16 february 2021 - listed company
TRANSCRIPT
16 February 2021
AGENDA
IRPC Strategy & BIZ PLAN
Industry Outlook
2020 Key Highlight
2
Operation & Financial
2020 IRPC Key Highlight
Bond 12,000 MB Lower Cost of Debt
CommercialOperation CorporatePerformance
• Maintain Market Position
• Product and Valued Creation
• Driving Innovation
• Cross Functional Team Work
• Reducing Unnecessary Work
• Cost Saving Program
STRENGTHEN IRPC
Climate Change
3C Strategic Approach
Finance
• 3% decrease in Crude Run amid COVID-19 pandemic
• 21% decrease EBITDA
▲Stock loss & LCM
▲ Realized oil hedging
▼ OPEX
• Bond Issuance 12,000 MB
• Floating Solar COD in June20 to increase clean energy • NOAH : New Organization
with Agile Human
Renewable Energy
Recycle &
Upcycling
Prosthetics Project
LumsaiyongModel
• Strengthen Operation& Reliability
• Fully Digital Adoption in Operation
2020 vs 2019
• Lower Cost of Debt
Automotive
Medical/ Hygiene
Circular Economy
Creating Social Value
3
AGENDA
IRPC Strategy & BIZ PLAN
Industry Outlook
2020 Key Highlight
4
Operation & Financial
IRPC Strategy
Employee
Commitment
2020 - 2023
2022 - 2025
2020 - 2030 onwards
STRENGTHENING THE CORE
STRIVINGTHE GROWTH
SUSTAININGTHE FUTURE
Best-Ever
Aspiration
20,000
30,000
4,6923S + 3C
▪ Increase performance efficiency
▪ Cost effectiveness
▪ Maximize profitability from all assets
▪ Expanded value chain opportunities
respond to customer needs
▪ Business Innovation
▪ Circular economy
Description:
EBITDA
Target, MB
Employee Commitment Customer / Partner Collaboration All Stakeholders ConnectivityKey Focus:
5
IRPC Strategic Transformation Roadmap
As is
(Actual 2020)
2021 - 2025 Business plan initiatives
Key Strategic Transformation
STRENGTHENINGTHE CORE(2020-2023)
Employee Commitment
STRIVING THE GROWTH(2022-2025)
Customer / Partner Collaboration
SUSTAININGTHE FUTURE (2020-2030)
All Stakeholders Connectivity
IRPC’s Pain Point
Return on Asset
• Lower-than-expected Return on Assets as the price and spread impact
• Volatile Performance following market conditions because of high Commodities Portfolio
Revenue
Cost
• Employee Expenses exposed higher growth
Su
rviv
al
& R
esil
ien
ce
Re
ima
gin
e
Strategic Initiatives
1Strengthen IRPC• Turnaround the Low
Performer assets by RTS
Benefit
+4,552 MB2020-2024
Target
• SPRINT to “Zero loss Unplanned Shutdown”
2Reliability Improvement
Cost saving
+600 MB
3
Ultra Clean Fuel (UCF)
• Gas Oil Competitiveness Building
Contribution margin
+3,700-4,200 MB2024 (Full capacity)
4 Infrastructure and Asset• Seek Opportunities for
Sustainable Value
EBITDA
+1,365 MB2021-2025
5 NOAH and Cost• Re-structure staff costs
and Cost Reduction
Cost Saving
+4,067 MB2021-2025
6 Specialty Product• Portfolio Shift to High
Value added Product
Contribution margin
+2,185 MB2021-2024
7 Galaxy
• Synergy for growth direction in the future
Net Profit
+1,722 MB2021-2025
6
AGENDA
IRPC Strategy & BIZ PLAN
Industry Outlook
2020 Key Highlight
7
Operation & Financial
Oil Demand Outlook
8
Coronavirus still spreading fast
Source: Platts
World GDP will rebound in 2021
Global Annual GDP Growth
Gasoline and gasoil/diesel lead demand rebound in 2021
Demand Oil Growth by Product, y-o-y
2020 growth: (-8.8) MMB/D
2021 growth: 6.1 MMB/D
2022 growth: 2.8 MMB/D
Global newly confirmed coronavirus cases per day, 7-day moving average
Source: Johns Hopkins University
Oil Supply Outlook and Crude Balance
9
Global oil supply lowered on OPEC+ restraint
Supply Growth Global Demand/ Supply
Global Supply Forecast
2021 Supply growth led by OPEC+ as US faces declines Oil balances will tighten in Q3/2021
Source: Platts
A
B
Petrochemical Demand/Supply
10
84 91 98
101
104
108
75
76
79
83
87
91
76
75
79
83
87
91
89 84 82 82 83 83
2019 2020 2021 2022 2023 2024
NameplateCapacityProduction
Demand
PP
PE
ABS
120
127
135
143
148
151
10
4
10
6
10
9
11
4
11
8
12
3
10
5
10
4
10
9
11
4
11
8
12
3
87 84 81 80 81 82
2019 2020 2021 2022 2023 2024
NameplateCapacityProduction
Demand
Unit: Million ton
Demand for PP Raffia continue to grow for Medical Surgery and others Medical Equipment
PP Packaging continue to grow by food delivery sectors Single Used Plastic Ban delay due to Covid-19 propriety
concern by the government
Massive Additional Capacity Online in China RAPID Project Start in Q2 2021
Demand for Film application and application for medical purposed still drive demand for PE
HDPE Film application demand risen due to Social Distancing policy together with food delivery sector growth
Massive Additional Capacity become online in China, with new project start from USA
RAPID Project Strat in Q2 2021
ABS Plant in Japan will shifting capacity to new product. High Demand from Made-In-China Project (EV Car and
smart EE) Tight Supply Situation should support Market Price for
ABS during 1H2021
Covid-19 #2nd wave among Asia will impact to ABS Demand (Automotive and Electrical)
Additional ABS Capacity from Malaysia will export more volume in SEA market
Unit: Million ton
Unit: Million ton
11.5
11.6
12.3
12.6
12.9
13.5
9.5
8.9
9.6
10
.2
10
.7
11
.2
9.5
8.9
9.6
10
.2
10
.7
11
.2
8276 78 81 83 83
2019 2020 2021 2022 2023 2024
NameplateCapacityProduction
Demand
Source: IHS
1H21 Petroleum Market Outlook
14.8 14.6 14.4 14.8 12.8 12.4 15.4 14.3
11.0 5.7
4.2 3.7 13.7 12.1
11.6 4.7 3.7 7.5
11.7 12.9 6.7
2.6
4.4 4.1
(4.9) (4.4) (2.5)1.4 0.6
(2.3)0.9
(18.7)(7.4)
(1.6) (2.5) (0.6)
63.9
72.1 74.3
67.4 63.5
67.461.2 62.1
50.7
30.6
42.9 44.6
-20.0
-
20.0
40.0
60.0
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
Gas oil- DB ULG95 - DB HSFO - DB Dubai
▲ Indian CDU capacity will take offline between Feb and May
▲ Recovering industrial activity will support gasoil consumption
▼ Weak demand in Europe amid the COVID-19 2nd wave
▲ Upcoming peak Lunar New Year driving season
▲ US FCC closures have been much more aggressive
▼ Higher Chinese export quotas for 2021
▲ Tightening of HSFO production amid lower medium and heavy sour grades from the Middle East
▼ Middle Eastern surplus widens and spot demand in Bangladesh tapers off
11
Unit: $/bbl
1H21 Petrochemical Market Outlook
693 660 617
641 611 592 586
499
527 585 557
739
1,026 1,008
817 695 671 678
589
457
555 629 638
687
1,428 1,379
1,248
1,032 1,000 955 932 848 892 919
1,131
1,627
300
500
700
900
1,100
1,300
1,500
1,700
1,900
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
PP-Naphtha HDPE-Naphtha ABS-Naphtha
12
Unit: $/Ton
▲ Cracker Turn Around during May-June▲ Shorten spring festival in China bring back demand post lunar new year▼ Malaysia’s PRefChem targets to Start up in 2Q21▼ South Korea’s Petrochemical will Start up after a blast in late Dec
▲ HDPE demand improve before entering summer in Apr▲ Limit supply from MDE due to tight container and space to the region ▼ Malaysia’s PRefChem targets to Start up in 2Q21
▲ Downstream sectors such as household appliances continue supporting demand▲ Automotive demand continues to recover▲ Shorten spring festival in China bring back demand post lunar new year▼ South Korea’s Petrochemical will Start up after a blast in late Dec
AGENDA
IRPC Strategy & BIZ PLAN
Industry Outlook
2020 Key Highlight
13
Operation & Financial
QoQ 16%
30
31
32
33
Key Drivers
15
25
35
45
55
65
75
Brent Dubai
Crude Oil Price (avg)
Gross Refining Margin (GRM)
Foreign Exchange (avg)
Product to Feed Margin (PTF)
Unit: $/bbl Unit : THB/USD
Unit: $/bbl Unit: $/bbl
YoY 14%
QoQ 171%
YoY 107%
4Q20 (End 30.21)
31.78
Dubai QoQ 4%
Dubai YoY 28%
QoQ appreciated 2%
YoY depreciated 1%
31.76
YoY 38% YoY 18%
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
Brent 63.20 68.85 61.94 63.21 50.26 29.20 42.29 43.47
Dubai 63.53 67.36 61.16 62.05 50.74 30.55 42.92 44.62 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
30.88 30.45 31.45 32.12
4Q19 (End 30.33)
31.49
3Q20 (End 31.83)
30.78
14
0.10 (0.94)0.76 1.14
0.07
1.64 1.67 1.22
1.31
1.46
1.74 0.73 1.98 2.45
1.53
4Q19 3Q20 4Q20 2019 2020
Refinery Lube Base
1.25 2.15 2.87 1.53 1.88
2.53
4.61 4.95
3.53 4.11
3.78
6.76 7.82
5.06 5.99
4Q19 3Q20 4Q20 2019 2020
Aromatics & Styrenics Olefins
Financial Highlight: Y2020 & 4Q20 performance
Overview of Business
Net Sales(net excise tax)
Petroleum Petrochemical Utilities and Others
EBITDA
50,337 37,671 40,661
216,577 152,319
QoQ 8%
YoY 19%Net Sales(net excise tax)
Dubai (Avg.)
Unit: $/bbl
Unit: MB
EBITDA
Unit: MB
543
5,843 3,781 5,940 4,692
QoQ 35%
Market GIM ($/bbl)
62.0842.92 44.62
63.53
42.21
Crude run KBD
Acct. GIM ($/bbl)
Net Stock G/(L)($/bbl)
YoY 21%
YoY 30%
190 195 197 197 192
6.76 8.74 11.01 8.70 8.78
1.38 6.67 2.44 0.27 (0.72)
8.14 15.41 13.45 8.97 8.06
YoY - n.a.
2020
(13%)
57%
56%
67%
31%
2%
152,319MB
4,692MB
4Q20
28%
58%
14%
65%
33%
2%
40,661MB
3,781MB
15
YoY - n.a.
QoQ 3%Net IncomeUnit: MB
Net Income
(2,417)(411)
430
(2,987) (2,501)(513)
1,556 1,608
(1,174)
(6,152)
4Q19 3Q20 4Q20 2019 2020
YoY - n.a.
Operating NI
YoY 16%QoQ 203%
YoY 118%
15
25
35
45
55
65
75
Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20
Production & Performance by Business4Q20: Improving MKT GIM owing to higher Petrochemical spread & Lower Crude Premium2020: Maintain MKT GIM through efficiency improvement
Crude Intake/Utilization Rate
MKT GIM Net Stock Gain/(Loss)
Production Volume & Sales Volume
4Q20 VS 3Q20: 4.23 $/bbl
Unit: $/bbl
4Q19 3Q20 4Q20 2019 2020
Refinery (Unit: KBD,%)
190 195 197 197 192
89% 91% 92% 92% 89%
Lube
84% 84% 92% 82% 85%
4Q19 3Q20 4Q20 2019 2020
Olefins
90% 88% 97% 95% 93%
Aromatics & Styrenics
96% 100% 103% 93% 98%
Petroleum Petrochemical
4Q19 3Q20 4Q20 2019 2020
Production (M.bbl)
13.96 14.23 14.26 57.35 55.44
Sales Volume (M.bbl)
15.72 15.76 15.71 64.87 61.09
Petroleum
4Q19 3Q20 4Q20 2019 2020
Production (KMT)
431 449 447 1,777 1,783
Sales Volume (KMT)
434 413 440 1,819 1,732
Petrochemical
Dubai Price
2020 vs 2019: 0.99 $/bbl
MKT GIM3Q20
MKT GIM 4Q20
Crude Premium
Premium on sales
Fuel loss & Internal Use
ProjectsMargin
4Q20 VS 3Q20
MKT GIM2019
MKT GIM 2020
Crude Premium
Premium on sales
Fuel loss & Internal Use
ProjectsMargin
Y2020 VS Y2019
Unit: $/bbl
16
Y20 Net stock loss = (0.72) $/bbl Stock Loss & LCM = (1.50) $/bbl Realized Oil Hedging = 0.78 $/bbl
4Q20 Net stock gain = 2.44 $/bbl Stock Gain & LCM = 2.89 $/bbl Realized Oil Hedging = (0.45) $/bbl
2019 Avg. price 63.53 $/bbl
2020 Avg. price 42.21 $/bbl
Financial StatementUnit: MB
17
2020 VS 2019: Less on Operating loss supported by projects & lower OPEX despite weak margin
Net Profit 3Q20
MarginNet Stock
gain
OPEX & Selling
Exp.Tax
Net Profit 4Q20
4Q20 VS 3Q20: Lower Crude Premium & better margin led to improving Operating gain in 4Q20
Non Operating
Item
Crude Premium
Operating Loss 3Q20
Net Stock gain
Non Operating
ItemOthersProjects
Operating Gain 4Q20
Net Profit 2019
MarginNet Stock
gain
OPEX & Selling
Exp.Tax
Net Profit 2020
Non Operating
Item
Crude Premium
Operating Loss 2019
Net Stock loss
Non Operating
ItemOthersProjects
Operating loss 2020
Operating Income 16%
Net Income – n.a.
Operating Income – n.a.
Net Income 3%
0.95 0.96 0.98 0.95 0.98
4Q19 3Q20 4Q20 2019 2020
Financial PositionPreserving Cash during COVID-19
0.67 0.73 0.71 0.67 0.71
4Q19 3Q20 4Q20 2019 2020
< 1.0x
Net IBD/Equity
Debt Profile/Ratios
6,445 6,945 7,371 7,500 10,591 1,202 1,202 1,202
601 6,890 1,998 1,997 7,989
13,335 10,145 10,570
8,702
19,180
2021 2022 2023 2024 >2024
THB Bond
USD Loan
THB Loan
Remark: Long-term debt as at 31 Dec 2020
Net Debt = 53,269 MB
Ex. Rate = 30.21 Baht/$
Interest Rate Currency
Float 63% THB 89%
Fixed 37% USD 11%
LT Loan (USD)7%
LT Loan (THB)63%
Bond (THB)30%
Leasing0.3%
Maturity of LT Debt
CA/CL
Cash Flow Unit: MB
Unit: MB
18
121,991 115,671
12,212 14,449
40,611 34,520
3,036 8,851
83,402 75,665
4,860 5,169
52,071 61,932
37,517 30,724
PP&E(incl. investment
properties and ROU)
Other Non-CA
Cash
Shareholders’Equity
Dec. 2020Dec. 2019
Other CA
Other Non-CurrentLiabilities
177,850 173,491
2%
Other Current Liabilities
LT Borrowing incl. current port.
Financial Position Unit: MB
Beginning Cash30 Sep 2020
Ending Cash31 Dec 2020
CF from Operating
CF from Investing
CF from Financing
4Q20 VS 3Q20
Beginning Cash1 Jan 2020
Ending Cash31 Dec 2020
CF from Operating
CF from Investing
CF from Financing
Y2020 VS Y2019
Note: LT Loan (USD) including CCS = 11%
This presentation material has been prepared solely for informational purposes only. IRPC is furnishing it solely for use by prospective investors / analysts in the proposed event. IRPC makes no
representations or warranties as to the accuracy or completeness of such information. By accepting this material each recipient agrees that IRPC shall not have any liability for any representations
(express or implied) contained in, or for any omissions from this presentation.
The information contained herein does not purport to be all-inclusive or to contain all of the Information that may be material to the recipient’s decision. Each recipient of the information and data
contained herein should perform its own independent investigation and analysis of the transaction and the creditworthiness of IRPC . Reference in this Disclaimer to this shall include references to the Appendices (if any) hereto.
Investor Relations Contact: [email protected]
Tel. +662-765-7380, Fax. +662-765-7379
Presentation is available at
www.irpc.co.th
Click “Presentations”
Please complete our 2020 & 4Q20 satisfaction survey
via QR CODE or link: https://forms.gle/ivr4URDxp2fjjRyv5
Thank You
Disclaimers
19
Appendix
20
CAPEX Plan in 2021 – 2025
21
2,762
1,485 1,476 1,669 1,363
1,855
632
1,262
693
415
3,492
4,400
4,826
1,530
4,153
3,788
450
-
13,524
10,998
7,167
3,199
1,363
2021 2022 2023 2024 2025
Unit: MB
General & Maintenance
Strengthen
Others
Ultra Clean Fuel Project (UCF)
8,755 ,
24%
2,487
2,370 , 7%
14,248 ,
39%
8,391
IRPC 5 year CAPEX Plan
General & Maintenance Project
Strengthen
Others
Total
36,251 MB
UCF Project
Turnaround
Turnaround
0.19
-0.04
0.04
-0.26
0.46 0.48
0.56
0.38
-0.06
-0.30
0.08 0.10 0.08
0.22 0.230.29
0.100.06
0.08 0.100.04
0.090.12
0.19
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
EPS
Year Dividend
1H Dividend
2H Dividend
Dividend Policy & PaymentIRPC is firmly committed to pay dividend at no less than 25% of net income
63%
25% 25% 25%
48% 48% 52% 50%
25%
Dividend Yield 2.9% 1.9% 3.1% 2.6% 5.1% 4.8% 4.1% 3.3% 2.7% 1.6%
Share Price 2 4.08 4.12 3.26 3.06 4.30 4.80 7.05 5.75 3.68 3.72
IRPC pay at 48-63% payout ratio with average dividend yield of 3.2%
Dividend Payout
Unit: THB
Div. Policy ≥ 25%
Note: 1 2020 Dividend is subject to the approval of the Company’s Annual General Meeting of shareholders for the year 2021
2 Closing price at the end of period
N.A.N.A.N.A.
1
N.A.
22
N.A.
0.08 0.22 0.54 1.35 1.470.86 0.30 0.22 1.06 1.098.05 8.10 7.71
32.92 31.23
2.30 2.54 2.79
9.55 9.65
0.45 0.76 0.63
3.473.02
0.45 0.53 0.50
2.14 1.91
1.77 1.78 1.87
6.86 7.07
4Q19 3Q20 4Q20 . 2019 2020
Lube
LPG & Other
Naphtha &ReformateGasoline
Diesel & Jet Oil
LSFO 0.5%
HSFO
68% 67% 61% 68% 68%
16% 21% 25% 17% 20%6% 5% 5% 6% 5%10% 6% 9% 9% 7% Others
Domestic
Far East
Middle East
4Q19 3Q20 4Q20 2019 2020
36,016 25,991 26,412 153,451 101,429 Petroleum
32,193 22,222 22,353 136,670 87,025 Refinery
3,823 3,769 4,059 16,781 14,404 Lube Base
89% 91% 92% 92% 89% % U-Rate
190 195 197 197 192
Petroleum Group2020 : Weaker products spread during COVID-19 pandemic led to lower Mkt GRM4Q20: Lower crude premium affected better Mkt GRM
14.04 13.95 13.75
57.99 53.84 1.68 1.81 1.96
6.88 7.25
15.72 15.76 15.71
64.87 61.09
4Q19 3Q20 4Q20 2019 2020
Lube Base
Refinery
5.11 1.62 0.56 3.46 1.59
0.10 (0.94)
0.76 1.14
0.07
1.64 1.67
1.22 1.31
1.46
1.74 0.73 1.98
2.45
1.53
4Q19 3Q20 4Q20 2019 2020
Lube Base
Refinery
Crude Intake
GRMSales Volume & Revenue
Production
68% 67% 61% 69% 68%
32% 33% 39% 31% 32%
4Q19 3Q20 4Q20 2019 2020
Sweet Crude
Sour Crude
Premium over Dubai ($/bbl)
Crude Run (KBD)
YoY 0.1%
QoQ 0.3%
YoY 27%
QoQ 2% Revenue
YoY 6%
YoY 34%
Crude intake (Mbbl)
Unit : $/bbl
Unit : Mbbl
Unit : Mbbl
17.51 17.95 18.12
72.00 70.35Sales Volume
Unit : MB
YoY 3%
QoQ 1% YoY 3%
YoY 2%
QoQ 0.2% YoY 3%
89% 91% 92%
84% 84% 92%
112% 97% 90%
92% 89% % Utilization
82% 85% Lube Base
102% 90% RDCC
13.96 14.23 14.26
57.35 55.44
YoY 14%
QoQ 171% YoY 38%
23
91 101 95 395 388 3
9 12
88 86 89
299 339
53 75 43
246 237
199 185 220
828 807
431 449 447
1,777 1,783
4Q19 3Q20 4Q20 2019 2020
Polyolefin
Olefin
Polystyrenic
Styrenic
Aromatic
1.25 2.15 2.87 1.53 1.882.53
4.614.95
3.53 4.113.78
6.767.82
5.065.99
4Q19 3Q20 4Q20 2019 2020
Olefins
Aromatics &Styrenics
4Q19 3Q20 4Q20 2019 2020
13,427 10,801 13,427 59,656 47,457 Petrochem
8,277 6,605 8,286 37,671 29,578 Olefins
5,150 4,196 5,141 21,985 17,879
Petrochemical Group2020 : Mkt PTF increased as high products spread that was better than an effect from trade war last year4Q20: Thanks to Olefins & Styrenics spread supported a rise in PTF
2020 : Petrochemical revenue was Bt 47 bn
YoY : 20% decrease from 15% price decrease & 5% volume decrease
2020 Market PTF was $5.99/bbl:
YoY : $0.93/bbl increase as higher products spread
Production
PTF
Sales Volume and Revenue
168 178 181 702 703 266 235 259
1,117 1,029
434 413 440
1,819 1,732
4Q19 3Q20 4Q20 2019 2020
Olefins &Polyolefins
Aromatics &Styrenics
QoQ 7%
QoQ 24% Revenue
YoY 1%
YoY - unchanged
YoY 5%
YoY 20%
Unit : KMT
4Q20 Petrochemical revenue was Bt 13 bn
QoQ : 24% increase from 17% price increase & 7% vol. increase
YoY : unchanged from 1% price decrease VS 1% vol. increase
4Q20 Market PTF was $7.82/bbl:
QoQ : $1.06/bbl increase as higher Olefins & Styrenics products spread
YoY : $4.04/bbl increase as higher products spread
Unit : $/bbl
Unit : KMTSales Volume
Unit : MB
YoY 4%
QoQ 0.4% YoY 1%
90% 88% 97%
88% 81% 96%
92% 96% 99%
96% 100% 103%
95% 89% 102%
104% 113% 114%
92% 103% 98%
95% 93% % Utilization
92% 89% Polyolefins
98% 98% Olefins
93% 98% % Utilization
83% 91% Polystyrenics
94% 109% Styrenics
101% 98% Aromatics Aromaitcs & Styrenics
Crude intake (Mbbl)
QoQ 16%
YoY 107%
YoY 18%
24
17.51 17.95 18.12
72.00 70.35
531 522 495
2,071 2,027
303 301 271
1,153 1,175
60 56 56
246 231
894 879 822
3,470 3,433
4Q19 3Q20 4Q20 2019 2020
Other
Steam
Electricity
Power & Utility
2020 U-Rate of Steam was 64%; 4%
2020 U-Rate of Electricity was 70%; 1%
2020: Power & Utility revenue was 3,433 MB; 1% YoY
YoY: decrease owing to 4% sales vol. VS 3% avg. selling price
Utilization Rate
GIM
Revenue
QoQ 6%
YoY 8%
4Q20 U-Rate of Steam was 64%; 3% QoQ, 4% YoY
YoY: increase owing to planned maintenance shutdown of power generator unit in 4Q19 & 3Q20
4Q20 U-Rate of Electricity was 71%; 1% QoQ, Stable YoY
4Q20: Power & Utility revenue was 822 MB; 6% QoQ, 8% YoY
QoQ: decrease owing to lower electricity sales vol. to EGAT & lower steam sales vol. to customers in industrial area
YoY: decrease owing to lower electricity sales vol.
1.24 1.25 1.21
1.19 1.26
4Q19 3Q20 4Q20 2019 2020
Power & Utility
Unit : $/bbl
Unit : MB
71%70%
71%71% 70%
4Q19 3Q20 4Q20 2019 2020
Electricity
60% 61% 64% 60% 64%
4Q19 3Q20 4Q20 2019 2020
Steam
YoY 2%
QoQ 3%
YoY 6%
YoY - Unchanged
QoQ 1%
YoY 1%
YoY 4%
QoQ 3%
YoY 4% YoY 1%
25
0.10 (0.94)0.76 1.14
0.07 1.64 1.67 1.22 1.31
1.46
1.74 0.73 1.98 2.45 1.53
4Q19 3Q20 4Q20 2019 2020
Refinery Lube Base
1.25 2.15 2.87 1.53 1.88 2.53
4.61 4.95 3.53 4.11
3.78
6.76 7.82 5.06 5.99
Aromatics&Styrenics Olefins
Market & Accounting Gross Integrated Margin2020 : Net stock loss led to a decrease in A/C GIM 4Q20: Improving Mkt GIM resulted from higher products spread & lower crude premium
6.76 8.74 11.01 8.70 8.78 0.68
4.87 2.89
(0.03) (1.50)
0.70
1.80
(0.45)
0.30 0.78 8.14
15.41 13.45 8.97 8.06
Market GIM Stk G/(L) & LCM Hedging
1.74 0.73 1.98 2.45 1.53
3.78 6.76 7.82
5.06 5.99 1.24
1.25
1.21
1.19 1.26 6.76 8.74
11.01 8.70 8.78
Petroleum Petrochem Power & Utility
931 413 1,105 5,504 3,381 2,014 3,816 4,366
11,379 13,262 660 708 673
2,672 2,771
3,605 4,937 6,144
19,555 19,414
4Q19 3Q20 4Q20 2019 2020
3,605 4,937 6,144
19,555 19,414 363 2,752 1,614
(62)(3,323)
373 1,018
(251)
676 1,734
4,341 8,707
7,507
20,169 17,825
4Q19 3Q20 4Q20 2019 2020
Market GIM
Unit: $/bbl
Accounting GIM
Unit: $/bbl
Unit: MB
Market GIM by business
Unit: MB
YoY 63%
QoQ 26% YoY 1%
YoY 65%
YoY 10% QoQ 13%
YoY 70%
QoQ 24% YoY 1%
YoY 73%
YoY 12% QoQ 14%
Unit: $/bblPetrochemical
Petroleum
Accounting GIM
2020 Acct GIM was $8.06/bbl,
YoY: $0.91/bbl due to $0.72/bbl net stock loss compared to net stock gain of
$0.27/bbl in 2019 VS $0.08/bbl higher market GIM
4Q20 Acct GIM was $13.45/bbl,
QoQ: $1.96/bbl due to $4.23/bbl lower net stock gain VS $2.27/bbl higher market GIM
YoY: $5.31/bbl due to $1.06/bbl higher net stock gain and $4.25/bbl higher market
GIM
Market GIM
2020 Market GIM was $8.78/bbl,
YoY: stable due to petchem. spread, crude premium VS petleum. spread
4Q20 Market GIM was $11.01/bbl,
QoQ: $2.27/bbl due to higher petchem. spread & lower crude premium
YoY: $4.25/bbl due to lower crude premium & higher petchem. spread
26
Maintenance Shutdown Plan 2021 (update Jan21)
Plant
2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec TotalP
etr
ole
um
ADU1 10 9 19
ADU2 10 10
Hyvahl 30 30
RDCC 0
LUBE 0
Pe
tro
ch
em
ica
l
EBSM 45 45
HDPE 6 6 12
PP 13 13
ABS/SAN 14 14
PS 13 13
27