7
41% QoQ45% YoY
7% QoQ67% YoY
Non-Oil Business
1/ Thailand, Japan, O man, My anmar, and Malay sia2/ Thailand
Amazon1/
C-Store (7-11, Jiffy) 2/
72 MM Cups3,188 Outlets
70 MM Cups3,452 Outlets
68 MM Cups3,512 Outlets
200 Cups3,188 Outlets
211 Cups3,512 Outlets
1,960 Outlets 2,018 Outlets 2,041 Outlets 1,960 Outlets 2,041 Outlets
14% 15% 16% 14% 15%5% 5% 5%
8% 5%
46% 47% 46%
46%47%
6%6% 7%
6%7%
27%24%
23%
24%
24%
2%3%
3%
2%
2%
6,062 5,542
5,217
18,118
16,669
3Q20 2Q21 3Q21 9M20 9M21
LPG
Aviation
Diesel
Fuel Oil
Gasoline
Others
1.21 1.23 1.09
0.94 1.21
Margin*(THB/Litre)
(MM Liter)
11% QoQ10% YoY
*Gross margin included stock gain/(loss)
Sales Volume(MM Liter)
Cups3% QoQ6% YoY
C-Store1% QoQ4% YoY
QoQ : Oil : Reduced sales volume and gross margin impacted from Covid-19 Delta variantNon-Oil : Lower gross margin and increased promotion expenses to boost sale
9M21 vs 9M20:Oil : Better gross margin while sales volume dropped from diesel, gasoil, and aviationNon-Oil : Soften performance from higher promotion expense during lockdown despite continued outlet expansion
8%
6%
29%
Avg. 9M20 = 41.4
55%
4%
Avg. 9M21 = 66.2
60% 9M21 vs 9M20
45
6% QoQ14% YoY
4.2 4.2 3.2 (1.8)
4.9
7,545
12,310
41,735
240
(10,559)
(7,760)
(6,205)
215 0.2 1.6 2.1 0.9 1.83.4
3.2 3.3
(3.2)
3.90.6
(0.6) (2.2)
0.5
(0.8)
Hedging G/L
Stock G/L excl. NRV
Mkt GRM
2,123 2,062 4,574 2,155
25,035
7,005
79
78
715 1,556
908 86
919
1,191
1,138
839
1,158
884
1,185
1,185
828
1,172
968
1,338 1,250
943
1,318
Olefins
P&R BusinessesQoQ: Soften performance mainly from refinery’s shutdown, increased feed cost, and higher hedging loss9M21 vs 9M20: Robust performance from stock gain and petrochemical prices hiked following global demand recovery
(GC ’s P lant)
103%93% 91% 95% 96%
Olefins
U-Rate
Aromatics
Refinery Net Income (100%)
93% 96%88%
97%93%Refinery
U-Rate
42.966.9 71.7
41.466.2
Acc.
GRM
$/bbl.
11,300
90%
102%100% 95% 100%BTX
U-Rate(GC ’s plant)
Unit : MMTHB
546859 919 583 848
427
966 993
471
904 Avg. Price:
$/Ton
189 287 303
239 281
71
393 377
127
337
Spread to Condensate: $/Ton
>100%64% QoQ
BZ: 3% QoQ
PX: 7% QoQ
Avg. Price:
$/Ton
Avg.
Dubai
$/bbl.
3Q20 2Q21 3Q21 9M20 9M21
BZ: 4% QoQ
PX: 6% QoQ
31,811
PP: 7% QoQ
LLDPE: QoQ
HDPE: 4% QoQ
46
61,830
(24,309)
PTT TANK
GC
TOP
IRPC
>100% YoY
BZ: >100%
PX: 18%
HDPE: 38%
PP: 40%
LLDPE: 42%
BZ: 92%
PX: 45%
3Q20 2Q21 3Q21 9M20 9M21
3Q20 2Q21 3Q21 9M20 9M21 3Q20 2Q21 3Q21 9M20 9M21
3,265
P&R : Projects Update
PO/Polyols
MTP Retrofit(Olefins Reconfiguration)
The establishment of Innopolymed
High value business
(HVB) A cquired 100%
share of Allnex
Olefins investment(Investment in
PT Chandra Asri: CAP)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)
• Olefins capacity 2,988 ➔ 3,738 KTA
*100% in progress as of Dec 2020
• 40% stake held by Innobic and 60% stake held by IRPC with a registered capital of Baht 260 million.
• to manufacture and sell Non-Woven Fabric products as well as medical consumables
*The Company completed its registration in 2Q21
• To diversify geographic targets in specialty chemical and expand global footprint
(Basic chemical ➔Performance
Chemicals & Green Chemicals)
• Global producer of industrial coatingresins and additives
• Total capacity around 1,245 KTA
*Expected closing deal in 4Q21
• Further extend Hydro-Carbon value chain to Olefins
• Use excess feedstock from CFP project (Naphtha) to create more flexibility and competitiveness.
• Investment 15.38% in petrochemical producer (Olefins) in Indonesia with total capacity around 4,232 KTA
*Realized CAP contribution in 4Q21 onwards*CAP2 : expected FID in 2022
• Upgrade lower value products ➔ higher value products
• 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 in Diesel hydro-treating Unit
CAPEX 888 MMUSD 985 MMUSD
€4,002 million or
equivalent to148,417 MB
not exceed 1,183 M.USD
or equivalent to 39,116 MB
4.8 Bn.USD
incl. ERU unit 757 MMUSD
165 MMUSD
or equivalent to5,198 MB
13,300 MB
COD Dec’2020 2Q2021 (Jun) Within 4Q2021 July 2021 CAP2 : 20261Q2023
(FID Jul’18)1Q2023 Jan’2024
2020
PO/Polyols MTP Retrofit
2023
CFP
Ole 2 Modification plant project
2021
Ultra Clean FuelNon-Woven Fabric products HVB Olefins investment
47
52
7689
54
78
41 50 51 45 49
52
109
168
58
122
3Q20 2Q21 3Q21 9M20 9M21
(5.5)- -
7.8 -1.3 3.0 3.0
1.1
28.1
3Q20 2Q21 3Q21 9M20 9M21
Other Business : Coal business (SAR) QoQ: NI flat due to rising selling price and sales volume offsetting with higher income tax and hedging loss9M21 vs 9M20: NI increased from higher selling prices referenced to Newcastle price surged and lower DD&A
1/ Average Calorific value ~ 5,400 kcal/kg
Unit: $/Ton
Avg. Selling PriceTotal Cash Costs
Newcastle
Unit: MMUSD
Operating
profit
Extra
items
Avg. Selling Price1/ & Cash cost1/
QoQ
1,110 1,220 1,596
4,367 4,285
15 30 38
300 68
3Q20 2Q21 3Q21 9M20 9M21
kTon
Jembayan
Sebuku
1,125 1,2501,634
31% QoQ45% YoY
QoQ
+ Selling price increased due to escalated Newcastle price
+ Higher sales volume from higher China’s demand due to energy shortage crisis
- NI flat resulted from increased operating margin offset with higher income tax and commodity hedging loss
9M21 vs 9M20
+ Selling price largely improved following referenced Newcastle price
- Sales volume dropped from lower production plan and ceased operation of the Sebuku
coal mine
+ NI improved mainly from sharply increased selling prices and lower DD&A from impairment of assets in 2020
Sales Volume
Net Income (100%) Key Highlights
NI
QoQ>100% YoY
4,6674,353
7%
>100%
17%
54%
2%
44%
>100%
9%
48
(4.2) 3.0 3.0
8.9
28.1
32% 30%27%
31% 30%
4,5643,440
5,251
3,7794,653
3,866
14,682
10,131
14,845
11,349
3Q20 2Q21 3Q21 9M20 9M21
TEG Business: Power - GPSC QoQ: Soften NI due to IPP and SPP’s unplanned outages together with higher fuel costs
9M21 vs 9M20: Better performance mainly from XPCL’s contribution
Net Income
Sales Volume Gross profit & Gross profit marginUnit: Power: GWh / Steam: ‘000 Ton
Unit: MMTHB
Steam
Power
1,271 1,359 1,089 3,935 3,467
3,927 3,996 3,721
11,971 11,986
186 131 112
492294
5,384 5,486 4,922
3Q20 2Q21 3Q21 9M20 9M21
IPP
SPP
VSPP & others
Gross profit margin
Gross profit
2,5742,302
1,875
6,050 6,150
3Q20 2Q21 3Q21 9M20 9M21
+ Higher shares of profit from XPCL due to drought situation last year- Lower gross profit
- Lower gross profit of IPP due to unplanned outage of GHECO-One+ SPP’s gross profit slightly increased from recovered demand of industrial customers
QoQ
9M21 vs 9M20
11% 2% QoQ
2% 12% YoY
Power Steam
Unit: MMTHB
- Lower gross profit - SPP : higher natural gas & coal costs and Glow Energy Phase 5’s unplanned outage - IPP : lower AP mainly from GHECO-One’s unplanned outage
+ Higher shares of profit from Xayaburi Power Plant (XPCL) due to rainy season
27% YoY
19% QoQ 2%
1% 12%
16,39815,747 4%
Power Steam
10% QoQ
9% YoY
49
TEG Businesses : Power - GPSC
Upcoming Projects to Bolster Future Growth
Strategic Directions and Growth Strategy
50
Phase 1 : 96 MW, first power in 2022
Phase 2 : 499 MW, first power in 2023
The project is expected to start full COD in the1Q2024
155155
Natural Gas Price Structure : As of Sep 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
GSP 20%
Petrochemicals Feedstocks
Industry 17%
Ethane, Propane, LPG
NGL
Local Cooking Gas
Export Cooking Gas
Power Producers 60%
: EGAT 16%
: IPP 14%
: SPP 30%
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 Nov 2021 = 15.59 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%
51
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
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
52
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
*Replace GSP#1 **Bang Pakong–South Bangkok Power Plant
53
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
37%
*Source: Ministry of Energy ** Source : EPPO (Public Hearing presentation)
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
Lignite
Import Coal
Natural
Gas
Import Hydro
Domestic Hydro
Renewable
Energy Efficiency
53%
6%
19%
2%
9%
5%
6%
64%
7%
2%
10%
2%
15%
62%
12%
2%
10%
6%
8%
8%
55%
11%
11%
2%
13%
60%
13%
9%
7%
3%8%
Unit: GWh
1%
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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 ~ -5%
Growth of natural gas upon Government fuel diversification policy for power generation
Natural Gas Demand
55
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.163
Tel. +66 2 537-3518, Fax. +66 2 537-3948
Website: http://www.pttplc.com
E-mail: [email protected]
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