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PETRONAS Group Financial Results AnnouncementQ1 FY2016
© 2016 PETROLIAM NASIONAL BERHAD (PETRONAS)
All rights reserved. No part of this document may be reproduced, stored in a retrieval system or transmitted in any form or by any means (electronic, mechanical, photocopying, recording or otherwise) without the permission of the copyright owner
Cautionary StatementForward-looking statements in this Financial Results Announcement presentation or insubsequent discussions with regards to this presentation involve inherent risks anduncertainties. Should one or more of these or other uncertainties or risks materialise, actualresults may vary materially from those estimated, anticipated or projected. Specifically, butwithout limitation, capital costs could increase, projects could be delayed, and anticipatedimprovements in capacity, performance or profit levels might not be fully realised. AlthoughPETRONAS believes that the expectations of its management as reflected by such forward-looking statements are reasonable based on information currently available to it, noassurances can be given that such expectations will prove to have been correct. Accordingly,you are cautioned not to place undue reliance on the forward-looking statements, whichspeak only as of the date they are made. PETRONAS undertakes no obligation to update orrevise any of them, whether as a result of new information, future developments orotherwise.
All rights reserved. No part of this document may be reproduced, stored in a retrievalsystem or transmitted in any form or by any means (electronic, mechanical, photocopying,recording or otherwise) without the permission of the copyright owner. PETRONAS makes norepresentation or warranty, whether express or implied, as to the accuracy or completenessof the facts presented. PETRONAS disclaims responsibility from any liability arising out ofreliance on the contents of this publication.
PETRONAS Group Financial Results AnnouncementFinancial Highlights
Crude oil, condensate and natural gas entitlement **
Kboe/d
1,815
Key Indicators
Dated BrentUSD/bbl
33.89
Q1 201553.97
37%
Exchange rateUSD/MYR
4.20
Q1 20153.62
16%
Q1 20151,672
9%
REVENUE
49.1Q1 2015
66.2
26%
Q1 FY2016 Financial Results
RM Bil
PAT
4.6
Q1 201511.4
60%
CFFO
9.7Q1 2015
17.3
↓ 44%
PAT*
7.4
Q1 201511.6
36%
Capital Investments
RM Bil
* Excluding identified items mainly comprising net impairment on assets after tax of RM2.8 bil for Q1 FY2016 and RM0.2 bil for Q1 FY2015** Represents PETRONAS Group’s entitlement to Malaysia’s production and PETRONAS Group’s international entitlement volume
Financial Results Announcement 31 March 2016, Financial Highlights | Page 1
12.1
11.3
Q1 2015
Q1 2016Q1 2016
7%
* Represents Malaysia’s production (PETRONAS Group and other Operators) and PETRONAS Group’s international equity production volume**Represents PETRONAS Group’s entitlement to Malaysia’s production and PETRONAS Group’s international entitlement volume
1,672 1,815
Q1 2015 Q1 2016
Total Production Entitlement
Production
Iraq - higher production entitlement
Indonesia – new production stream
Partly offset by:
- natural decline
Crude Oil and Natural Gas Production*
(kboe/d)
Operational Indicators
+
**
2,3952,452
9%
*
Q1 2016
2%
Financial Results Announcement 31 March 2016, Financial Highlights | Page 2
66.2
60.1
49.1
Q1 2015
Q4 2015
Q1 2016
Q1 FY2016 Group Financial Results
Revenue
Cash Flows from Operating Activities
Profit after Tax*
EBITDA
26%
*excluding identified items mainly comprising net impairment on assets
11.6
9.9
7.4
Q1 2015
Q4 2015
Q1 2016
21.9
19.2
15.6
Q1 2015
Q4 2015
Q1 2016
17.3
18.4
9.7
Q1 2015
Q4 2015
Q1 2016
18%
36%25%
29%19%
47% 44%
Financial Results Announcement 31 March 2016, Financial Highlights | Page 3
RM Bil
7.9
2.3
Q1 2015
Q1 201671%
RM Bil
Business Segment Results
1.9
1.1
Q1 2015
Q1 201642%
0.9
0.4
Q1 2015
Q1 2016
Upstream
• Lower crude and LNG prices• Lower LNG sales volume• Higher net impairment on assets
Corporate & Others
• Net foreign exchange loss on USD investments for Q1 FY2016
• Higher impairment on assets
Downstream
• Lower refining and marketing margins
PAT by Business Segment (includes inter-segment transactions)
Financial Results Announcement 31 March 2016, Financial Highlights | Page 4
56%
80%
20%
RM11.3 bil
9.8
1.4
11.3
1.7
4.2
Net Inflows Net Outflows
Other Financial Highlights
Cash Flows Q1 FY2016
RM Bil
11.2
17.2
Malaysia
Total assets at RM567.6 bil (↓ 4%*)
Shareholders’ equity at RM364.7 bil (↓ 3%*)
Cash and fund investments at RM130.7 bil
Borrowings at RM53.8 bil
Gearing at 15.8% (↓ from 16.0%**)
ROACE at 3.5%
Significant Items
* compared to 31 December 2015
International
Dividends to Minority Interest
Capital Investments
Cash from financing Other net cash outflows
Cash from operations
** as at 31 December 2015
Financial Results Announcement 31 March 2016, Financial Highlights | Page 5
Upstream Business
Operational Highlights
Project Delivery & Others
Operational Resource & Reserve
2% Higher productionQ1’16 vs. Q1’15
ORRR 1.2xRRR 0.9x
2 Exploration DiscoveriesMalaysia 1, International 1
Significant milestones achieved in delivering long term sustainable growth
Venture & Agreement
LNG Agreement:• SPA between PETRONAS LNG
Ltd & Toho Gas
PETRONAS names World’s 1st Floating LNG Facility “PFLNG SATU”
Baronia Achieves 6 Million Man Hours without LTI
Resumption of Sabah Sarawak Gas Pipeline“SSGP” Operations
Financial Results Announcement 31 March 2016, Upstream | Page 1
797 765 834
178 169 176
1,420 1,3921,442
2,395 2,326 2,452
Q1 2015 Q4 2015 Q1 2016
Crude Condensate Gas
Operational HighlightsUpstream production for Q1 2016 was higher than Q1 and Q4 2015
Higher than 2015 corresponding period Q1 2015 (↑ 2%) Q4 2015 (↑ 5%)
Upstream performance : Production enhancement/new
production/ramp-up Iraq higher production entitlement Higher demand by East Malaysia
gas customers Natural decline in Egypt and
Malaysia
5%
2%
Production (kboe/d)
Financial Results Announcement 31 March 2016, Upstream | Page 2
Operational HighlightsLNG Sales Volume was lower, while Sales Gas Delivery was higher compared to Q1 and Q4 2015
Lower LNG Sales Volume mainly due totrading volumes
Sales Gas Delivery (mmscfd)
2,167 2,153 2,136
199 187 273 267 256 313
2,633 2,596 2,722
Q1 2015 Q4 2015 Q1 2016
Peninsular Msia Sarawak Sabah
6.94 6.60 6.65
0.080.57 0.96 0.370.53 0.50 0.25
8.04 8.06 7.35
Q1 2015 Q4 2015 Q1 2016
System - PLC System - Others
Trading - Out-Out Trading - Others
LNG Sales Volume (mil tonnes)
Higher Sales Gas Delivery due to higherdemand by East Malaysia gas customers
9%
9%
5%
3%
Financial Results Announcement 31 March 2016, Upstream | Page 3
Downstream Business
Downstream Growth Projects
SAMUR has achieved 99%completion and is expected tocommence in June 2016.
The Pengerang Integrated Complex (PIC) project is on track at 28%.
Progressing as per plan
Financial Results Announcement 31 March 2016, Downstream | Page 1
DOWNSTREAM BUSINESS
72.4 69.0
58.3 55.3
Q1 FY2015 Q1 FY2016
Petroleum Products Crude
Crude and Petroleum Products Sales Volume
130.7
Downstream Sales VolumeImproved feedstock supply for Petrochemical Products
124.3
5%
Q1 FY2016 vs. Q1 FY2015
Lower trading volumes because profitable trading opportunities were limited
1.6 1.7
Q1 FY2015 Q1 FY2016
Q1 FY2016 vs. Q1 FY2015
Higher sales in line with higher production on the back of improved feedstock supply
Petrochemical Products Sales Volume
6%
MMTMbbls
Financial Results Announcement 31 March 2016, Downstream | Page 2
88.477.3
90.177.682.0
89.3 92.2
78.5
Domestic
Refineries
South Africa
Refinery
Petrochemical
Plants
Gas Processing
Plants
Q1 FY2015 Q1 FY2016
DOWNSTREAM BUSINESS
Plant Utilisation (%)
Plant UtilisationHigher utilisation rates for all manufacturing units except Domestic Refineries
Domestic Refineries – more maintenance activities
South Africa Refinery – stable and reliable plant performance
Petrochemical Plants – improved feedstock supply
Gas Processing Plants – higher feedgas processed at Gas Processing Plants,Kertih
Financial Results Announcement 31 March 2016, Downstream | Page 3
95.30
97.25
99.97 99.98
Q1 FY2015 Q1 FY2016
Gas Processing Gas Transmission
Gas Processing & Transmission Reliability (%)
DOWNSTREAM BUSINESSGas Processing and Transmission ReliabilityImproved performance
Gas Processing Plants – improved plant performance
Gas Transmission – improved transmission operations performance
Financial Results Announcement 31 March 2016, Downstream | Page 4
Thank you