Contents. Overview. Q3/2018 & 9M/2018 Performance. Outlook Overview Performance Outlook

Transcription

1 16 Nov 2018

2 1 Contents Overview Q3/2018 & 9M/2018 Performance Outlook 2019

3 Oil Balance Thailand: Jan - Sep 2018 Adequate refining capacity maintains the stability of supply Supply Production Sales Import (83%) Domestic 1,013 KBD Imported Refined Petroleum Products 62 KBD Crude/ Condensate 951 KBD Total Refining Capacity in Thailand: 1,232 KBD Refined Products 1,145 KBD* Indigenous (17%) 209 KBD Crude/ Condensate 177 KBD PTT s Associated Refineries : 770 KBD (TOP, PTTGC, IRPC) Refined Products 211 KBD 966 KBD (**) Export Other Refineries : 462 KBD (SPRC, ESSO, BCP) Crude Export 32 KBD 243 KBD Source: PTIT Remark : (*)Refined product from refineries = 1,034 KBD, including domestic supply of LPG from GSPs and Petrochemical Plants = 111 KBD (**) Not included Inventory KBD = Thousand Barrels per day 2

4 Natural Gas Balance: Jan Sep 2018 Main driver of the Thai economy Supply Production Sales Gulf of Thailand (67%) Others, 70% PTTEP, 30% Onshore (2%) 3,153 MMSCFD Bypass Gas 433 MMSCFD 6 GSPs Total Capacity 2,860 Actual Heat 84 MMSCFD Ethane/ Propane/ LPG/NGL 1,023 MMSCFD (22%) LPG/NGL Petrochemical Feedstock (15%) Industry Household Transportation (7%) Import (31%) Methane 1,697 MMSCFD Power (57%) Industry (16%) Myanmar 56% LNG 44% 1,473 MMSCFD NGV (5%) Remark: MMSCFD = Million Cubic Heating Value 1,000 Btu/ft 3 3

5 100 QoQ YoY 12 QoQ YoY Dubai 3% 37% JLC* 5% 20% 10.2 FO3.5% 6% 35% JKM 27% 44% Avg. Pooled 2% 14% Dubai JLC* JKM Avg. Pooled 5.4 Price FO 3.5% 10 2 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 * JLC = Japan LNG Cocktail : Landed LNG price in Japan Key Business Drivers: Escalated oil, gas, and PX prices amid soften HDPE price HDPE Price 1, Dubai vs FO ($/BBL) Petchem ($/Ton) PX-Naphtha 50% 12% 1,384 1,350 1,379 1,226 1,137 1,176 1,133 1,138 PX-Naphtha Spread QoQ 100 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Note: Figures are average & Naphtha (MOPJ) 357 YoY HDPE 3% 19% NG Prices ($/MMBTU) AVG. FX (USD/THB) Appreciated (YoY) Depreciated (QoQ) 1.1 THB/USD (4%) THB/USD (7%) 31 5 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 4

6 Activities Highlights : 5 Key Events Update (Q3 18) PTT PTTGC IRPC Transferred Oil BU s assets to PTTOR Signing SPA for PTA and PET business Acquired 49% shares of Revolve Group Limited (RGL); producer of Rotomolding Compound BOD approved to invest in Guangzhao Saiju Performance Polymer Ltd. in China (Plastic product e-commerce business) PTT GSP#3 (Planned T/A 18 days) ESP & GSP#6 (turndown) PTTGC I1 (Planned Major T/A 37 days) IRPC Hyvahl & RDCC (Planned T/A 1 mth) Performance (9M/18 vs 9M/17) Business Upstream Midstream Downstream Infrastructure PTTEP Coal Gas Oil Trading Petchem Refinery Power Performance Finance (Q3 18) Loan Repayment (PTT Group) PTTGC & Sub: THB 4,123 MM / USD 12 MM/ EUR 0.1 MM TOP: THB 526 MM IRPC: THB 5,670 MM/ USD 40 MM Loan Drawdown PTTGC sub: THB 1,250 MM/ USD 0.14 MM /EUR 0.11 MM TOP Sub: VND 42,264 MM IRPC: USD 200 MM

7 Contents Overview Q3/2018 & 9M/2018 Performance Outlook

8 PTT Consolidated Performance: 9M/2018 3% QoQ 37% YoY Avg. Dubai (USD/BBL) M/17 9M/18 17% YoY Unit : MMTHB Revenue 578,787 5% QoQ 606,980 1,463,763 1,718,738 31% 1% 5% 15% Revenue Others PTTEP 1% 5% P&R PTT - Gas 13% 31% Revenue 48% 50% PTT - Oil & Trading EBITDA 5%QoQ 100,699 96, , ,953 14% YoY 35% 4% EBITDA 31% Others 4% P&R 33% EBITDA 32% PTTEP 6% 24% PTT - Oil & Trading 6% 25% PTT - Gas Net Income 0.3% YoY 99, ,146 1% QoQ 30,029 30,329 29% 9% 7% Net Income 55% 8 Others PTTEP 4% 18% P&R 30% Net Income 48% PTT 7

9 9M/18 Performance: New high record 9M performance from most businesses MMTHB Net Income Others Affi. 43,003 7,232 3,990 7,545 12,868 18,505 29,543 8,657 10,235 P&R 29,001 29,921 3% PTTEP 99,816 Margin OPEX* Depre & Amortization 0.3% Other Income Impair FX & Derivatives Int. & CIT exp.& Other 100,146 19,359 18,660 18% 4% Others Affi PTTOR from oil business transferred PTT NGD from higher FO price Higher revenue from LNG Terminal 1 Phase 2 Coal business from tax penalty Petrochem & Refining Higher stock gain Better Olefins from product price & sale vol. Aromatics decreased from BZ spreads Weaken Mkt. GRM from higher crude premium PTTEP Higher tax expense Improved ASP & Sales Vol. from oil price recovery Gas GSP increased vol. and LPG margin S&M margin rose TM increased from TDC vol. Oil Slimmer margin and lower stock gain Higher vol. from aviation & station expansion Non-oil expansion PTT 49,722 48,152 3% Trading Vol. increased from lower refineries shutdown Margin slightly increased from rising oil price HO Higher CIT Extra Items (6,923) (6,822) 9M/17 9M/18 * including petroleum exploration expenses and royalties 1% Extra Items 9M/17: - Marina Oil Sand Impairment + Dividends from mutual fund (EPIF) 9M/18 - Tax effect from oil business transferred - Loss on Montara divestment 8

10 E&P : Improved performance mainly from ASP and Vol. without impairment E & P Gas Oil & Trading P&R Others Product Prices Sales Volume Liquid ($/BBL) Weighted Avg. ($/BOE) Gas ($/MMBTU) % QoQ 36% YoY 2% QoQ 21%YoY 4% QoQ 13% YoY KBOED 1% QoQ 2% YoY Liquid Gas MMUSD Net Income (100%) (223) 179% QoQ (291) 932 (81) 179% YoY Recurring NI Non-recurring* * Includes Deferred tax from Functional currency, Current Tax from FX Revaluation, Gain/loss from Financial instruments, Gain/(loss)on FX, H1 incident Insurance Claim, and etc. Key Highlights QoQ ASP edged up due to rising gas price in Myanmar. Sales vol. increased mainly from additional stake in Bongkot. NI increased primarily from appreciation of THB, while Recurring NI decreased due to higher DD&A. YoY ASP increased from rising oil Price. Sales vol. increased from Contract 4 and MTJDA projects. NI increased from ASP & Vol and 9M/17 had recognition of impairment loss of Marina Oil sand project. 9

11 PTT EBITDA Breakdown by BU s (Unit: MMTHB) Business Unit Q2/18 Q3/18 QoQ 9M/17 9M/18 YoY Gas- EBITDA 24,636 24,831 1% 60,764 72,711 20% S&M 4,133 5,305 28% 11,549 13,712 19% TM 9,271 8,237 11% 25,828 26,802 4% GSP 9,763 9,850 1% 20,650 27,821 35% NGV (1,314) (1,437) 9% (3,332) (3,563) 7% Others 1/ 2,783 2,876 3% 6,069 7,939 31% Oil- EBITDA 3,943 3,528 11% 15,085 13,789 9% Trading 2/ - EBITDA 2,422 1,003 59% 3,491 4,520 29% Total 3/ 31,001 29,362 5% 79,340 91,020 15% 1/ Others include PTTLNG, PTTNGD, and PTTGL (restructured by excluding GPSC, PTTES, PTTDigital and ENCO) 2/ MIS 3/ Included subsidiaries from all BUs 10

12 11 Gas BU: Rising pooled price, NG vol. maintained E & P Gas Oil & Trading P&R Others $/MMBTU 15 Fuel Oil* NG Price VS FO 296 %QoQ 318 %YoY FO 4% 34% Pooled Price 2% 14% Avg. Pooled gas price * MOPS HSFO 180 CST Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/ NGV Price/Sales Volume $/Ton NG Customer Breakdown MMSCFD 3% QoQ 0.2%YoY 4,825 4,668 4,722 4,712 NGV (5%) Industry (16%) 1,047 1, ,023 GSP (22%) 1,229 1,242 1,013 1,220 SPP (26%) IPP (16%) EGAT (15%) Key Highlights THB/KG 5% QoQ 6% YoY NGV Avg. price K.Ton/Day 2% QoQ % YoY QoQ Gas cost and F/O price is in upward trend NG sales vol. decreased from power and GSP NGV vol. decreased despite rising avg. selling price YoY NG sales vol. maintained from lower power demand offsetting GSP and Industry NGV vol. dropped from demand switching to diesel

13 Gas BU: Performance improved in almost segments E & P Gas Oil & Trading P&R Others USD/Ton GSP Feed Cost vs Petchem price %QoQ %YoY HDPE HDPE 3% 19% 1,384 LPG cost of GSP 1% 8% Feed Cost 3% 9% 1,379 1,350 1,153 1,139 1,134 1,176 1,133 1,138 1,226 1,103 LPG cost of GSP Feed Cost* Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 * Revised feed cost calculation from per sale volume to per GSP production volume Gas - EBITDA kton 1, GSP Sales Volume 3% QoQ 1,842 5, ,720 1, ,179 2,365 Key Highlights 7% YoY 5, Pentane (1%) 671 Propane (12%) Ethane (34%) NGL (9%) LPG (44%) MMTHB 24,636 1% QoQ 24,831 2,783 2,876 9,763 9,850 60,764 6,069 20,650 25,828 7,939 27,821 26,802 9,271 8,237 11,549 13,712 4,133 5,305 (1,314) (1,437) (3,332) (3,563) 20% YoY QoQ 72,711 Others GSP TM S&M NGV GSP slightly increased from Baht depreciation and increase vol. despite GSP turnaround NGV higher loss from rising feed gas cost S&M increased from higher selling price linked to FO price GAS EBITDA slightly increased from S&M offsetting with lower TM YoY GSP greatly improved from increased vol. & selling price TM increased due to rising demand mainly from SPP S&M margin increased from higher avg. selling prices and gas vol. NGV higher loss from rising feed gas cost PTTLNG recognized revenue from LNG terminal 1 phase 2 since Mar 18 GAS EBITDA improved mainly from GSP and S&M 12

14 Oil BU & PTTOR : Soften performance from lower margin despite higher volume E & P Gas Oil & Trading P&R Others Petroleum Prices Gross margin 1 /Sales volume 2 (Average Prices) USD/BBL MMTHB Stock Gain/Loss (MMTHB) Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Jul-18 Aug-18 Sep-18 QoQ YoY Oil 12 % 13% Non-oil 8% 11% 3 / Domestic only Total 11% 9% 3,943 2,891 2,558 1, Oil - EBITDA 3,528 15,085 12,333 13,789 10,743 2,752 3,046 1, Oil Non-Oil 3 THB/Liter 6% QoQ MM Liter 6,579 4% QoQ 6, ,363 19,809 1 /Excluded Non-oil, stock gain/loss, non-recurring item 2 /PTT only Key Highlights 2% YoY 2% YoY QoQ Sales vol. decreased from - Aviation fuel due to low season and tumbled Chinese tourists after boat disaster in July - Diesel & Gasoline from lower seasonal demand Lower gross margin & EBITDA from - Gasoline squeezed margin from increasing oil price trend - Aviation fuel margin dropped due to pricing structure YoY Sales vol. increased from - Aviation fuel after ICAO lifts red flag & economic expansion - Gasoline & Diesel from stations expansion Lower gross margin mainly from Aviation fuel Decreased EBITDA from declining margin and lower stock gain, as well as higher SG&A 13

15 Trading BU: Improved performance mainly from Domestic Condensate E & P Gas Oil & Trading P&R Others Gross Margin 1 Sales Volume 2 Gross Margin (THB/Liter) MM Liter 5 % QoQ 6% YoY 56% QoQ 10% YoY 56,107 59, ,923 20,980 1 PTT Trading BU + trading subsidiaries: FX Adjusted + derivatives Trading EBITDA 3 2 PTT Trading BU + trading subsidiaries Key Highlights MMTHB 2,422 59% QoQ 3,491 29% YoY 4,520 QoQ Sales vol. increased due to higher crude imports mainly from lower turnaround of Domestic refineries and increased Out Out Transaction Gross margin & EBITDA decreased from higher condensate discount due to light crude price drop 1,003 3 PTT Trading BU + trading subsidiaries: FX Adjusted + derivatives YoY Sales vol. increased due to higher crude & condensate imports mainly from lower major Turnaround of refineries. Gross margin & EBITDA increased from domestic condensate and Out Out transaction 14

16 P&R BU : Strong performance from refinery and Olefins Dubai USD/BBL 8.34 BTX 94% 94% U-Rate QoQ YoY A/C GRM 31% 9% Mkt A/C GRM GRM* GRM Stock Gain/Loss *A/C GRM and A/C GIM include effect from hedging gain/(loss) Aromatics QoQ 75% YoY 51.1 E & P Gas Oil & Trading P&R Others % Olefins U-Rate USD/Ton HDPE Price 104% 98% 93% QoQ 1,384 1,350 1,301 1,288 Unit : MMTHB PP Price Olefins YoY HDPE 3% 19% PP 1% 13% 1,149 1, % 1,371 1,287 Net Income (100%) 59,990 5,480-1% YoY 60, Others PX 42% 6% USD/Ton BZ 1% 33% PX-Cond BZ-Cond 36,009 29,740 PTTGC 1% QoQ 19,762 20,007 6, ,362 IRPC 10,827 12,793 4,049 2,561 17,929 14,961 TOP 4,795 4,558 Q2/18 Q3/ M/17 9M/18 On Jul 3, 2017 PTT transferred HMC/PTTPL/PTTPM/PTTAC/PTTMCC and the Projects Study Results of PTTPMMA to PTTGC 15

17 Other Businesses : Coal - SAR Performance declined from one-off tax penalty despite better coal price E & P Gas Oil & Trading P&R Others USD/Ton New Castle Avg. Selling Price Total Cash Costs Avg. Selling Price 1/ & Cash cost 1/ % QoQ 11% 12% Q2/18 Q2/19 9M/17 9M/18 1/ Average Calorific value ~ 5,450 kcal/kg Net income YoY 27% 16% 19% kton Sales Volume 6,115 5, % QoQ 2,134 5,764 5,959 1, ,126 1,826 Key Highlights 5% YoY Sebuku Jembayan MMUSD NI % QoQ (12) 2/ Non-recurring items include the settlement of past s tax lawsuit 29% YoY 55 Operating NI Nonrecurring items 2/ QoQ ASP rose following coal price, Cash cost increased from higher mining rate and royalties linked with Newcastle Sales vol. drop from lower demand in coal market Performance declined mainly from lower sales vol. despite higher ASP YoY Cash cost increased from royalties following coal price Sales vol. increased from higher contracted vol. and Sebuku mud slide in 9M/17 Better margin from higher price & vol., despite higher cash cost Performance declined from tax issue, despite better margin 16

18 Other Businesses : Power - GPSC Enhanced performance mainly from full operation of IRPC-CP QoQ YoY Power 2% 23% Steam 5% 5% Power Steam 1,5081,659 1,585 1,543 Sales Volume* *sales vol. of Sriracha, Rayong, IRPC-CP, ISP1 power plants 3,472 4,713 E & P Gas Oil & Trading P&R Others GWh 000 Ton 4,936 4,257 1,052 Net Income (100%) QoQ 15% YoY 17% 899 2,453 2,873 MMTHB Cogen: SPP 36% Combined heat : VSPP 0% ELECTRICITY 1,940 MW (operate 1,410 MW) Committed Capacity Present 2020 Operating 1,530 MW Renewable 4% Combine Cycle : IPP 60% STEAM 1,585 T/H (operate 1,446 T/H) Cogen: SPP 15% INDUSTRIAL WATER 2,080 Cu.m./H Under construction 410 MW Hydro Electricity 85% CHILLED WATER 12,000 RT Key Highlights QoQ Sales volume of power increased from Sriracha Plant regarding EGAT dispatch instruction. NI decreased mainly from Rayong and IRPC-CP due to rising gas price while Ft rate was flat, and lower Availability Payment of Sriracha Plant from seasonal effect. YoY Sales volume increased from full phase operation in 2018 of IRPC-CP and ISP1 which was COD in Nov 17 and Dec 17 respectively. NI increased from the full operation of IRPC-CP and ISP1 together with an increase in Ft rate. 17

19 18 Statement of Financial Position Assets/Liabilities increased : MMTHB 5% 2,345,669 Increased in inventory from rising oil price. Increased in asset from acquisition Bongkot stake at 22.22% 2,232,314 1,805,041 Cash & S/T Invest 395, , , ,845 AP & Other Liabilities 0.39 Net Debt/EBITDA 2.0 AR & Other Current Assets Others Noncurrent Assets 386, , , , , ,770 L/T Liabilities (incl. due within 1 yr) Net Debt/Equity M/18 PPE 1,248,556 1,294,054 1,076,906 1,102,215 Total Equity PTT Ratings at Sovereign Level FC : Moody s (Baa1), S&P (BBB+), FITCH (BBB+) LC : Moody s (Baa1), S&P (BBB+), 1 31 Dec Sep Sep FITCH (BBB+)

20 19 Contents Overview Q3/2018 & 9M/2018 Performance Outlook 2019

21 Summary: Outlook 2019 Business 9M/ (Forecast) Gas Price ($/mmbtu) - Henry Hub - JKM Range Reasons HH: Availability of low-cost dry gas resources and abundance of associated gas from the oil fields in Permian basin JKM: Expected new supply, from the start-up of US, Australian, and Russian LNG projects during end of Oil Price ($/bbl) Dubai Price 70.1 Refinery Margin ($/bbl) Singapore GRM 6.38 Range Range Geopolitical risks: U.S. sanction on Iran, crisis in Venezuela, unrest in Libya, Nigeria, etc. Rising OPEC s oil production to offset Iranian and Venezuelan oil supply loss and surging Non-OPEC output, especially U.S. and Russia Expected economic slowdown due to trade war concerns High oil price may dampen demand amid currency depreciation Light & middle distillates High middle distillate crack amid tight supply and stock buildup in 2H2019 ahead of IMO Implementation Light distillate crack will increase in 2H2019 due to lower supply from shifting refinery yield to maximize middle distillate FO Tend to decline in 2H2019 ahead of IMO implementation Petrochemical ($/ton) - Olefins (HDPE, PP) - Aromatics (PX, BZ) HDPE = 1,371 PP = 1,269 PX-Naphtha = 413 BZ-Naphtha = 234 HDPE = 1,311 PP = 1,314 PX-Naphtha = BZ-Naphtha = Economic slowdown and weak local currencies may dampen demand. Olefins: Higher crude oil and naphtha prices in 2019 comparing to prices in More US PE cargoes will divert to SE Asia due to the start-up of new units and US-China trade tariff PP demand is expected to remain healthy from durable goods & automobile New PP capacities from Malaysia in 2H/2019 (RAPID) Aromatics: There will be more BZ, PX supply from Petro Rabigh, Nghi Son, TPPI 20

22 21 Thank you PTT Public Company Limited Investor Relations Department Tel , Fax , ptt-ir@pttplc.com Website: 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. 22

23 PTT: Committed CAPEX (PTT and Wholly Owned Subsidiaries) PTT plans to invest ~Bt 317bn* ($10bn) during Additional Provisional CAPEX = Baht 245 bn Business expansions Prepare for the future ( New S-Curve ) JV & wholly owned subs 68% Other JV & wholly owned subsidiaries 20% Capital restructure 48% Gas 3% Transmission 17% Oil & Trading 1% P&R 5% HO & Others 6% PTT 5-Years Committed CAPEX Plan Bt 317 bn Unit: MMTHB Capital restructure Other JV and wholly owned subs 246, ,294* Natural Gas Transmission Oil and International Trading Petrochemical & Refinery 87, , ,258 69,036 45,880 22,501 21,369 5,599 HO & Others (revised) * 2018 budget revision approved by BOD on 15 Jun

24 Dividend Policy & Historical Payments PTT is firmly committed to pay dividend at no less than 25% of net income 148.6% Dividend payout 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% 25% 49.0% 42.8% 32.9% % 0 Baht / share PTT s minimum payout ratio Split par* EPS DPS H/ * Spilt par value from 10 to 1 Baht/share since 24 April

25 Debt Profile : Control Cost & Manage Risk Managed debt according to financial risk and policy Debt Portfolio Unit : MMTHB PTT Only Consolidated USD&Others THB : Cost of debts ~ 5.25% : % fixed-rate ~ 71% : Avg. debt life ~ 8.59 years 576,492 : Cost of debts ~ 4.46% : % fixed-rate ~ 65% : Avg. debt life ~ 6.99 years 505, , ,968 (44%) 194, ,640 (38%) (32%) 228,837 81,245 (36%) 174, ,848 45,088 34,583 (26%) (21%) 147, , ,265 (64%) (74%) (79%) 325, , ,026 (56%) (62%) (68%) 31 Dec Dec Sep Dec Dec Sep Note : Data as of 30 Sep 18 (THB/USD = THB/JPY = Excluding liabilities from finance leases; Cost of debts includes withholding tax. Cost of debts, % fixed rate, and avg. debt life took into account the derivative transactions. Debt outstanding is reconciled with accounting. 24

26 Statements of Consolidated Cash Flows : 9M/2018 Operating M/2017 9M/ , ,137 Net Income 99, ,146 Changes in assets & liabilities (19,582) (70,265) Income Tax (32,545) (43,608) Non-Cash Adjustment 158, ,864 Investing 9M/2017 9M/2018 (102,836) 23,264 CAPEX (PP&E, Intangible asset) (77,069) (76,825) Investment (Sub. & Affiliates & others) (23,905) (21,239) Current investment (5,185) 109,632 Dividend/Interest Received 12,634 10,031 Others (9,311) 1,665 Financing (112,76 ) (88,88 ) Free Cash flow 103, ,401 Repayment Loans (62,029) (93,325) Interest paid (23,237) (20,191) Dividend paid (73,320) (61,354) Received from share issue 3, Received from loans/bonds 12,366 95,135 Others 30,395 (9,202) Adjustment (10,459) 813 Beginning Cash and Cash Equivalents 215, ,189 Cash In/(Out) (20,113) 111,329 Ending Cash & Cash Equivalents Ending cash incl. S/T investment 195, , , ,434 25

27 Statements of Cash Flows (PTT Only) : 9M/2018 9M/2017 M/2018 Operating 4,602 46,640 Net Income 83, ,147 Changes in assets & liabilities (11,924) (21,555) Income Tax (9,240) (12,000) Non-Cash Adjustment (8,002) (72,952) 9M/2017 M/2018 Investing (2,3 3) 71,141 CAPEX (PP&E, Intangible asset) (16,484) 106,950 Investment (Sub.& Affiliates & Others) (34,224) (119,104) Current investment (20,618) 45,554 Dividend/Interest Received 39,912 36,374 Others 29,021 1,368 Free Cash Flow 52, ,781 Financing (7, ) ( 1, ) Repayment Loans (18,520) (11,431) Interest paid (8,579) (6,924) Dividend paid (51,413) (34,258) Received from loans/bonds 2,517 1,054 Adjustment 111 (268) Beginning Cash and Cash Equivalents 62,648 38,692 Cash In/(Out) (23,675) 65,954 Ending Cash & Cash Equivalents Ending cash incl. S/T investment 38, , , ,197 26

28 PTT Group Performance : Q3/2018 (QoQ) Unit : MMTHB Performance 100% % PTT holding Equity Method % PTT Q2/18 Q3/18 QoQ Q2/18 Q3/18 QoQ PTT Net operating Income 15,423 13,534-12% 15,423 13,534-12% E&P - PTTEP 3,590 10,401 >100% 65.29% 2,352 6,792 >100% Petrochemical 10,918 12,888 18% 5,663 6,259 11% - PTTGC 1/ 10,827 12,793 18% 48.65% 5,573 6,164 11% - PTTTANK and others % % Refining 8,844 7,119-20% 3,866 3,518-9% - TOP 4,795 4,558-5% 48.91% 2,287 2,078-9% - IRPC 4,049 2,561-37% 46.27% 1,579 1,440-9% Others Business 5,730 7,633 33% 3,941 5,896 50% Inter - PTTER/PTTGE/PTTGM % 100% % Gas - PTTLNG/PTTNGD/PTTGL/TTM(T)/TTM(M) 2,102 2,340 11% 1,802 1,764-2% Utilities - GPSC/TP/DCAP/PTTES/PTTDIGITAL/ENCO 1,550 1,457-6% % Oil & Oth. - PTTT/PTTOR/THAPPLINE/Others 2/ 1,167 2,964 >100% 878 2,964 >100% Shared of Net Income from Affiliates 29,082 38,041 31% 15,822 22,465 42% Tax adjustment for gain on disposal of investment and asset (1,216) (5,670) >(100%) (1,216) (5,670) >(100%) PTT Conso. Net Income 43,289 45,905 6% 30,029 30,329 1% 1/ On Jul 3, 2017 PTT transferred all stake in HMC/PTTPL/PTTPM/PTTAC/PTTMCC and the Projects Study Results of PTTPMMA to PTTGC 2/ Including BSA, PTT TCC and RTC 27

29 PTT Group Performance : 9M/2018 (YoY) Unit : MMTHB Performance 100% % PTT holding Equity Method % PTT 9M/17 9M/18 YoY 9M/17 9M/18 YoY PTT Net operating Income 54,982 48,152-12% 54,982 48,152-12% E&P - PTTEP 11,138 27,372 >100% 65.29% 7,278 17,871 >100% Petrochemical 35,220 36,290 3% 17,394 18,172 4% - PTTGC 1/ 29,740 36,008 21% 48.65% 14,759 17,889 21% '- PTTTANK/HMC/PTTPL/PTTPM/PTTAC/PTTMCC/PMMA 1/ 5, % 2, % Refining 24,770 24,323-2% 11,607 11,749 1% - TOP 17,929 14,961-17% 48.91% 8,672 7,215-17% - IRPC 6,841 9,362 37% 46.27% 2,935 4,534 54% Others Business 13,705 22,801 66% 8,645 11,272 30% Inter - PTTER/PTTGE/PTTGM 1,658 7,258 >100% 100% 1, % Gas - PTTLNG/PTTNGD/PTTGL/TTM(T)/TTM(M) 5,593 6,330 13% 4,401 5,055 15% Utilities - GPSC/TP/DCAP/PTTES/PTTDIGITAL/ENCO 4,118 4,401 7% 1,050 1,106 5% Oil & Oth. - PTTT/PTTOR/THAPPLINE/Others 2/ 2,336 4,812 >100% 1,591 4,258 >100% Shared of Net Income from Affiliates 84, ,786 31% 44,924 59,064 31% Tax adjustment for gain on disposal of investment and asset (90) (7,070) >(100%) (90) (7,070) >(100%) PTT Conso. Net Income 139, ,868 9% 99, ,146 0% 29 1/ On Jul 3, 2017 PTT transferred all stake in HMC/PTTPL/PTTPM/PTTAC/PTTMCC and the Projects Study Results of PTTPMMA to PTTGC 2/ Including BSA, PTT TCC and RTC 3/ PTT Tank and others 28 3/

30 Data as of 30 Sep 2018 E&P and Gas Business Group Oil Business Group Petrochemicals & Refining Business Group Subsidiaries Consolidate PTT Exploration & Production Plc. PTTEP 65.29% PTT Natural Gas Distribution Co., Ltd. PTTNGD 58.00% PTT LNG Co., Ltd. PTTLNG % PTT Global LNG Co., Ltd PTTGL 50.00% Joint Ventures Equity Trans Thai-Malaysia (Thailand) Co., Ltd. TTM (T) 50.00% Trans Thai-Malaysia (Malaysia) Sdn. Bhd. TTM (M) 50.00% Subsidiaries Consolidate PTT Oil & Retail Business Co., Ltd. PTTOR % Others Cost PetroAsia (Maoming) Co., Ltd. PA(Maoming) 20.00% PetroAsia (Sanshui) Co., Ltd. PA(Sanshui) 25.00% Petrochemical Subsidiaries Consolidate PTT Global Chemical Plc.* PTTGC 48.65% PTT Tank Terminal Co., Ltd. PTTTANK % Refining Subsidiaries Consolidate Thai Oil Plc.* TOP 49.91% IRPC Plc.* IRPC 46.27% International Trading Business Group Subsidiaries Consolidate PTT International Trading Pte. PTTT % PTT International Trading London Ltd PTTTLDN % Power Business Group Subsidiaries Consolidate Global Power Synergy Co., Ltd* GPSC 22.58% Thai Oil Power Co., Ltd.* TP 26.00% Joint Ventures Equity District Cooling System and Power Plant DCAP 35.00% International Investment Subsidiaries Consolidate PTT Energy Resources Co., Ltd. PTTER % PTT Green Energy Pte. Ltd PTTGE % PTT Global Management Co., Ltd. PTTGM % Others Subsidiaries Consolidate PTT Digital Solutions Co., Ltd.* PTT DIGITAL 20.00% PTT Energy Solutions Co., Ltd.* PTTES 40.00% Energy Complex Co., Ltd. EnCo 50.00% Business Service Alliance Co., Ltd. BSA * % PTT Regional Treasury Center Pte. Ltd. PTTRTC % PTT Treasury Center Co. Ltd PTT TCC % Others Cost Sarn Palung Social Enterprise Company Ltd. SPSE 20.00% Baania (Thailand) Company Ltd. Baania 3.57% Others Fair Value Dhipaya Insurance Plc. TIP 13.33% Remark : *The companies have changed their status to subsidiaries due to impact from PACK 5 ** Subsidiaries that PTT holds less than 50% but being consolidated because PTT has the power to control the financial and operating policies. 29

31 Natural Gas Price Structure : Jan-Sep 2018 Gas prices are mostly agreed under long-term contracts and volatility pass-through to ensure stable returns. Customers Sales Price Structure Gas Pool Price + Supply Margins + Pipeline Tariffs Power Producers 57% : EGAT 15% : IPP 16% : SPP 26% GSP 22% Average Purchased Gas Price 1.75% * 1.75% * 9.33% * Charged at the same price structure of power producers 21.9 Bt/MMBtu * EGAT IPP and SPP Supply Margins not more than and respectively Petrochemicals Feedstocks Ethane, Propane, LPG NGL Local Cooking Gas Export Cooking Gas Industry 16% Profit-sharing mechanism based on market prices of petrochemicals Reference to Naphtha market price At GSPs cost (adjusted every 3 months) Reference to Saudi Aramco s contract price Charged at prices comparable to fuel oil NGV 5% 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 Baht/Kg. for gas quality improvement cost 31 Since 16 May 2018 : Allowance to adjusted the retail price of NGV public bus to Baht/Kg. NGV retail Price as of 30 Sep 18 = Baht/Kg. Contract periods are ~ years or until depletion of gas fields or the expiration of concessions 30

32 31 Natural Gas : Growth of natural gas upon Government fuel diversification policy for power generation Thailand Gas demand forecast (CAGR during ) : Total ~ 0.1% : Power ~ 2% : GSP ~ -7% : Industry ~ 1% : NGV ~ -6% Thailand Gas Demand Replace : Coal กระบ (800 MW), EE 30%

33 Gas Business Generates Stable Returns Overview Gas transmission pipeline capacity 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 years 6 Gas Separation Plants; Total production 6.7 MTA; are on petrochemical market price-linked profit sharing basis Gas Separation Plant Capacity Unit MMcf/d Unit 2 and MMcf/d Unit MMcf/d Unit MMcf/d Unit MMcf/d 32