calgems conference 2014 june 2-6, 2014 - listed...

CalGEMs Conference 2014 June 2-6, 2014

Contents

1

Overview

Performance

Q2/14 Outlook

Overview Performance Q2/14 Outlook

Indigenous (19%)

Imported Refined Petroleum Products 96 KBD

901 KBD (**)

Source: PTIT

Remark : (*)Refined product from refineries= 859 KBD, including domestic supply of LPG from GSPs and Petrochemical Plants = 98 KBD

(**) Not included Inventory

KBD = Thousand Barrels per day

Import (81%)

Crude/ Condensate 836 KBD

Refined Products 957 KBD*

Domestic

Crude/ Condensate 213 KBD

Supply Production Sales

Export

165 KBD

Oil Balance Thailand: Jan-Mar 2014

223 KBD

Adequate refining capacity maintains the stability of supply

Total Refining Capacity in Thailand: 1,087 KBD

PTT’s Associated Refineries : 910 KBD

(TOP, PTTGC, SPRC, IRPC, BCP)

Other Refineries : 177 KBD (ESSO)

Refined Products 155 KBD

2

Crude Export 10 KBD

932KBD


Natural Gas Balance: Jan – Mar 2014

Gulf of Thailand (80%)

Power (58%)

Industry (14%)

NGV (7%)

Petrochemical Feedstock

(15%)

Industry Household

Transportation (6%)

Ethane/ Propane/ LPG/NGL

LPG/NGL

Remark: MMSCFD = Million Cubic Feet @ Heating Value 1,000 Btu/ft3

3,555 MMSCFD

Main driver of the Thai economy

Supply Production Sales

3

LNG21%

Myanmar79%

Chevron 32%

PTTEP 26%

Others 42%

Bypass Gas 1,124

MMSCFD

936 MMSCFD (21%)

Methane 1,495 MMSCFD

Onshore (3%)

135 MMSCFD

6 GSPs Total Capacity

2,740 MMSCFD @ Actual Heat

Import (17%)

774 MMSCFD


81%

31% 19%

59%

2001 2013

Revenue

Net Income

Affiliate

PTT

702

3,155

IPO

1 As of 27 March 2014 2 As of March 2014

Note: THB/US$ exchange rate of 31.50

Largest company on Thai Stock exchange

Market cap ~US$27bn1 or ~ THB843bn1

Group companies:16.8%1 of Thai Stock Exchange market

capitalization

Majority owned by Thai government (66%)

51% by Ministry of Finance

15% by Vayupak Fund

Fully integrated and highly diversified over the entire O&G

value chain

International exploration and production business with 846

mmboe2 of proved reserves in 2013

Sole operator and owner of gas transmission pipelines and

GSPs in Thailand

Largest refinery group in Thailand with stakes in 5 of 6

refineries in the country

Largest petrochemical producer group in Thailand with

stakes in 6 of 8 major petrochemical plants

Leading oil marketing business with 1,381 retail stations

and 40% 2 of market share by volume

International oil trading business having traded 15.1 bn

liters 2

Coal business assets in Indonesia,

Madagascar, and Brunei

New Power Flagship (GPSC) to capture opportunity in

neighboring ASEAN countries

PTT is Thailand’s Largest Energy Company

PTT Public Limited Company (“PTT”) Robust revenue and Net Income growth since IPO (MMUSD)

12,553

94,756

International and local recognition

Thailand best borrower award

2014 Best CEO

Best CFO

Best Managed Company

Best Corporate Governance

Best Investor Relations

Best Corporate Social

Responsibility

Best Commitment to Strong

Dividend Policy

SET Awards

Top Corporate

Governance Report

Award 2010 & 2011

Best Corporate Social

Responsibility Awards

2011 & 2012

81st Fortune Global

500 in 2013 95th in 2012

128th in 2011

Platts Top 250 Global

Energy Company

18th Overall Performance

of 2013

144th in 2013 167th in 2012

171th in 2011

Dow Jones Sustainability

Index (DJSI)

DJSI Member 2013-2014

(Listed in 2011)

4


Ministry of Finance holds majority stake in PTT PTT ratings at Thai sovereign level

Thai Ministry of Finance

51%

Vayupak Fund1 15%

Public 34%

Kingdom of Thailand – FC

Baa1 BBB+ BBB+ A-

PTT – FC Baa1 BBB+ BBB+ A-

PTT – LC Baa1 BBB+ A- A

Largest market cap on the Thai Stock Exchange

Note: As of March 2014

• Foreign 17%

• Thai 17%

PTT PTTEP PTTGC TOP IRPC BCP Total Others

Market cap (BNUSD)2 26.7 19.5 10.3 3.4 2.1 1.3 63.3 319.7

% of SET 7.0% 5.1% 2.7% 0.9% 0.6% 0.4% 16.8% 83.2%

Moody’s rating Baa1 Baa1 Baa2 Baa1 Ba1 N.A. - -

S&P rating BBB+ BBB+ BBB BBB BB+ N.A. - -

PTT’s Strategic Importance to Thailand

5

1 The Vayupak Fund is a registered investment management fund in Thailand in which the Government is a major unit holder. The Government has rights of first refusal with respect to

any of our shares to be sold by the fund. Although the fund’s shareholding may be considered to be beneficially owned by the Government under international standards, such shares

are not considered to be owned by the Government for the purposes of Thai law or our compliance with certain of our debt covenants 2 Based on data as of 27 March 2014/ THB/US$ exchange rate of 31.50


http://www.jcr.co.jp/english/

Our Major Businesses & Activities

E&P

Gas

PTTEP 65.29% Exploration and Production

Upst

ream

Oil Marketing

Int’l Trading

Dow

nst

ream

Petrochemic

al & Refining

PTTGC 48.89% Petrochemical Flagship

TOP 49.10% Integrated Refinery & Petrochemical

IRPC 38.51% Integrated Refinery & Petrochemical

SPRC 36.00% Stand alone Complex Refinery

BCP 27.22% Complex Refinery & Retail Stations

New

Busi

ness

Coal PTT Energy Resources 100% Coal Business

GPSC 30.10% Power Flagship

• Oil Marketing 100% Retail service Stations and commercial Marketing

• Int’l Trading 100% Import/Export/Out-Out trading of petroleum and

petrochemical products

Inte

rmedia

te

PTT PLC

• Gas Pipeline 100% Sole owner/operator of the Transmission pipeline

• S&M 100% Supply & Marketing of Natural Gas

• GSP 100% Extracting Hydrocarbon contents in NG for Petrochemical’s feedstock

6

Business Areas Activities Company PTT’s holding (%)

Power


PTT Aspiration Strategic direction and target to achieve “Big-Long-Strong” aspiration

“Thai Premier Multinational Energy Company”

7

Strong

TOP Quartile ROIC

Listed in DJSI since 2011

Long

Ranked Fortune 81th

Big

Technologically Advanced and Green National Oil Company


1,056 1,234

12,308 13,739

12,602 7,450

6,569

3,516

3,269

1,509

Q1/2013 Q1/2014

2,595

2,852

4,329

487 4,985

4,002

Grossmargin

FX gain OPEX * Share ofincome

Interestexpense

& Incometaxes

NCI

PTTEP

27,448

PTT

Others

Refinery

Petrochem

35,804

23%

54%

46%

41%

12%

13%

Q1/14 Performance: PTT’s Strong Performance offset weaker Affiliates

8

Gas Avg. NG gas margin increased Avg. GSP sales vol. decreased 8% More loss on NGV Oil vol. increased 6% Oil margin increased 2% Trading Margin increased 30%

Overall spread margins drop esp. PX Sales vol. decreased 6% Sales vol. increased 3% Avg. selling price decreased 3%

MMTHB

Better coal performance from cost reduction program

• Total intake decreased 10% • Avg. ACC GRM decreased 30%


*including petroleum exploration expenses and royalties

Gross margin FX

gain OPEX*

Share of income

Interest expense & income

taxes

NCI

Contents

9

Overview

Performance

Q2/14 Outlook


E&P Key Overview in Q1/14

E & P Gas Oil & Trading Refining PetChem Others


Successful Brazil acreage farm-in

Proceeding with exploration and

appraisal program as planned

Exploration Portfolio

Expansion

Growth-Delivering

Development and

Solid Operations

Montara gradual ramp-up

Zawtika gas delivered to domestic market

Resilient domestic gas demand

Value-Accretive

Portfolio Management

Consolidate domestic leadership through

Hess Thailand acquisition

Rationalizing asset value through Canada oil

Sands asset swap

10

E&P Performance:

Expenses and prices pressured performance

Product Prices

Net Income (100%)

Sales Volume

Key Overview

7.96 7.64* 7.79*

103.74 101.53 100.84

67.03 64.48** 64.92**

Q1/13 Q4/13 Q1/14

Liquid (USD/BBL)

Gas (USD/MMBTU)

Weighted Avg. (USD/BOE)

MMUSD

191 199 198

101 101 101

Q1/13 Q4/13 Q1/14

300

Liquid

Gas

KBOED

292

11

QoQ • Sales volume slightly decreased from Vietnam16-1, S-1 project and Yadana while average prices slightly increased. • Net income increased mainly due to lower exploration expense, G&A and lower income tax. YoY • Sales volume increased mainly from start up of Montara/ MTJDA-

B17 / Natuna Sea A and First Gas sale in March of Zawtika Project. • Net income decreased due to higher loss from non-recurring item,

DD&A and Operating expense of PTT Australasia project

299

1%QoQ

* Gas price, if excludes Vietnam 16-1 retroactive sale recording, is 7.98$ for Q4 13 and 7.97$ for Q1 14



** Average selling price, if excludes Vietnam 16-1 retroactive sale recording is 66.4$ for Q4 13 and 65.91$ for Q1 14

44% YoY

3% YoY

3% YoY 1%QoQ

2% YoY 2%QoQ

60% QoQ

680

238

380

Q1/13 Q4/13 Q1/14

3% YoY

0.3% QoQ

* Not-restated *

On target development and exploration progress to achieve solid growth

Focus Areas Q1 14 Q2 14 Q3 14 Q4 14 2015 ~2020

Q1 2014

Analyst Meeting

Zawtika domestic gas delivery

Montara sub-sea wells tie-in

Zawtika gas export to Thailand

Algeria Bir Seba first oil

Mozambique LNG expected FID

Brazil farm-in and first entry

Myanmar M3 appraisal drilling start

= Completed

Zawtika appraisal drilling start

Myanmar PSC-G & EP-2 exploration drilling start

Announce Canada oil sands asset swap

Announce Hess Thailand acquisition

Maple East-1 exploration drilling start

329

KBOED

>10% Growth

~600

KBOED

12 / 12

Pursue M&A strategy and continue to evaluate asset rationalization opportunities

~7% Growth

2013 Actual

Production Volume

• Thornbury

• MZ LNG

• Myanmar M3

Expected

Contribution

E&P Roadmap:

Building Strong Platform to Deliver Growth On target development and exploration progress to achieve solid growth



12

4,284

4,507

4,611

4,746 4,695 4,675

4,488 4,462

4,439

Q1 Q2 Q3 Q4

1,380 1,052 1,258

866 896 610

528 660 710

988 911 910

630 635 632

303 308 319

Q1/13 Q4/13 Q1/14

Gas BU Performance:

Better performance from better GSP margin

NG Sales Volume NG Customer Breakdown

2013

2012

2014

MMSCFD

EGAT (28%)

IPP (14%)

SPP (16%)

GSP (21%)

Industry (14%)

NGV (7%)

MMSCFD

4,462 4,695

13

AVG.

4,439

4,537

4,580

4,439



0.5% QoQ 5% YoY

8.43

8.57 8.87

Q1/13 Q4/13 Q1/14

NGV Sales Volume

Unit : Approx. KTon/Day

Vol. MMCFD

303 308 319

4% QoQ

5% YoY QoQ

• NG volume decreased mainly from lower demand from EGAT due to cold weather

• Higher NGV Sales volume due to # NGV stations back to normal operation

YoY

• NG volume decreased mainly due to cold weather at beginning of this year dragged demand of Natural Gas from EGAT

• NGV Sales volume increased by 5%

QoQ

• Higher NGV Sales volume due to NGV Station back to normal operation after closed during political demonstration

YOY

• Sales volume increased by 5%, also, feed cost increased

• No Government subsidy, while special discount given to public transportation customers

Key Overview

SM: GSM, NGR, CHP margin +1.75% no cap for internal use, external cap according to price structure

4,008

5,921

5,977

-5,266

1,535 3,135

6,562

4,760

-4,219

Gas BU EBITDA

MMTHB

11,773 Others

TM

GSP

14,488

Q1/13 Q4/13* Q1/14

1,906

5,675

4,757

6,886

-4,736

12,381

17% QoQ 23% YoY

*Not Restated

S&M

NGV

1,741

403 375 338

887 864 858

1,482 1,535 1,555

1,539 1,537 1,562

Q1/13 Q4/13 Q1/14

Gas BU Performance :

Better performance from better GSP margin

14

GSP - Reference Product Prices

PP

HDPE

Naphtha

USD/Ton



GSP Cost

QoQ

• EBITDA increased from higher margin of GSPs and resumption of GSP#5

YoY

• Better performance from GSPs due to an decrease in NG feed cost and higher margin on GSPs.

• However, more loss on NGV limit gain on Gas BU performance

Propane (14%)

NGL (12%)

Ethane (32%)

676 648 638

184 173 185

552 509 476

220 177 209

Q1/13 Q4/13 Q1/14

GSP Sales Volume

LPG (42%)

KTon

1,632 1,507

1,508

0.1% QoQ

8% YoY

Key Overview

15

E & P Gas Oil & Trading Refining PetChem New Business

Overview Business & Roadmap Performance Q2/14Outlook

Gas BU:

4th onshore pipeline delay but negligible

4th onshore pipeline project

• Cost 40 Billion THB

• 1 year delayed

• Impact manageable

• Long term gas demand, close to GDP as our major customer is power sector

• Power sector: 60% using gas, in term of vol still growing but for % might be lower

• GSP5 will S/D only 15 days for installation of WHRU in Sep’14

536 643 641

3,879

1,445

4,408

Q1/13 Q4/13** Q1/14

4,415

2,088

5,049

0.90

0.66

0.92

Q1/13 Q4/13 Q1/14

Oil BU Performance :

Margin and inventory gain drive performance

Contribution Margin 1/

Oil BU - EBITDA Key Overview

MMTHB

THB/Liter

1/ Excluded non–oil business

16

QoQ

• EBITDA surged from better margins and sales volume • Strong performance of non-oil despite political unrest

YoY • Better margin mainly from aviation fuel together with stock gain

• Higher sales volume from all products esp. diesel and aviation

• Growing non-oil business performance following branch expansion

Oil

Non-Oil*



* EBITDA from Operating ** Not restated

39% QoQ 2% YoY

142% QoQ 14% YoY

5,956 6,031

6,295

Q1/13 Q4/13 Q1/14

Sales Volume 2/

MM Liter

2/ Only PTT and PTTRM

4% QoQ 6% YoY

1,680 1,541

1,940

Q1/13 Q4/13 Q1/14

0.10 0.09

0.13

Q1/13 Q4/13 Q1/14

16,612 16,824

15,113

Q1/13 Q4/13 Q1/14

Trading BU Performance :

FX and lower condensate discount support margin

Contribution Margin*

Trading BU - EBITDA*

Sales Volume

Key Overview

MMTHB

THB/Liter MM Liter

* PTT only : FX Adjustment in compliance with Accounting Standard

17

QoQ

• Higher margins from better spread from crude price and condensate

• Sales volume dropped mainly from SPRC T/A and lower SPOT sales

• YoY • Better margins from lower domestic condensate discount and

petrochemical margin of PTTT • Lower sales volume mainly from out – out transactions



** Not restated

10% QoQ 9% YoY

44% QoQ 30% YoY

26% QoQ 15% YoY

• Import parity • Basket price or

reference price

5.45

2.03

4.07 5.41

3.81 3.82

Q1/13 Q4/13 Q1/14

QoQ • Mkt GRM increased due to rising of average petroleum product spread,

esp. ULG95 • Q1/14 has stock loss while Q4/13 had stock gain then A/C GRM stable • PX margin continues declining from low demand and supply addition in

Asia (China) • BZ spread dipped on lacking demand & BZ downstream plants

turnaround started in March

YoY • A/C GRM decreased mainly from lower Mkt GRM & more stock loss • A/C GIM drop from PX and BZ spread tumbled on weak demand &

over supply • Lower utilization rate

Source : PTT, Refining Associates Note: Weighted Avg. GRM of PTT’s associates’ complex refineries (TOP, SPRC, BCP, and IRPC) Weighted Avg. GIM of PTT’s associates’ integrated refineries (TOP and IRPC) Account GRM/GIM = Market GRM/GIM + Hedging Gain/Loss + Stock Gain/Loss

(0.16)

0.95

(0.90)

108.2 106.8 104.5

GRM/GIM Refinery Utilization

Refining Business Performance:

GRM drop following tumbled Crude from China slowdown/QE

18

USD/BBL

A/C GRM

A/C GIM

Mkt GRM

Dubai

7.11 7.36

5.95



16% YoY

19% QoQ

1,210

-1,174

3,227

10

2,534

153

784

344

2,197

733

1,565

Q1/13 Q4/13* Q1/14

Net Income (100%)

MMTHB

BCP

IRPC

SPRC

TOP

1,721

6,787

3,269

52% YoY

90% QoQ

U-Rate (%) Q1/13 Q4/13 Q1/14

Aggregated U-Rate

93 93 85

TOP 100 101 105

IRPC 85 81 80

SPRC 101 105 60

BCP 83 84 82

Aggregated Intake (KBD)

732 733 662 10% YoY 10% QoQ

+ Higher U-Rate - Lower Mkt GRM - More Stock loss from soften Dubai - Pressured PX, while stable BZ margin

+ Better A/C GIM from; higher petroleum product spreads & more usage of domestic crude

- T/A 14-23 days (18 Mar – 9 Apr)

- Plant Turnaround: 8 Feb – 17 Mar - Lower A/C GRM

+ Better net marketing margin - Decline in Crude run - Decrease in total GRM

BCP

IRPC

TOP

SPRC

T/A (38 days)

T/A (23 days)

* Not restated

YoY

194

-0.16 0.95 -0.90 Stock Gain/Loss

Refineries : Going forward

19



CDU-3 Major Turnaround

(165 KBD) : Jun-July

~55 Days

No major turnaround after planned S/D

during 18 Mar-9 Apr

Turnaround Maintenance : 1May- 15 Jun (46 Days)

• Install new CDU (100KBD)

• HCU Revamp

(To produce more diesel/jet at

expense of fuel oil)

-COD : Q2/2014

• CDU-3 Crude Preheat Train

(Reduce fuel usage)

-COD: Q3/2014

•Explore New Geography:

Myanmar & Indonesia: by 2014

•UHV Project on track (Increase Propylene from 412 KTA to 732 KTA) - Upgrading bottom refinery product to high value added for Petrochem feedstock) -COD : Q3/2015 • Delta Project - Benefit : USD 5.6 MM

• Solar: Phase 3

(48 MW PPA)

- COD earlier than plan

(Apr./14)

Turn

arou

nd

Pro

ject

Upd

ates

Petrochemical: Olefins In Good Shape; Aromatics Under Pressured

Source: IHS as of 3 Mar 14

80.7%

79.4%

80.1%

80.8%

79.7%

78%

80%

82%

0

2

4

6

8

2011 2012 2013 2014 2015

Additional Demand

Additional Supply

Op Rate83.4% 84.5% 83.4%

76.6%

71.3%

60%

65%

70%

75%

80%

85%

90%

0

1

2

3

4

5

6

7

2011 2012 2013 2014 2015

Additional Demand Additionl Supply Op Rate

Forecast

72.1% 72.4%

72.7%

71.3%

72.3%

65%

67%

69%

71%

73%

75%

-1

0

1

2

3

2011 2012 2013 2014 2015

Additional Demand

Additional Supply

Operating Rate

86.2%

85.6% 85.8%

87.7%

88.3%

84%

86%

88%

90%

0

2

4

6

8

2011 2012 2013 2014 2015

Additional Demand

Additional Supply

Operating Rate

Global Benzene Demand/Supply Addition Oversupply from Asian refineries

Million Metric Ton Forecast

Global Ethylene Demand/Supply Addition Demand over supply

Global PX Demand/Supply Addition Ample capacity add will knock off margins

Global Propylene Demand/Supply Addition Supply jump from U.S. shale gas will weaken price

Million Metric Ton Forecast

Million Metric Ton Forecast Million Metric Ton

Demand

Supply

Demand

Supply

Demand

Supply

Demand

Supply



20

4.37 3.42

4.48 3.73

5.31

4.12

Q1/13 Q4/13 Q1/14

92% 93%

91%

430 346 380

669

502

387

Q1/13 Q4/13 Q1/14

BZ-Cond

PX-Cond

Petrochemical Business Performance: Pressured PX price stumble performance

Net Income (100%)

Aromatics

Unit : MMTHB

12,075

7,420 6,296

Q1/13 Q4/13 Q1/14

6,766

PTTGC

HMC

13,303

21

Others 7,924



QoQ • Olefin prices increased due to tight supply • PX price continue falling due to increased supply & soften demand • Utilization decreased from several plants S/D (e.g. I-1, I-4) • FX gain from bath appreciation

YoY • Overall Spread margin tends to drop • Olefin sales volume decreased due to I-1/I-4 S/D • Aromatics sale volume decrease due to many scheduled

turnaround of BZ plants • Variable cost increased from maintenance and several plants S/D • Less FX gain

40% YoY

17% QoQ

521

590

620

Q1/13 Q4/13 Q1/14

Olefins U-Rate

97%

93%

77%

Olefins

HDPE-Naphtha USD/Ton

19% YoY

5% QoQ

BTX U-Rate

101%

103%

101%

Refineries

CDU U-Rate

10% YoY

22% QoQ

Stock G/L

A/C GRM

Mkt GRM

BZ-Cond

PX-Cond

12%

YoY

42%

(0.91)

1.11

(0.69)

S/D P: I-1 (37days) U: I-4/1(23days)

YoY PTTGC + Mkt GRM slightly increased + Olefins spreads improved

- Aromatic spreads

tumbling

- Sales Vol. decreased

due to I-1 & I-4/1 S/D

-0.91 1.11 -0.69 Stock Gain/Loss

Synergy: • Pure H2 via New PSA : COD Q2/2014 • Off gas upgrading at olefins : COD Q4/2014 Debottlenecking & Expansion: 1) BV Project • 75 KTA of Butadiene, 25 KTA of Butene-1 • COD: Q4/13 2) TOCGC Plant Improvement Project • Increases EOE capacity by 90 KTA from 336 KTA to 426 KTA • COD : Q3/15 3) PX Expansion • Increases ARO II capacity from 655 to 770 KTA • COD: Q4/15 4) PTTPE Cracker Debottlenecking • 12% Olefins increase • COD: 2016 5) Phenol 2 • 250 KTA of Phenol, 155 KTA of Acetone • COD: Q3/15

PBS 20 KTA • Start construction in Q1/2013 • Expected COD: 2015

Petrochemical : Going Forward

22



2014 Outlook:

Refinery: Capacity additions shift to

2015 make 2014 crack spread still ok

Aromatics: PX down cycle / BZ slightly

weak

Olefins: Ethylene Asian demand

supports margins/ Propylene capacity

addition outpace demand

Phenol/BPA: Oversupply squeezes

margin

76 70

68

50

40 44

Q1/13 Q4/13 Q1/14

8.2

-4.9

9.6

Q1/13 Q4/13 Q1/14

Other Businesses : Coal - SAR (94.58%) Better performance from cost reduction initiatives

Avg. Selling Price & Cash cost

Net Income (100%)

Sales Volume

Key Overview

MMUSD

USD/Ton

1,979 2,272 1,958

493 1,062

941 2,472

3,334 2,899

Q1/13 Q4/13 Q1/14

KTon

Jembayan

Sebuku

23

Selling price

Cash Costs

*Not restated



3% QoQ 11% YoY

10% QoQ 12% YoY

296% QoQ

18% YoY

13% QoQ 17% YoY

QoQ • Net income increased mainly from lower depreciation and no

write-off, despite lower sales volume and higher cash cost

YoY • Sales volume slightly increased due to higher production from

Sebuku mine especially from Northern Leases area. • Net income increased as consequence of cost reduction initiatives

and mine plan optimization. *

http://www.straitsasia.com/


SAR Project Update

24



2014 Operational Plan Overview:

• Continue cost reduction initiative program under

downturn market (mainly on mining and logistics)

Target to reduce at least 5% from 2013

• Improve working efficiency through corporate

reorganization and cost reduction program

• Study coal blending to optimize SAR resources

• Market expansion in India and South East Asia region as

well as domestic market in Indonesia.

294 251

312

Q4/13* Q1/14(Before TFRIC#4)

Q1/14(After TFRIC#4)

15%QoQ

Net Income (100%) Sales Volume

Key Overview

MMBaht KMWh

25

QoQ • Lower power sales volume from Sriracha plant S/D • Lower steam sales volume due to customers’ S/D

6% QoQ

Other Businesses : Power - GPSC (30.10%)

Better performance as a result of TFRIC#4

2,126

1,413 1,214 1,111

Q4/13 Q1/14

KTon

34% QoQ (Power)

8% QoQ (Steam)



Moving Forward (Capacity*) MW

18%

1,521 1,559 1,793

32 32 78

2013 As of Q1/2014 Next Step**

Renewable

Conventional

*Power only (excludingSteam) According to Business Plan 2014-18 (@ 4 Mar 2014 (To be revised) ** By year-end 2014

2%

1,553 1,591 1,871

*Not restated

Power

Steam



GPSC Project Update

26



Update Progress (Q1-2014)

Completed transfer shares of 5 power assets from PTT

Combined Heat and Power Producing Company Limited (CHPP)

Bang Pa-In Cogeneration Company Limited (BIC)

Thai Solar Renewable Company Limited (TSR)

Natee Synergy Company Limited (NSC)

NavaNakorn Electricity Generating Company Limited (NNEG)

Credit facility Signed between GPSC and KTB, BAY, TISCO, MIZUHO

and GSB in the amount of 8,600 MTHB on Mar 20,2014

Highlight Planned Activities 2014

Transfer shares of the remaining 2 power assets from PTT/PTTER

Ratchaburi Power Company Limited (RPCL)

Nam Lik 1 Power Company Limited (NL1PC)

GPSC Initial Public Offering Preparation

699,864

749,995 716,571

Q1/2013 Q4/2013* Q1/2014

50%

27% 13%

6% 4%

PTT

PetChem

Others

PTTEP

Refining

Net Income

Unit : MMTHB

108.2 106.8 104.5

57,335 58,983

64,492

Q1/2013 Q4/2013 Q1/2014

35,804

15,392

27,448

Q1/2013 Q4/2013 Q1/2014

12.52 5.32 9.60

PTT Consolidated Performance: Q1/2014

27

Dubai (USD/BBL)

EBITDA

Net Income

EPS (THB/Share)

Revenue

Q1/14

72%

16%

8% 4%

PTT - Oil & Trading

PTT - Gas

Others PTTEP

65%

23%

8% 4%

PTT - Oil & Trading

PTT - Gas

Others

PTTEP

Revenue

EBITDA

2% YoY


* Not restated

23% YoY

9% QoQ

4% QoQ

78% QoQ

12% YoY

*

*

739,785 675,705

541,946

525,963

363,206

379,137

160,370 198,574

824,626 846,451

471,395 465,864

509,287 467,065

Other Liabilities

PP&E

Others Non-

current Assets

Other Current Assets

L/T Liabilities (incl. due within 1 yr)

Total Equity

MMTHB

Cash & S/T Invest

Decreased assets :

• A/R due to lower sales volume

31 Dec 13 31 Mar 14

1,805,308 1,779,380

Statement of Financial Position

28


1.4%

Decreased PP&E:

• Reclassification of related PP&E as non-

current assets held-for-sales of PTTEP

PTT Ratings at Sovereign Level

− FC : Moody’s (Baa1), S&P (BBB+),

JCR (A-), FITCH (BBB+)

− LC : Moody’s (Baa1), S&P (BBB+),

JCR (A), FITCH (A-)

12.8 12.6

13.6

0.4 0.4 0.3

1.3 1.4 1.2

0.00.51.01.52.02.53.03.54.04.5

Q1/13 Q4/13 Q1/14

Net Debt/EBITDA ≤ 2.0

Net Debt/Equity≤ 1.0

ICR*

*ICR = EBITDA/Interest Expense

7.71 8.75

13.43

22.40

30.5734.14 34.82

18.3321.06

29.58

. 36.64

33.07

2.50 2.85 4.006.75

9.25 10.50 11.508.00 8.50

10.2513.00 13.00 13.00

32.4%32.6% 29.8% 30.1% 30.3% 30.8% . 43.6% 40.4% 34.7% 34.9% 35.5% 39.3%

1 1 11 1 1

Dividend Policy & Historical Payments

29

PTT’s minimum payout ratio

PTT is firmly committed to pay dividend at no less than 25% of net income

Baht / share

EPS

DPS

Dividend payout


Gas 42%

Oil & Trading 17%

R&D, Others 3%

M&A and

Investment Oversea 24%

LNG 14%

29,903 22,826 17,17730,103

37,839

11,7539,319

11,925

11,50310,4156,888

3,206765

45744

38,404

17,563 29,04318,733

18,709

2014 2015 2016 201 201

Investment in Joint Venture and Its subsidiaries

Head Office and Others

Oil and International Trading

Natural Gas

Unit: MMTHB

PTT: CAPEX (PTT and Wholly Owned Subsidiaries) PTT plans to invest ~Bt 327bn ($10bn) during 2014-2018

CAPEX Breakdown : 5 Years

By Business Unit

JV &

Investment in

Subsidiaries

38%

30

, 1 , ,

86,

, 1

4th pipeline & extension

LPG import facility

LNG, M&A and Investment Oversea


Contents

31

Overview

Performance

Q2/14 Outlook


: - US Economics Recovery

: - IMF forecast ASEAN-51 GDP growth in 2014 around 4.9%

: - Risk of Capital Outflow and rising interest rate

32

Economic Outlook : Challenges ahead

US Market : shows signs of stronger recovery

: - Fed to keep QE tapering on course

EU market: keep an eye on political issue : - EU Economy tends to recover from recession

: - Ukraine and Russia political tension tend to escalate

China market: conservative growth : - IMF Raise Chinese GDP Forecast to 7.5% in Y2014

Thailand market: Prolonged Politcal Turmoil : - Export growth according to global economies recovery

: - How long Thailand can have election - Risk of Thailand Credit Rating Downgrade

32

AEC market : effect from Capital Out Flow

1 Indonesia, Malaysia, Philippines, Thailand, and Vietnam.

: - Chinese Credit Controls : slower sustainable growth


PTT Performance: Better performance from professional management : - Better Performance under political uncertainty

: - Hanging Issue: on LPG and NGV Pricing Cap

Ukraine and Russia political tension remains

US and EU Economics Improved

33

89.2

90.4

91.6

88.7

90.1

91.8

0

1

2

3

4

5

6

7

8586878889909192939495

2012 2013 2014

MBD MBD

World oil Demand(LHS) World Oil Supply(LHS) OPEC Spare Capacity*(RHS)

“OPEC spare capacity rises in 2014. OPEC will play an important role to balance global oil demand/supply to maintain oil price of $1 /barrel”

Dubai $109/bbl

Dubai $105/bbl Dubai

$104/bbl

Source: EIA report Apr ’14, OPEC World Oil Outlook, (PTT Group) Estimated (28.04.2014)

Revised

Crude Oil Outlook: Limited Demand on Refinery Turn Around


102.6 102.8 103.3 103.7

103.8 103.8 104.3 104.5

Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14WTI Brent Dubai Dubai Forecast (PTT Group PRISM)

2013 Dubai $105.5/bbl

2014 Q1 Dubai $104.4/bbl

Dubai Forecast 2014 Range $102-$104/bbl

Asia Pacific Refineries turnaround season in Q2/2014

Easing Libyan supply disruption

Chinese economy grows more conservative

Crude Oil Price Forecast range bound 102-104 $/bbl

Psychology level @ 100 USD/BBL

Factors to watch

World Oil Demand/Supply Balance

Factors to watch

US LNG Export Terminal Projects

Source : Short term 2014 Outlook, April 2014 EIA, Street Research, Bloomberg and PTT

Henry Hub Natural Gas Price Forecast

Henry Hub / JKM Price Outlook: US Gas in Surplus due to Significant Production Growth /Korean ample supply to pressure JKM Price

34

• As of 1st May 2014, 7 LNG Export Projects, total capacity 70 MTPA, have been approved by DOE to transport

US gas to NON-FTA countries (Sabine Pass LNG, Freeport LNG, Lakes Charles LNG, Cove Point LNG, Freeport

Expansion, Cameron LNG, Jordan Cove). However only 1 LNG Projects which is Sabine Pass LNG has been

approved by both DOE and FERC. Others are still waiting for FERC approval to construct Liquefaction Plants

to export US LNG.

• More than $ 70 Billion is expected to invest and to rejuvenate US Petrochemical industry as result of

affordable gas price and feedstock.

• Shale and other unconventional gas supplies should keep US gas balances in surplus for the foreseeable

future until LNG export projects as well as petrochemical complexes have been built and started production

in 2016 onward.

Overview Performance Q2/14 Outlook LNG Global Demand/Supply

Uncertainty of Japan Nuclear Policy

to restart Nuclear Power Plant

Japan-Korea Market Price Forecast

Excess Supply expected in L-T

JKM Price in 2014 is approx. 16-17 USD/MMBTU

EIA’s projected HH Price in 1 is . USD/MMBTU

Higher US Gas Demand from Cold Snap Lowest

Inventory lowest in 5-year average

US gas balances in surplus from shale gas asset

Factors to watch

Kogas has faced High LNG Inventory as result of mild weather in Korea

35 Source: FACTS, DB, KBC, Reuters , IEA, Reuters, Thaioil and PRISM Estimated (April 2014)

-15

-10

-5

0

5

10

15

20

25

Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14

Asia-Pacific Refineries turnaround in 2Q/2014

US stockpiling ahead of driving season

Stockpiling in the Muslim countries ahead for Ramadan

Forecast

GO

Mogas

FO Impact from Jubail Refinery (400KBD) run full operation

Off-peak traveling season

Singapore GRM Forecast to be around 6-7 $/bbl Factors to watch

“Seasonal Peak Refinery maintenance in Asia-Pacific during Q2 limits crude oil demand but supports to petroleum product

market .”

“Expected supportive GRM in 1 due to limited net capacity addition as refinery closure in Japan, Australia &

project postponement in China”

Refinery Margin Outlook : Firm GRM in Q2-14 due to tight supply during refinery maintenance


Refinery Maintenance in Asia-Pacific Area CDU Additional Vs Additional Demand –AP&ME

V Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Demand Growth Supply Growth

0

200

400

600

800

J a n - 1 3 A p r - 1 3 J u l - 1 3 O c t - 1 3 J a n - 1 4 A p r - 1 4 J u l - 1 4 O c t - 1 4

Spread HDPE Spread PP Y 2014

Unit :USD/TON Olefins Product Spread

Tighten supply from Propylene Plant T/A

US and EU Economics Recovery

Factors to watch

• HDPE-Naphtha expected to be around 540-640 USD/TON

• PP-Naphtha expected to be around 560-660 USD/TON

Uncertainty on PP demand in Indonesia Market

More spot available from middle east when UAE’s Borouge Start up ethane cracker in early Jun.

Petrochemical Outlook : Olefin spread to move slightly upward from cracker T/A


Asia Ethylene Supply/Demand Balance Asia Propylene Supply/Demand Balance

Source: PRISM Estimated, PTTGC

Million Metric Tons

2.0

2.5

3.0

3.5

4.0

4.5 Million Metric Tons

2.0

2.5

3.0

3.5

4.0

4.5 Note: Domestic demand excludes export volume *Non-steam cracking availability includes

production from metathesis, PDH and FCC Splitter

36

0

200

400

600

800

J a n - 1 3 A p r - 1 3 J u l - 1 3 O c t - 1 3 J a n - 1 4 A p r - 1 4 J u l - 1 4 O c t - 1 4

Spread BZ Spread PX

Petrochemical Outlook : Weak Downstream Demand Weighs Down PX Market

37 Source: PRISM Estimated, Thaioil


Aromatics Product Spread

Factors to watch

• Bz-Naphtha forecasted to be around 300-400 USD/TON

• PX-Naphtha forecasted to be around 240-290 USD/TON

Light feed in US to Support BZ Market in Asia Pacific

PX producers run cut and PX plants maintenance

Y 2014

Asia PX Supply/Demand Balance Asia Benzene Supply/Demand Balance

AP/ME PX Capacity* and Supply AP/ME Benzene Capacity* and Supply

Capacity Demand Capacity Demand Remark:* Normalized capacity to start up period

Remark:* Normalized capacity to start up period

PX Supply overwhelm from New Capacity in South Korea, Chin and Saudi Arabia

Soft PTA and Polyester demand

Unit :USD/TON

Thank you PTT Public Company Limited – Investor Relations Department

Tel. +66 2 537-3518, Fax. +66 2 537-3948, E-mail: [email protected] Website: http://www.pttplc.com

The information contained in our presentation is intended solely for your personal reference only. In addition, such information

contains projections and forward-looking statements that reflect our current views with respect to future events and financial

performance. 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.

Disclaimer

Petroleum Reserves and Resources Information

In this presentation, the Company discloses petroleum reserves and resources that are not included in the Securities Exchange

and Commission of Thailand (SEC) Annual Registration Statement Form 56-1 under “Supplemental Information on Petroleum

Exploration and Production Activities”. The reserves and resources data contained in this presentation reflects the Company’s

best estimates of its reserves and resources. While the Company periodically obtains an independent audit of a portion of its

proved reserves, no independent qualified reserves evaluator or auditor was involved in the preparation of reserves and resources

data disclosed in this presentation. Unless stated otherwise, reserves and resources are stated at the Company’s gross basis. This

presentation may contain the terms “proved reserves”, “probable reserves”, and/or “contingent resources”. Unless stated

otherwise, the Company adopts similar description as defined by the Society of Petroleum Engineers.

Proved Reserves - Proved reserves are defined as those quantities of petroleum which, by analysis of geological and engineering

data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known

reservoirs and under current economic conditions, operating methods, and government regulations.

Probable Reserves - Probable reserves are defined as those unproved reserves which analysis of geological and engineering data

suggests are more likely than not to be recoverable.

Contingent Resources – Contingent resources are defined as those quantities of petroleum which are estimated, on a given date,

to be potentially recoverable from known accumulations, but which are not currently considered to be commercially recoverable.

The reasons for non commerciality could be economic including market availability, political, environmental, or technological.

mailto:[email protected]

http://www.pttplc.com/



Debt Profile : Control Cost & Manage Risk

Debt Portfolio

Managed debt according to financial risk and policy

Consolidated PTT Only Unit : MMTHB

39

: Cost of debts ~ 4.63 %

: % fixed-rate ~ 81.91 %

: Avg. debt life ~ 8.32 years

: Cost of debts ~ 4.42 %

: % fixed-rate ~ 76.97 %

: Avg. debt life ~ 7.57 years

188,102 181,399 180,892 221,201 208,298 207,434

100,069 125,972 124,708

215,507 259,665 254,931 288,171 307,371 305,600

436,708 467,963 462,365

31 Dec 12 31 Dec 13 31 Mar 14 31 Dec 12 31 Dec 13 31 Mar 14

USD

THB

(35%)

(65%)

(41%)

(59%)

(41%)

(59%)

(49%)

(51%)

(55%)

(45%)

(55%)

(45%)

Note : Data as of 31 Mar 14 (THB/USD = 32.5814 THB/JPY = 0.31838) Excluding liabilities from finance leases; Cost of debts includes withholding tax.

40

PTT Group Performance : Q1/14 (YoY)


% share

Unit : MMTHB Q1/13 Q1/14 YoY Q1/13 Q1/14 YoY

PTT Net operating Income 12,308 13,739 12% 12,308 13,739 12%

E&P - PTTEP 20,246 12,435 -39% 65.29% 12,602 7,450 -41%

Petro. Business 13,303 7,924 -40% 6,569 3,516 -46%

- PTTGC 12,075 6,296 -48% 48.89% 5,852 2,722 -53%

- HMC/PPCL/PTTPL/PTTPM/PTTAC/ PTTES/

PTTME/PTTMCC/PMMA1,228 1,628 33% 40-50% 717 794 11%

Refining 6,787 3,269 -52% 3,269 1,509 -54%

- TOP 3,227 2,534 -21% 49.10% 1,258 1,303 4%

- IRPC 153 344 n.m. 38.51% 949 125 -87%

- SPRC 1,210 -1,174 n.m. 36.00% 452 -335 n.m.

- BCP 2,197 1,565 -29% 27.22% 610 416 -32%

Others Business

Inter - PTTER, PTTGE -740 -589 20% 100% -799 -555 31%

Gas -PTTNGD/ TTM(T)/ TTM (M)/ PTTLNG 1,019 1,429 40% 50-100% 1,100 1,018 -7%

Utilities -GPSC/ TP/ DCAP/ CHPP/ BIP/ BIC/ NNEG 987 544 -45% 20-30% 280 148 -47%

Oil & Oth. - PTTT/SBECL/THAPPLINE/PTTRB/Others 520 834 60% 33-100% 475 623 31%

Shared of Net Income from Affiliates 42,122 25,846 -39% 23,496 13,709 -42%

PTT Conso. Net Income 54,430 39,585 -27% 35,804 27,448 -23%

Performance 100% Equity Method % PTT

41

Free Cash flow

69,963 45,089

Investing

2013 -95,364

Q1/2014 -27,757

CAPEX(PP&E, Intangible asset) -114,457 -28,504

Investment (Sub. &Affiliates) -11,256 -

Dividend/Interest Received 18,488 583

Others 11,861 164

Operating

2013 165,327

Q1/2014 72,846

Net Income 94,652 27,448

Changes in assets & liabilities -25,592 11,426

Income Tax -45,822 -2,931

Non-Cash Adjustment 126,342 32,925

Interest-net 15,747 3,978

Ending Cash & Cash Equivalents

157,683 195,728

Beginning Cash and Cash Equivalents

136,924 157,683

Cash In/(Out)

20,759 38,045

Adjustment

6,586 -973

41

Financing -55,790 -6,071

Repayment Loans -76,726 -3,100

Interest paid -20,089 -4,463

Dividend paid -46,367 -18

Received from share issue 280 -

Received from loans/Bonds 87,112 1,510

Statements of Consolidated Cash Flows


42

Free Cash flow

59,573 21,504

Financing -43,214 -2,459

Repayment Loans -55,754 -644

Interest paid -13,472 -2,766

Dividend paid -37,116 -4

Received from share issue - -

Received from loans/Bonds 63,128 955

Investing

2013 16,981

Q1/2014 -2,629

CAPEX (PP&E, Intangible asset) -22,912 -6,557

Investment (Sub. &Affiliates) -4,281 -7

Dividend/Interest Received 37,880 803

Others 6,294 3,132

Operating

2013 42,592

Q1/2014 24,133

Net Income 63,988 21,586

Changes in assets & liabilities -12,063 5,269

Income Tax -2,276 -741

Non-Cash Adjustment -15,199 -3,911

Interest - net 8,142 1,930

Ending Cash & Cash Equivalents

63,927 82,971

Beginning Cash and Cash Equivalents

47,642 63,927

Cash In/(Out)

16,285 19,044

Adjustment

-74 -1

42

Statements of Cash Flows: Q1/2014 & FY2013 (PTT Only)

Subsidiaries Consolidate PTT (Cambodia) Co., Ltd. PTTCL 100.00% Subic Bay Energy Co., Ltd. SBECL 100.00% PTT Retail Business Co., Ltd. PTTRB 100.00% Thai Lube Blending Co., Ltd. TLBC* 48.95% PTT Tank Terminal Co., Ltd. PTTTANK 100.00% PTT Oil Myanmar Co., Ltd. PTTOM 100.00% Associates Equity Keloil-PTT LPG Sdn. Bhd. KPL 40.00% Thai Petroleum Pipeline Co., Ltd.THAPPLINE 36.44% PetroAsia (Thailand) Co., Ltd. PA(Thailand) 35.00% Others Cost PetroAsia (Maoming) Co., Ltd. PA(Maoming) 20.00% PetroAsia (Sanshui) Co., Ltd. PA(Sanshui) 25.00% Intoplane Services Co., Ltd. IPS 16.67% Fuel Pipeline Transportation Co., Ltd.FPT 0.00024% Others Fair Value Bangkok Aviation Fuel Services Plc. BAFS 7.06%

43

Others

Subsidiaries Consolidate PTT Exploration & Production Plc. PTTEP 65.29% PTT Natural Gas Distribution Co., Ltd. PTTNGD 58.00% PTT LNG Co., Ltd. PTTLNG 100.00% Joint Ventures Proportionate Trans Thai-Malaysia (Thailand) Co., Ltd. TTM (T) 50.00% Trans Thai-Malaysia (Malaysia) Sdn. Bhd. TTM (M) 50.00% District Cooling System and Power Plant DCAP 35.00% Associates Equity Thai Oil Power Co., Ltd. TP 26.00% Global Power Synergy Co., Ltd GPSC 30.10% Others Cost Ratchaburi Power Co., Ltd. RPCL 15.00%

Petrochemical Subsidiaries Consolidate PTT Polymer Marketing Co., Ltd. PTTPM 50.00% PTT Polymer Logistics Co., Ltd. PTTPL 100.00% PTT PMMA Co., Ltd. PTTPMMA 100.00% Associates Equity PTT Global Chemical Plc. PTTGC 48.89% PTT Maintenance and Engineering PTTME 40.00% PTT Energy Solutions Co., Ltd. PTTES 40.00% Joint Ventures Proportionate HMC Polymers Co., Ltd. HMC 41.44% PTT Asahi Chemical Co., Ltd. PTTAC 48.50% PTT MCC Biochem Co., Ltd. PTTMCC 50.00% Refining Associates Equity Thai Oil Plc. TOP 49.10% IRPC Plc. IRPC 38.51% Star Petroleum Refining Co., Ltd. SPRC 36.00% Bangchak Petroleum Plc. BCP 27.22% Others Fair Value Dhipaya Insurance Plc. TIP 13.33%

Subsidiaries Consolidate Energy Complex Co., Ltd. EnCo 50.00% Business Service Alliance Co., Ltd. BSA * 25.00% PTT Regional Treasury Center Pte. Ltd. PTTRTC 100.00%

International Trading Business Group

Subsidiaries Consolidate PTT International Trading Pte. PTTT 100.00%

Remark : * Subsidiaries that PTT holds less than 50% but being consolidated because PTT has the power to control the financial and operating policies.

Petrochemicals & Refining Business Group

Associates Equity PTT ICT Solutions Co., Ltd. PTTICT 20.00%

E&P and Gas Business Group Oil Business Group

Data as of 31 Mar 2014

International Investment

Subsidiaries Consolidate PTT Energy Resources Co., Ltd. PTTER 100.00%

PTT Green Energy Pte. Ltd PTTGE 100.00%

44

Natural Gas Price Structure : Jan-Mar 2014

Customers1 Sales Price Structure

Gas Pool Price Supply Margins Pipeline Tariffs + +

Power Producers 58%

: EGAT 28%

: IPP 14%

: SPP 16%

Average Purchased Gas Price

1.75%

1.75%

9.33%

21.9 Bt/MMBtu

GSP 21% Charged at the same price structure of power producers

Petrochemicals Feedstocks

Reference to Saudi Aramco’s contract price

Industry 14% Charged at prices comparable to fuel oil

Gas prices are mostly agreed under long-term contracts and volatility pass-through to ensure stable returns.

NGV 7% Capped at 10.5 Baht/Kg

Ethane, Propane, LPG Profit-sharing mechanism based on market prices of petrochemicals

NGL Reference to Naphtha market price

Local Cooking Gas

Export Cooking Gas

Capped at 333 USD/ton

• Contract periods are ~ 25-30 years or until depletion of gas fields or the expiration of concessions

1 As at Apr, 2014

Natural Gas : Strong and Increasing Demand over Long Term Natural gas is a fuel of choice for power producers and transportation industry

45 Source : PTT

Power

GSP

Industry

78%

21%

8%

2,635 14%

13%

12%

59% 67%

Gas demand forecast (CAGR during 2013-2030) : Total ~ 2% : Power ~ 3% : GSP ~ -1% : Industry ~ 2% : NGV ~ 3%

14%

NGV

8%

6%

6,462 MMscfd

Thailand’s Projected Energy Demand

46

Commercial Primary Energy Consumption

Source : EPPO/ PDP 2010 Revised 3 (June 2012)/ PTT analysis as of 27 Mar 2014

0

500

1000

1500

2000

2500

3000

3500

4000

2003

2004

2005

2006

200

200

2009

2010

2011

2012

2013

2014

2015

2016

201

201

2019

2020

2021

2022

2023

2024

2025

2026

202

202

2029

32%

38%

15%

13%

Oil

Natural Gas

Coal/Lignite

Hydro/Import

KBD

28%

35%

19%

4% 13%

Renewable

2%

3,728

3,306

2,862

2,321

1,917

32%

41%

13%

12% 2%

28%

39%

17%

3%

13%

29%

41%

14%

3% 13%

1% Nuclear

Gas Business Generates Stable Returns

Sole owner and operator of entire

gas transmission pipelines in

Thailand (3,678 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

Phu Hom

Nam Phong

Thailand

Ban I Tong

Ratchaburi

Nakhon Sawan

SBK

NBK

The Luang

Nakhon Ratchasima

Kaong Khoi

Samut Prakan

ESB

Bang Pakong

Khanom

Songkhla

Sadao

Yadana

Yetagun

Chon Buri

Rayong

Wang Noi

Thai-Malaysia

(JDA)

Arthit

Arthit–FPSO Erawan

Pailin Bongkot

South Bongkot

Chevron–Additional

Platong

Tantawan

Benchamas

Natural gas fields

Power plants Gas separation plant

1,2,3,5,6 in Rayong

Gas separation unit 4

in Nakhon Si Thammarat

Existing pipeline

Future pipeline

Andaman Sea

47

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