Investor Update February 2012

Transcription

1 Investor Update February 2012

2 1 Contents Oil & Gas Balance / PTT Aspiration Operational Results Financial Performance Economic & Market Outlook

3 Oil Balance Thailand: Jan - Sep 2011 Adequate refining capacity maintains the stability of supply Supply Import (80%) 863 KBD Imported Refined Petroleum Products 54 KBD Crude/ Condensate 809 KBD Production Total Refining Capacity in Thailand: 1,099 KBD Refined Products 932 KBD* Sales Domestic Indigenous (20%) 210 KBD Crude/ Condensate 179 KBD PTT s Associated Refineries : 905 KBD (TOP, PTTGC, SPRC, IRPC, BCP) Refined Products 198 KBD 794 KBD (**) Export Other Refineries : 194 KBD (ESSO, RPC) Crude Export 31 KBD 229 KBD Source: PTIT Remark : (*)Refined product from refineries= 834 KBD, including domestic supply of LPG from GSPs and Petrochemical Plants = 98 KBD (**) Not included Inventory KBD = Thousand Barrels per day 2

4 Natural Gas Balance: Jan Sep 2011 Main driver of the Thai economy Supply Production Sales Indigenous (77%) 3,286 MMSCFD Others 40% PTTEP 33% LNG 9% Chevron 27% Import (23%) 964 MMSCFD 2,456 MMSCFD 6 GSPs Total Capacity 2,680 MMSCFD Pipeline 831 MMSCFD Ethane/ Propane/ LPG/NGL 869 MMSCFD (20%) LPG/NGL Methane 1,586 MMSCFD Total 4,248 MMSCFD Petrochemical Feedstock (13%) Industry Household Transportation (7%) Power (61%) Industry (13%) NGV (6%) Myanmar 91% 964 MMSCFD Remark: MMSCFD = Million Cubic Heating Value 1,000 Btu/ft 3 3

5 New Business Downstream Intermediate Upstream Our major businesses & activities Business Areas Company PTT s holding (%) Activities E&P PTTEP 65.29% Exploration and Production Gas Oil Marketing Int l Trading Refining & Petrochemical (Aromatics) 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 PTT PLC Oil Marketing 100% Retail service Stations and commercial Marketing Int l Trading 100% Import/Export/Out-Out trading of petroleum and petrochemical products TOP 49.10% Integrated Complex Refinery & Petrochemical IRPC 38.52% SPRC 36.00% Stand alone Complex Refinery BCP 27.22% Complex Refinery & Retail Stations Petrochemical PTTGC 48.92% Petrochemical Flagship International PTT Inter 100% Overseas investment arm of PTT : Coal, New energy and related businesses 4

6 5 PTT Aspiration Strategic direction and target to achieve Big-Long-Strong aspiration Thai Premier Multinational Energy Company Big Expand resources Maximize value along the chain Big Long Balance stakeholder excellence Dow Jones Sustainability Indexes Long Strong Top quartile performance Strong Drive functional excellence and synergy Share best practice and knowledge management

7 Others Green Energy/ materials Diversification Adjacent industry Oil & Gas 2011 PTT Group Strategic Direction Investment priorities by geography and value chain Internationalization ASEAN Australia, N. Asia and S. Asia Middle Non- East Asia Non- Africa Asia Non- Europe Asia Non- Americas Asia Upstream Expand production to 900 kbd Upstream Midstream Build LNG business & expand mid-/ downstream gas value chain Support group inv. Upstream P&R Retail Create P&R flagship and internationalize chemical business Expand oil station related business and spin off lubricants Top oil and gas player Trading Consolidate petroleum commodities and create value through international transactions Upstream Coal Grow coal mining to large scale Upstream Power Build Thailand Gas, follow int. gas value chain expansion, opportunistic coal Plantations Alt. energy Develop palm oil, sugar and cassava Build Thai clean power, monitor opport. in ASEAN Energy conglomerate Bio-business Build Green business (ASEAN biohub) Infrastructure Non-oil Retail Strengthen integrated hub (e.g. Gr. Marine) Explore opportunities in non-fuel retail Business conglomerate Priority 1 Priority 2 Priority 3 based on market attractiveness and potential for PTT Group to be distinctive 6

8 7 Contents Oil & Gas Balance / PTT Aspiration Operational Results Financial Performance Economic & Market Outlook

9 Exploration & Production performance : PTTEP (65.29%) E & P Gas Oil & Trading Petchem Refining Others Product Prices Net Income ( %) Unit: MMUSD 2% Liquid (USD/BBL) Weighted Avg. (USD/BOE) Gas (USD/MMBTU) % 250 Q2/11 Q3/11 9M/10 9M/11 Q2/11 Q3/11 9M/10 9M/11 Sales Volume Key Activities Unit: KBOED 3% % Liquid QoQ Sales vol. dropped from Arthit, Arthit North, and Bongkot projects FX loss from MTM of USD loan extended to a Canadian subsidiary Q2/11 Q3/11 9M/10 9M11 Gas 9M Sales vol. increased mainly from MTJDA-B17, Bongkot, and KKD projects Net Income declined from increase in tax expenditure and FX loss 8

10 9 Exploration & Production Roadmap : PTTEP E & P Gas Oil & Trading Petchem Refining Others Target Sales Volume Proved Reserves Unit: KBOED Total 1,043 MMBOE 7% % Overseas North America Middle East & Africa Australia South East Asia 55% 45% Domestic Thailand Policy Reserves Replacement Ratio 1.33 > CF Reserve Life Index (year) 9 BKT South, Montara Zawtika Algeria

11 Gas Business performance : PTT E & P Gas Oil & Trading Petchem Refining Others NG Sales Volume EBITDA Unit: MMSCFD ,145 3,802 3,280 4,330 4,055 3,606 4,249 4,152 4,148 3,677 3,686 Unit: MMTHB 18,843 11% 16,832 35,506 47% 52,315 Unit: MMSCFD 4,330 Q1 Q2 Q3 Q4 Customer Profile 2% 3% 4,249 4,241 4, ,117 1,173 Q2/11 Q3/11 9M/10 9M/11 NGV (6%) Industry (13%) GSP (20%) SPP (12%) IPP (22%) EGAT (27%) Q2/11 Q3/11 9M/10 9M/11 Key Activities QoQ Both NG and GSPs sales volume declined as a result of gas pipeline incident LNG receiving terminal commenced operation right in time to make up for loss volume from the leakage 9M Performance increased from increases in both selling price and sale volume 10

12 Gas Business performance: Gas Separation Plants & NGV E & P Gas Oil & Trading Petchem Refining Others Unit : USD/Ton 1,669 1,606 1,373 1, Product Prices 869 1,296 1, ,636 1, Q2/11 Q3/11 9M/10 9M/11 PP HDPE Naphtha Domestic LPG Unit : MMTHB -2,327 NGV EBIT Loss Q2/11 Q3/11 9M/10 9M/11-3,164 36% -5,148-7,297 42% Unit : KTon 1,472 GSP Sales Volume 6% 1, ,059 41% 4, ,121 Q2/11 Q3/11 9M/10 9M/11 Propane (9%) Ethane (31%) NGL (11%) LPG (49%) Key Activities QoQ 28 days Ethane Separation Plant (ESP) warranty turnaround GSP 6 reduced utilization as Ethane Cracker of PTTPE shutdown for 42 days More NGV loss QoQ as sales volume increased 9M GSP volume increased by 41% from COD of ESP in Jul 10 and GSP6 in Jan 11 11

13 12 Gas Business Roadmap E & P Gas Oil & Trading Petchem Refining Others Unit : MMSCFD 6,000 4,000 2, % 15% 6% 13% 18% 21% 60% 59% NGV Industry GSP Power - EGAT - IPP - SPP New Supply PTTLNG Chevron (Plathong) PTTEP (Bongkot South) PTTEP (M9) Pipeline Capacity (MMSCFD) 4,380 Offshore Compressor 5,580 4 th Onshore 6,980 6,980 6,980 6,980 GSP Production (MTA) GSP#

14 Oil Business performance : PTT E & P Gas Oil & Trading Petchem Refining Others Contribution Margin* EBITDA Unit :THB/Liter Unit : MMTHB 8% 9,364 11% 10,350 9,656 Q2/11 Q3/11 9M/10 9M/11 * Exclude non oil business 3,531 3,236 2, Q2/11 Q3/11 9M/10 9M/11 Oil Non-Oil 5,286 5,551 Sales Volume Unit : MM Liter 5% 5% 15,441 16,232 Q2/11 Q3/11 9M/10 9M/11 Key Activities QoQ Volume increased from increased F/O sales to compensate for NG vol. loss from pipeline leakage Lower stock gain 9M Diesel volume increased as a result of Government s capped price policy Fuel oil volume increased from pipeline leakage 13

15 International Trading Business performance : PTT E & P Gas Oil & Trading Petchem Refining Others Contribution Margin EBITDA* Unit :THB/Liter Unit : MMTHB 69% 2,232 14% 1, Q2/11 Q3/11 9M/10 9M/11 Unit : MM Liter 16,248 16,098 Sales Volume 1% 2% 44,533 45,409 Q2/11 Q3/11 9M/10 9M/11 Q2/11 Q3/11 9M/10 9M/11 * PTT Only Key Activities QoQ Improved margins for refined products 9M Increase in sales volume of diesel and fuel oil, as well as margins of gasoline & fuel oil Decrease in EBITDA, resulting from lower other income 14

16 Petrochemical Business performance E & P Gas Oil & Trading Petchem Refining Others Product Prices Net Income (100%) Unit : USD/Ton Unit : MMTHB 114% BPA 2,432 2,288 Phenol 2,074 2,041 1,834 1,967 1,857 PP 1,669 1,552 1,639 1,606 1,296 HDPE 1,373 1,387 1,399 Light 1, Naphtha ,763 18% 7,200 11,324 24,183 Others HMC Polymers PTT Phenol PTTCH Unit : KTon 87% Aggregated Util. HMC Polymers PTT Phenol PTTCH Q2/11 Q3/11 9M/10 9M/11 Sales Volume % 81% 2% 1,367 84% 38% 1,886 Q2/11 Q3/11 9M/10 9M/11 Q2/11 Q3/11 9M/10 9M/11 Key Activities QoQ Performance weaken due to the decrease in sales volume and average selling price, as well as the 42 days turnaround of PTTPE s Ethane Cracker (1 MTA) 9M However, 9M performance stronger due to the increase in sales volume and average selling prices over the period, as well as the commercial operations of PTTPE s Ethane Cracker 1 MTA in Dec 2010 PTTCH s HDPE 300 KTA & LDPE 400 KTA in Q1/11 PTT Phenol s Bis-Phenol A 150 KTA in Q2/11 HMC Polymers s PDH/PP 300/310 KTA in Q1/11 15

17 16 Petrochemical Business Roadmap E & P Gas Oil & Trading Petchem Refining Others PTT 48.92% Refining Olefins Aromatics Polymers Specialty 280 KTA 2,888 KTA 2,259 KTA 1,590 KTA 826 KTA Euro IV Phenol Acetone PTT 40.00% 200 KTA 125 KTA BPA 150 KTA Phenol 250 KTA Acetone 154 KTA PTT 41.44% PP 450 KTA PP 300 KTA Propylene 310 KTA PTT 48.50% AN MMA 200 KTA 70 KTA PTT 50.00% PBS 20 KTA

18 Refining Business performance E & P Gas Oil & Trading Petchem Refining Others Unit : USD/BBL A/C GIM A/C GRM Mkt GRM GRM/GIM Net Income (100%) Unit : MMTHB 13,228 61% 16, % 39,142 BCP IRPC SPRC PTTAR 5,187 TOP Q2/11 Q3/11 9M/10 9M/11 Source : PTT, Refining Associates Note: Weighted Avg. GRM of PTT s associates complex refineries (TOP, PTTAR, SPRC and BCP) Weighted Avg. GIM of PTT s associates integrated refineries (TOP, PTTAR and IRPC) Account GRM/GIM = Market GRM/GIM + Hedging Gain/Loss + Stock Gain/Loss Total Intake Unit : KBD 101% 102% 98% 97% Aggregated Util Q2/11 Q3/11 9M/10 9M/11 BCP SPRC PTTAR TOP Q2/11 Q3/11 9M/10 9M/11 Key Activities QoQ Mkt GRM improved from high regional demand 90% For Aromatics, strong demand from new PTA& healthy polyester mkt Tight supply due to T/A of S Oil, outages of CNOOC (840 KTA) and concern over Gov. to shut Fujian Dahua (PX=700 KTA) 40% Weak BZ demand from recession concern & major T/A of SM plant Additionally, stock loss pulled down refinery performance 9M -10% Mkt GRM improved from high demand in relation to the world economic recovery 17

19 18 Refining Business Roadmap E & P Gas Oil & Trading Petchem Refining Others PTT 49.10% Refining Cap. 275 Kbpd PX 489 KTA MX 90 KTA BZ 177 KTA Tol 144 KTA EURO IV VLCC 2 MMBBL PX & BZ Upgrading PX 100 KTA BZ 100 KTA Ethanol UBE 400 KLiter/day HCU Revamp Phase I-PSA Benzene Derivatives-LAB 100 KTA Power Plant 110 MW PTT 38.52% Refining Cap. 215 Kbpd Aromatic 367 KTA Olefin 728 KTA Polyolefin 615 KTA Power plant 220 MW (COD Jun 1) Propylene Booster Propylene 100 KTA ABS/SAN Expansion ABS/SAN 61 KTA PP Compound and Specialties 100 KTA Propylene 320 KTA PTT 27.22% Bangchak Refining Cap. 120 Kbpd EURO IV *Solar Power Plant Ph I 38 MW (8 MW: COD Aug 2011) Ethanol TAE 365 KLiter/day Solar Power Plant Ph II 32 MW Ethanol UBE 400 KLiter/day Solar Power Plant Ph III 48 MW Algae Energy 30,000 Liter/Day Palm Mill 45 Tons/Hour Expansion project * 30 MW expected COD on July,2012 due to flooding impact

20 Other Businesses : Coal - SAR (45.6%) E & P Gas Oil & Trading Petchem Refining Others Average SAR Selling Price Net Income (100%) Unit : USD/Ton Unit : MMUSD 102% % Q2/11 Q3/11 9M/10 9M/11 Q2/11 Q3/11 9M/10 9M/11 Sales Volume Key Activities Unit : KTon 1% 7,812 2% 7,650 Sebuku QoQ 23% upgrade of JORC reserves leading to Jembayan reserves increased from 122MTon to MTon Northern Leases began its operation 2,477 2,494 Q2/11 Q3/11 9M/10 9M/11 Jembayan 9M Sales volume decreased due to massive typhoons this year 19

21 20 Coal Mining Roadmap E & P Gas Oil & Trading Petchem Refining Others Target Production Volume Unit : MMTon Resources & Reserves Reserves 146 MMTon Sebuku 14.0* 2% 12.0* Sebuku * 98% Jembayan Jembayan Resources 1,505 MMTon Jembayan E 2012 E 2013 E 40% 60% * Minimum range of forecasted Volume 20 Sebuku

22 21 Contents Oil & Gas Balance / PTT Aspiration Operational Results Financial Performance Economic & Market Outlook

23 22 PTT Consolidated Performance : Q3/11 Dubai (USD/BBL) Revenue EBITDA Unit : MMTHB 1% 648, ,577 Q2/11 Q3/11 55,054 4% 52,866 PTT - Gas PTTEP Others 4% 6% 15% Revenue Others PTT - Oil & Trading 6% 6% PTT - Gas 32% EBITDA 75% 56% PTT - Oil & Trading PTTEP Q2/11 Q3/11 Refining Others -3% Net Income EPS (THB/Share) 34% 32,528 21,599 2Q/ Q/11 PetChem PTTEP 15% 10% 24% Net Income 55% PTT

24 PTT Consolidated Performance : 9M/11 Dubai (USD/BBL) Revenue Unit : MMTHB 30% 1,832,799 1,405,429 9M/10 9M/11 24% PTT - Gas PTTEP 15% 4% 6% Others PTT - Oil & Trading 6% 7% Others Revenue 75% PTT - Oil & Trading EBITDA 128, ,773 PTT - Gas EBITDA 33% 54% PTTEP 9M/10 9M/11 44% Others Net Income 61,495 88,651 Refining 18% 1% Net PTT 45% 13% PetChem Income EPS (THB/Share) 9M/10 9M/ PTTEP 23% 23

25 Statement of Financial Position : Solid and Secured Unit: MMTHB Increased assets : GSP#6 40% KKD Oil Sands PTTLNG WIP of 4 th pipeline, Offshore gas spurlines Strong Financial Position ICR Cash & S/T Invest Other Current Assets Others Noncurrent Assets PP&E 1,229, , , , , , ,029 11% 1,366, , , , , , , , , Dec10 30 Sep 11 Other Liabilities L/T Liabilities (incl. due within 1 yr) Total Equity M/11 PTT ratings at sovereign level Net Debt/EBITDA < 2.0 Net Debt/Equity < 1.0 FC : Moody s (Baa1), S&P (BBB+), JCR (A-), FITCH (BBB) LC : Moody s (Baa1), S&P (BBB+), JCR (A), FITCH (A-) Treasury policy 24

26 25 PTT: CAPEX (PTT and wholly owned Subsidiaries) PTT plans to invest ~Bt 358 bn ($12bn) during Unit: MMTHB R&D / Others JV & Investment in Subsidiaries Oil & Trading Gas CAPEX Breakdown : 5 Years By Business Unit 91,467 55,492 85,484 81,513 41,279 32,383 61,148 JV & Investment in Subsidiaries 50% Power 2% LNG 5% Coal 2% Others 41% Gas 33% 27,163 31,831 35,812 26,880 16,653 38,384 23,134 7,611 R&D / Others 3% Oil & Trading 14%

27 26 Dividend Policy & Historical Payments PTT is firmly committed to pay dividend at no less than 25% of net income EPS DPS % Dividend Payout 43.6% 40.4% 32.4% 32.6% 29.8% 30.1% 30.3% 30.8% 33.0% 35.0% 25.5% 25% 25% PTT s minimum payout ratio UNIT : Baht / share H2011

28 27 Contents Oil & Gas Balance / PTT Aspiration Operational Results Financial Performance Economic & Market Outlook

29 28 Economic Outlook : Q4/11 Uncertainties surrounding European sovereign debt crisis continues/ exacerbates? EU to save European financial market in time? Credit rating downgrade continues to spread? Contagious effect? Chinese economy continues to grow at a slower pace from tighten monetary policy. IMF projects world economy to grow at 3.6% in Q4/11. Thai economy will significantly contract due to Country s worst flood. NESDB estimates Q4/11 GDP to minus 3.7% and average 2011 growth at 1.5%

30 29 Industry Outlook : Q4/11 Positive Factors Negative Factors Price Outlook Crude Strong seasonal demand (winter) Global inventory drawdown European crisis uncertainties Global economic slowdown Increase supply from resume of Libyan crude production Refining Aromatics Continuing demand from China Japanese Demand for power generation and heater Start up of New PTA plants in China, Taiwan and Korea Refineries resume from maintenance Global economic slowdown Olefins New Ethylene supply delay (Exxon 1,000 KTA shifted its COD to Q3/12) Global economic slowdown De-stocking ahead of year ended holiday Operation resume from S/D

31 Thank you PTT Public Company Limited Investor Relations Department Tel , Fax , ir@pttplc.com Disclaimer 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.

32 31 Highlights Economy Potential Greece s sovereign debt default resulting in fear of European/World s economic slowdown Prolonged China tight monetary policy Frequent typhoons & monsoons hit Asia since June 2011 causing great flood in Thailand from September Q3/11 Thai GDP growth at 3.5% (prior forecasted at 4.2%) Estimated cost of flood at THB 600 Bn. to 1.1 Trillion, according to Board of Trade of Thailand. About 1,000 factories in 7 industrial estates were seriously affected Operations 52 days offshore gas distribution pipeline leakage (25 Jun 15 Aug 2011) 28 days planned shutdown of Ethane Separation Plant 42 days planned shutdown of Ethane Cracker of PTTPE NEPC approved - NGV price increase at THB 0.50 per KG per month and - LPG price for transportation sector increase at THB 0.75 per KG per month, both from Jan Dec 2012

33 32 Highlights Investments Successfully merged PTTCH & PTTAR, to create PTT Global Chemical Plc. on 19 Oct. 2011, with market cap of THB 301 billion (#6 on SET as at 14 Nov. 2011) Invested 25% in Bangpa-in Cogeneration Co,.Ltd. (119 MW) with registered capital of THB 1,370 mm Key Performance Q3/11 Avg. Dubai price of 107 $/bbl, falling from 111 $/bbl in Q2/11, resulting in refineries stock losses Notwithstanding pipeline leakage incident, natural gas sales volume decreased merely by 2% QoQ Consolidated net income of THB 22 bn. (-34% QoQ), mainly caused by operational FX loss at a subsidiary 9M/11 Nonetheless, 9M/11 Consolidated net income stands at THB 89 bn., increased by 44% from last year

34 33 Prices Movement Q1 Q2 Q3 Q4 Q1 Q2 Q Coal ($/Ton) Dubai crude ($/BBL) LNG ($/MMBTU) Jan-10 Apr-10 Jul-10 Oct-10 Jan- 11 Apr-11 Jul-11 33

35 Interest Rate and FX movement THB % Q1 Q2 Q3 Q4 Q1 Q2 Q % 2.96% 3.17% FX THB/USD MTHBFIX 0.97% 1.02% 1.28% 1.25% Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct

36 PTT Group Performance : Q3/11 Highlights Operational Results Financial Performance Economic & Market Outlook Flood Performance 100% % share Equity Method % PTT Unit : MMTHB Q2/11 Q3/11 QoQ Q2/11 Q3/11 QoQ PTT Company Only 19,888 24,890 25% 19,888 24,890 25% Less: Dividend Received 5,134 13, % 5,134 13, % Gain (Loss) on sales of investments in Associates m.n m.n. Others adjusting 0 3 m.n. 0 3 m.n. PTT Net operating Income 13,765 11,705-15% 13,765 11,705-15% E&P - PTTEP 11,170 7,450-33% 65.29% 7,704 5,176-33% Petro Business 8,763 7,200-18% 4,077 3,278-20% - PTTCH 6,433 4,970-23% 49.14% 3,023 2,327-23% - HMC/PPCL/PTTPL/PTTPM/PTTAC / PTTME/PTTTANK 2,330 2,230-4% 40-48% 1, % Refining Business 13,228 5,187-61% 6,438 2,135-67% - TOP 3,245 2,518-22% 49.10% 2,705 1,220-55% - IRPC 2, % 38.52% % - PTTAR 2,141 1,251-42% 48.45% 1, % - SPRC 1, % 36.00% % - BCP 3, % 27.22% % Others Buiness % m.n. Inter Gas & Utilities Oil & Oth. Add - PTTI group(pttapm,emg,pttml,flng),pttge m.n. 100% m.n. -TTM/PTTNGD/IPT/TP/DCAP/CHPP 1, % % % - PTTRB/PTTT/SBECL/THAPPLINE/ /PTTCL/TLBC/ICT/EnCo % % % Shared of Net Income from Affiliates 33,801 19,731-42% 18,193 9,894-46% Gain (Loss) on sales of investments in Associates m.n m.n. PTT Conso. Net Income 48,136 31,436-35% 32,528 21,599-34% 35

37 PTT Group Performance : 9M/11 Highlights Operational Results Financial Performance Economic & Market Outlook Flood Performance 100% % share Equity Method % PTT Unit : MMTHB 9M/10 9M/11 YoY 9M/10 9M/11 YoY PTT Company Only 44,934 64,406 43% 44,934 64,406 43% Less: Dividend Received 16,826 23,782 41% 16,826 23,782 41% Gain (Loss) on sales of investments in Associates 989 m.n. 989 m,n. PTT Net operating Income 28,108 39,635 41% 28,108 39,635 41% E&P - PTTEP 32,324 29,598-8% 65.29% 21,212 20,123-5% Petro. Business 11,324 24, % 5,204 11, % - PTTCH 7,479 17, % 49.14% 3,594 8, % - HMC/PPCL/PTTPL/PTTPM/PTTAC / PTTME/PTTTANK 3,845 6,602 72% 40-48% 1,610 2,953 83% Refining 16,686 39, % 6,701 16, % - TOP 5,378 12, % 49.10% 2,514 6, % - IRPC 3,870 6,302 63% 38.52% 1,367 2,031 49% - PTTAR 2,520 8, % 48.45% 1,239 4, % - SPRC 3,208 6, % 36.00% 1,095 2, % - BCP 1,710 5, % 27.22% 486 1, % Others Business 983 2, % % Inter Gas & Utilities Oil & Oth. Add - PTTI group (PTTAPM,EMG,PTTML,FLNG),PTTGE -2,034-1,061 48% 100% -2,033-1,061 48% -TTM/PTTNGD/IPT/TP/DCAP/CHPP 2,162 2,758 28% % 1,281 1,057-17% - PTTRB/PTTT/SBECL/THAPPLINE/ /PTTCL/TLBC/ICT/EnCo % % 1, % Shared of Net Income from Affiliates 61,317 95,582 56% 33,387 48,446 45% Gain (Loss) on sales of investments in Associates m.n m.n. PTT Conso. Net Income 89, ,787 52% 61,495 88,651 44% 36

38 37 Statements of Consolidated Cash flows for Sep. 30, 2011 & 2010 Unit : MMTHB 9M10 9M11 9M10 9M11 Operating 101, ,861 CAPEX & Investment -71, ,571 EBITDA & Non-Cash Adjustment 94, ,049 CAPEX (PP&E, Intangible asset) -65,597-83,384 Changes in assets & liabilities 6,638-24,188 Investment (Sub. &Affiliates) -2,749-77,117 Dividend/Interest Received 9,154 15,495 Others -12,150 10,434 Free Cash Flow Finance -6,550-17,749 30,185-31,711 Issued Loans/Bonds 60,073 46,819 Repayment Loans -19,919-3,924 Redemption Bonds -8,000-8,000 Interest Paid -10,264-13,840 Share Issued 2,868 1,981 Dividend Paid -31,308-40,784 Adjustment -5,468 10,699 Effect of FX on Cash & Cash Equivalent -5, Currency Translation Differences ,014 Ending Cash & Beginning Cash & Cash in (Out) Cash Equivalents Cash Equivalents 122,199 97, , ,801 18,166-38,761

39 Debt Profile : Control Cost & Manage Risk Managed debt according to financial risk and policy Debt Portfolio Unit : MMTHB PTT Only : Cost of debts ~ 5.06 % : % fixed-rate ~ 90 % : Avg. debt life ~ 7.2 years Consolidated : Cost of debts ~ 4.39 % : % fixed-rate ~ 82.9 % : Avg. debt life ~ 6.1 years 343, , ,286 USD 257,443 THB 266, ,248 84, 147 (25%) 114, 442 (31%) 164, 244 (40%) 63, , 308 (25%) (26%) 76, 022 (29%) 193, , 877 (75%) (74%) 183, 226 (71%) 258, , , 042 (75%) (69%) (60%) 31 Dec Dec Sep Dec Dec Sep 11 Note : Data as of 30 Sept 2011 (THB/USD = THB/JPY = ) Excluding liabilities from finance leases; Cost of debts includes withholding tax. 38

40 PTT We Care 39

41 Flood Impact to PTT Group : Worst crisis, Limited impact Tentative Q4/11 Volume Impact Remarks E&P 5% 13,000 BOED loss from flood PTT Gas Business 10% Oil Business 15% Sales vol. decreased from 4,249 mmscfd (Avg. Q3/11) to 3,794 mmscfd (Last week avg. of Oct) 185 out of 1,311 gas stations closed Currently 51 gas stations reopened Sales vol. decreased from 60 ML/D (Avg. Q3/11) to 51 ML/D (Last week avg. of Oct) Petrochemical 10%* Excess supplies exported Refining No Impact Sales volume shifted to upcountry Demand expected to rebound post-flooding *Impact from feedstock reduction due to decrease utilization rate of GSP 40

42 PTT s Contribution : Towards Nation Restoration 41

43 Natural Gas : Strong and Increasing Demand over Long Term Natural gas is a fuel of choice for power producers and transportation industry mmscfd 6,000 Gas demand forecast (CAGR during ) : Total ~ 1% : Power ~ 1% : GSP ~ 0% : Industry ~ 3% : NGV ~ 3% 5,493 5,000 NGV 8% 4,000 6% 13% Industry GSP 17% 18% 3,000 21% 1,970 2,000 8% 15% 1,000 77% 60% Power 57% Source : PTT 42

44 Oil Prices Movement: Our Key Value Driver Oil prices Dubai 2009 avg. = $93/bbl Dubai FO Gasoline Diesel Q3/11 vs Q2/11-3% 3% 1% -4% Q3/11 vs Q3/10 45% 53% 53% 46% Dubai 2009 avg. = $62/bbl Dubai 2010 avg. = $78/bbl Dubai FO ULG95 MOP'S HSD MOP'S Dubai 2010 avg. = $106/bbl Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Price (USD/BBL) Dubai FO Gasoline MOP'S HSD MOP'S

45 Petrochemical Market Reference Prices: Driven by Crude Oil Price $/Ton 2,000 Petrochemical prices LPG Naptha PP HDPE Q3/11 vs Q2/11-8% -3% -3% 2% Q3/11 vs Q3/10 37% 59% 27% 25% $/Ton 2,000 Aromatics prices Benzene Paraxylene Q3/11 vs Q2/11-2% 4% Q3/11 vs Q3/10 34% 71% 1,800 1,600 1,607 1,606 1,800 1,600 1,567 1,400 1,200 1, ,510 1, ,400 1,200 1, ,169 1,051 1,118 LPG Naphtha PP HDPE 44 Benzene PX Source: PLATTS & ICIS 44

46 Data as of 30 September 2011 E&P and Gas 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 % Combined Heat and Power producing Co.,Ltd CHPP % 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% Independent Power (Thailand) Co., Ltd. IPT 20.00% PTT Utility Co., Ltd. PTTUT 40.00% B.Grimm BIP Power Co., Ltd. B.Grimm BIP 23.00% Nava Nakorn Electricity Generation Co.,Ltd NNEG 30.00% Bangpa-in Cogeneration, Ltd BIC 25.00% Others Cost Ratchaburi Power Co., Ltd. RPCL 15.00% Oil Business Group Subsidiaries Consolidate PTT (Cambodia) Co., Ltd. PTTCL % Subic Bay Energy Co., Ltd. SBECL % PTT Retail Business Co., Ltd. PTTRB % PTT Green Energy Pte. Ltd PTTGE % Retail Business Alliance Co., Ltd. RBA* 49.00% Associates Equity Keloil-PTT LPG Sdn. Bhd. KPL 40.00% Vietnam LPG Co., Ltd. VLPG 45.00% Thai Petroleum Pipeline Co., Ltd. THAPPLINE 33.19% PetroAsia (Thailand) Co., Ltd. PA(Thailand) 35.00% Others Cost PetroAsia (Huizhou) Co., Ltd. PA(Huizhou) 25.00% 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 2.76% Others Fair Value Bangkok Aviation Fuel Services Plc. BAFS 7.06% Petrochemicals & Refining Business Group Petrochemical Subsidiaries Consolidate PTT Polymer Marketing Co., Ltd. PTTPM 50.00% PTT Polymer Logistics Co., Ltd. PTTPL % PTT Tank Terminal Co., Ltd. PTTTANK % Associates Equity PTT Chemical Plc. PTTCH 49.14% PTT Phenol Co., Ltd. PPCL 40.00% PTT Maintenance and Engineering Co., Ltd.PTTME 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. PMBC 50.00% Refining Associates Equity Thai Oil Plc. TOP 49.10% PTT Aromatics and Refining Plc. PTTAR 48.45% IRPC Plc. IRPC 38.52% Star Petroleum Refining Co., Ltd. SPRC 36.00% Bangchak Petroleum Plc. BCP 27.22% PTT Energy Solutions Co., Ltd. PTTES 40.00% International Trading Business Group Subsidiaries Consolidate PTT International Trading Pte. PTTT % Subsidiaries Consolidate PTT International Co., Ltd. PTTI % Energy Complex Co., Ltd. EnCo 50.00% Business Service Alliance Co., Ltd. BSA * 25.00% Others Associates Equity PTT ICT Solutions Co., Ltd. PTTICT 20.00% Others Fair Value Dhipaya Insurance Plc. TIP 13.33% Remark : * Subsidiaries that PTT holds less than 50% but being consolidated because PTT has the power to control the financial and operating policies. 45

47 PTT s Strategic Importance to the Thai Economy Thai Premier Multinational Energy Company PTT has the largest market cap on the SET SET Market Cap = Baht 8.5 trillion PTTEP 6.9% Fortune Global 500 Ranking Need new initiatives Others 76.1% PTT Group 23.9% Data as of 4 January 2012 PTT 10.8% PTTGC 3.3% TOP 1.4% IRPC 1.0% BCP & Others 0.4% Ministry of Finance holds majority stake in PTT Rev.of 100 th company in Fortune Global 500 (Billion USD) Vayupak Fund 15% Public 34% Ministry of Finance 51% Remark: * DJSI = Dow Jones Sustainability Index Revenue (Billion USD) Data as of 9 September

48 47 PTT International Future Growth of PTT SAR Coal Palm Plantation Jembayan Sebuku Unit : MM Ton Acquired Izin Prinsip for the Northern Leases at Sebuku Potential reserves in Brunei & Madagascar projects PTT Green Energy 225,877 Ha land acquired 12,335 Ha planted o Additional 15,785 Ha has been prepared in EMG (Egypt) Pipeline Investing 25% in EMG Offshore natural gas pipeline system from Egypt to Israel 2010 Sales volume = 2.1 BCM/y 2011 Average sales volume target up to 0.8 BCM/y Power 2011 Xayaburi Hydro 1,285 MW 2012 Onwards Expanding in neighboring countries 45 T/Hr CPO Mill has been completed

49 Thailand s projected energy demand Commercial Primary Energy Consumption KTOE 180, , , , ,000 80,000 60,000 40,000 87,651 2% 13% 14% 33% 106,939 3% 13% 14% 38% 127,145 Hydro/Import 4% Renewable 13% Coal/Lignite 15% Natural Gas 37% 145,162 1% 5% 14% 16% 35% 163,299 Nuclear 2% 6% 15% 17% 33% 20,000 38% 32% Oil 31% 29% 27% 0 Source : EPPO/ PDP 2010/ PTT team analysis 48

50 Natural Gas Price Structure Gas prices are mostly agreed under long-term contracts and volatility pass-through to ensure stable returns. Customers Gas Pool Price Sales Price Structure + Supply Margins + Pipeline Tariffs Power Producers 61% : EGAT 28% : IPP 21% : SPP 12% Average Purchased Gas Price 1.75% 1.75% 9.33% 21.8 Bt/MMBtu GSP 21% Charged at the same price structure of power producers Petrochemicals Feedstocks Ethane, Propane, LPG NGL Local Cooking Gas Export Cooking Gas Profit-sharing mechanism based on market prices of petrochemicals Reference to Naphtha market price Capped at 333 USD/ton Reference to Saudi Aramco s contract price Industry 12% Charged at prices comparable to fuel oil NGV 6% Capped at 8.5 Baht/Kg* Contract periods are ~ years or until depletion of gas fields or the expiration of concessions * Government will increase NGV retail price Baht 0.50 /kg per month from January 16, 2012 until January 15,

51 50 Recognition: Awards PTT is widely recognized among business communities both international and local Asia Talent Management 10 th Asia Business Leaders Award th Top Asia Energy Companies of th Top Global Energy Companies of th Fortune Global 500 of 2011 (155 th in 2010 / 118 th in 2009) 171 th The Biggest Listed Companies in the World 2011 (196 th in 2010 / 244 th in 2009) Best CEO 2010 Best CFO 2010 Best Managed Company 2010 Best Corporate Governance 2010 Best Investor Relations 2010 Best Corporate Social Responsibility 2010 Best Commitment to Strong Dividend Policy 2010 Asian Corporate Director Recognition Awards 2011 & 2012 Asia s Best CEO Asia s Best CFO Best IR Website/Promotion Best Environmental Responsibility Best Investor Relations Best Investor Relations Professional Thai BMA Best Bond Awards 2010 Deal of the Year Most Creative Issue Best Investor Relations Issuer SET Awards Top Corporate Governance Report Award 2010 & 2011 Best Corporate Social responsibility Awards 2011 Trusted Brand 2011 Thailand s Top Brand in Platinum Award for service station Outstanding State Enterprise Award 2010 Best State Enterprise of the Year, Best of the Best Outstanding Leadership Award Outstanding Innovation Award