Thai Oil Public Co. Ltd. · SET:TOP
Thai Oil Public — Investor Presentation (February 2023)
75 slides from Thai Oil Public's investor presentation, Feb 17, 2023
Slide 1: Thai Oil Public Company Limited Presentation to Investors
Thai Oil Public Company Limited Presentation to Investors February 2023
Slide 2: Disclaimer
-2- Disclaimer The information contained in this presentation is intended solely for your personal reference. 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. Some statements mad
Slide 3: Presentation Agenda
-3- Presentation Agenda TOP GROUP BUSINESS OVERVIEW KEY HIGHLIGHTS FINANCIAL HIGHLIGHTS STRATEGIC INVESTMENT PLANS OUTLOOK
Slide 4: TOP Group Business Overview
-4- TOP GROUP BUSINESS OVERVIEW
Slide 5: Strategic Relationship and Operational Integration with PTT
Strategic Relationship and Operational -5- Integration with PTT Thai Oil’s strong shareholder base • Benefits from PTT’s dual role as our major shareholder 13.47% and key business partner • All transactions take place # of Listed 2,233.8 at arm’s length and in Shares mil. shares * 22.81% 48.00% adhe
Slide 6: TOP Group Synergy & Strategic Role in PTT Group Value Chain
TOP Group Synergy & Strategic Role in PTT -6- Group Value Chain Upstream Intermediate Downstream Solvent Pentane Hexane Toluene Diversifying to a broad SOLVENTS Mixed-Xylene range of downstream Paraxylene The majority of products to enjoy higher Mixed-Xylene refined petroleum profit margins and Tolu
Slide 7: Key Milestones: 61 Years, A Long Track Record of Success
Key Milestones: 61 Years, A Long Track -7- Record of Success 1961 – 1997 2004 – 2011 Today Capacity expansion and initial stage of business Listing, expansion and A leading integrated refining and diversification diversification petrochemical group in Asia Pacific 1961 1970 2004 • 275 kbd refinery (
Slide 8: Thai Oil Group Business Structure
-8- Thai Oil Group Business Structure 100.0% 100.0% 100.0% 100.0% 100.0% Thai Paraxylene Thai Lube Base Thaioil Ethanol Thaioil Treasury Center Thaioil (TOP) TOP SPP (TPX) (TLB) (TET) (TTC) Capacity : Aromatics Capacity: Lube Base Oil Sells Electricity/Steam to 50.0% Enhance financial efficiency, 27
Slide 9: Process Linkage: Beauty of Integration
-9- Process Linkage: Beauty of Integration PROCESS FLOWCHART Thai Paraxylene ADIP FUEL GAS Thai Oil ISOM LPG 20,000 MX HDT-1 MX 40,000 HDT-2 HDT-3 CCR-1 CCR-2 ULG95 85,000 CCR CDU-1 50,000 ULG91 45,000 KMT-1 CDU-2 KMT-2 JET 50,000 CDU-3 180,00 KEROSENE 0 HVU-1 HVU-2 FCCU 10,40 HDS-2 HVU-3 HVU-3 0 95
Slide 10: One of Region's Leading Refineries
-10- One of Region’s Leading Refineries Total Thailand crude refining capacity 1,244.5 kbd (1) Market shares for refined petroleum product (3) Fang (2.5 kbpd) Thai Oil 22% Share Nameplate Capacity 30% 30% market market Thai Oil (275 kbpd) shares shares PTT’s Principal Refiner BCP (120 kbpd) Esso (17
Slide 11: Strategic Location with Competitive Advantages in Access to Key Markets
Strategic Location with Competitive Advantages -11- in Access to Key Markets Access to Indochina markets through deep Close proximity to the key domestic markets water ports and trucks Our strategic location provide us with 1. Close proximity with the key LAOS domestic markets and Indochina Bangkok
Slide 12: Optimized & Flexible Operations
Operations -12- Optimized & Flexible Operations Superior Performance Thai Oil is able to diversify its type of crude intake and product outputs to maximize demand and margin Crude Assays based on Sources of Product Reference Domestic demand for TOP configuration* Crude output Price petroleum product
Slide 13: Refinery: High & Reliable Utilization
-13- Refinery : High & Reliable Utilization To Capture Strong Domestic Demand TOP/ Domestic Refinery Utilization Rate Domestic Oil Demand Unit: % Utilization Rate Dec’21 Mogas Jet/Kero Gasoil Total 150% VS Dec’22 -0.3% +102.7% +1.3% +6.0% 100% 98% 109% 109% 112% 104% 103% 107% 101% 100% 107% 92% KBD
Slide 14: Key Highlights
-14- KEY HIGHLIGHTS
Slide 15: 2022 – Recovery amid Energy Crisis and Economic Headwinds
-15- 2022 – Recovery amid Energy Crisis and Economic Headwinds Promising Refinery Margin on Improving Demand amid Low Inventory Key Market Highlight Impact to Oil Prices & Refining Margin The Russia-Ukraine Conflict High Inflation & Interest Rate Hike Crude Oil Market $/bbl Dubai Price ($/BBL) US an
Slide 16: Key Business Highlight
Key Business Highlight -16- Higher Refinery Utilization and Domestic Sales with Improved Financial Position Key Business Highlight Operational Commercial Financial • High and reliable refinery production to fulfill • Capture high local & Indochina sales • Successful on Recapitalization Plan domestic
Slide 17: Solid Progress on Key Strategic Projects
3Vs Strategy : Achievement -17- Solid Progress on Key Strategic Projects CFP • Progress 89.6% as of Dec’22 1 • Re-accelerate CFP progress in accordance Value with New Project Execution Plan • Reposition Top Solvent as Thaioil’s Maximization international marketing arm CAP Integrated Crude • Perform
Slide 18: World's No. 1 Sustainable Corporate in Oil & Gas Refining and Marketing
World’s No. 1 sustainable corporate in the Oil & Gas -18- Refining and Marketing Industry Thaioil rated as World’s No. 1 sustainable corporate in Thaioil listed in Dow Jones Sustainability the Oil & Gas Refining and Marketing Industry Indices 2022 for 10th consecutive year Thaioil has rated number 1
Slide 19: Financial Highlights
-19- FINANCIAL HIGHLIGHTS
Slide 20: Key Performance Highlight
Key Performance Highlight -20- Stronger GRM/GIM despite Stock Loss in Q4/22 Market Highlight Contribution ($/bbl) QoQ Dubai declined from $90.9/bbl to $77.2/bbl Dubai ($/bbl) (ending price) YoY Dubai increased from $73.2/bbl to $77.2/bbl 90.9 77.2 73.2 77.2 • Concerns over economic slowdown impactin
Slide 21: Financial Performance
Financial Performance -21- Higher Net Operating Profit with Main Contribution from Refinery and Lube Business TOP Group Net Profit Net Profit Contributions* Unit : Million Baht (MB) Q3/22 Q4/22 FY/21 FY/22 3% 6% 7% 12 MB 147 MB 12,578 MB 32,668 MB Gain on GPSC share sale Q3/22 90% Q4/22 94% 17,334 b
Slide 22: Integrated Margin & Competitive Cash Cost
-22- Integrated Margin & Competitive Cash Cost Gross Refining Margin Refinery’s Cash Cost (Unit: US$/bbl) (Unit: US$/bbl) Market GRM Accounting GRM (Market GRM + Stock G/L) Operating Cost Interest Expense (net) 32.9 (excl. one-time non-operating item) 25.1 22.6 12.0 13.0 6.9 9.3 6.4 6.7 2.3 2.4 2.6
Slide 23: Financial Performance
-23- Financial Performance Sales Revenue EBITDA Unit: Million THB Unit: Million THB EBITDA (excl stk G/L) EBITDA (incl stk G/L) 505,703 37,187 33,574 389,344 362,179 28,142 335,827 22,867 22,322 242,840 20,239 13,034 13,079 14,765 143,892 124,174 123,132 13,214 13,833 8,670 11,576 114,506 5,343 2,39
Slide 24: TOP Group Financial Position & Financial Ratios
-24- TOP Group Financial Position & Financial Ratios Statements of Financial Position Consolidated Long-Term Debt as at 31 Dec 22 (Unit: million THB) Total IBD Net Debt 362,144 444,581 175,731 million THB 131,812 million THB 43,919 Trade Payable Cash & ST (US$ 5,060 million 110,192 / Others (US$ 3,7
Slide 25: Dividend Payment
Dividend -25- Dividend Payment Dividend Policy : Not less than 25% of consolidated net profit after deducting reserves, subject to cash flow and investment plan Unit : THB/share EPSR 2H dividend 1H dividend Year Dividend 15.63 *** 12.18 10.40 9.19 9.40 8.66 7.82 7.28 5.91 6.04 5.97 6.17 4.39 4.57 3.
Slide 26: TOP Group Strategic Investment Plan
CAPEX -26- TOP Group Strategic Investment Plan CAPEX Plan (Unit US$ million) Updated as of January 2023 Estimated Budgeting for Actual Investment Plan Project FY/22 2023 - 2025 CFP project * 746 553 Total Ongoing CAPEX 55 112 Reliability, Efficiency and Flexibility Improvement 16 36 Infrastructure I
Slide 27: Strategic Investment Plans
-27- STRATEGIC INVESTMENT PLANS
Slide 28: Thaioil Strategic Direction
-28- Thaioil Strategic Direction Vision Empowering Human Life through Sustainable Energy and Chemicals To be a competitive Energy & Chemicals company that Strategic Objective delivers sustainable returns & better quality of life to all stakeholders Measurement Growth / Earnings Diversity / Returns /
Slide 29: THAIOIL Transformation
-29- THAIOIL Transformation Key Highlights Performance Outlook Final Remark Market Environment Climate Change/ Energy Transition/ Changing Consumer Global Mega-Trends Mounting Environmental EV Penetration Behavior Pressure/Net Zero Drives Thaioil’s Strategic Transformation Vision “Empowering Human L
Slide 30: Clean Fuel Project (CFP): Rationale & Timeline
-30- Clean Fuel Project (CFP) : Rationale & Timeline Project Rationale • Risk of losing competitiveness to others regional refineries as more new refineries with higher capacity and more advanced technologies are on stream. • Adjust product portfolio by producing high demand and clean product to ser
Slide 31: Scope of CFP & Technical Aspect
-31- Scope of CFP & Technical Aspect LPG Tops ISOM SRU Sulfur 5 HDT-3 Naphtha PX/BZ CCR-1/2 Platformate TPX HDT-4 Hy. Naph CDU-3 4 180 kbd Crude LPG LPG Kerosene Tops KMT-1/2 Lt.Naph 400 kbd Isomerate Gasoline New HDS-2/3 CDU-4 Diesel Jet/Kero 220 kbd HDS-4 Diesel 4 HMU-1/2&PSA-1/3 2 Fuel Oil HCU-1/
Slide 32: Clean Fuel Project (CFP)
Clean Fuel Project (CFP) -32- Strengthen The Core Project Description Capacity Growth Upgrading Product Mix Feedstock Flexibility Unit : % vol Unit : % vol • Investment size: 4,825 MUSD and with by grade ERU (Power plant) carve out investment +45% Light 25% Light cost will be reduced to not exceed 4
Slide 33: Olefins Investment in Indonesia (Chandra Arsi Petrochemical - CAP)
Olefins Investment in Indonesia -33- (Chandra Arsi Petrochemical - CAP) Transaction Summary Investment Structure (Tranche 1&2) Value Maximization: Value Enhancement: Strategic Direction ◼ Further extend ◼ Geographic expansion to IC2C Strategy Hydro-Carbon value chain to Olefins PetChem, in addition
Slide 34: Key Partnership Arrangements
-34- Key Partnership Arrangements LPG, Naphtha Feedstock Commercial Products • PT. Tirta Surya Raya (TSR), Est. 2019 Polymer Products: • TOP’s solvent and chemical distributor PE, PP company in indonesia • TOP holds 77.7% in TSR through TOP Solvent Liquid Products: Thailand Benzene, Toluene, Xylene,
Slide 35: Funding Plan for the Transaction
-35- Funding Plan for the Transaction Uses of Fund Sources of Fund Additional Facility • Strong Support from PTT 15.38% to support TOP long term competitiveness Bridging Loans Recapitalization stake in CAP • Shareholder loan • Extended Trade Credit (ETC) Bank Extended USD Equity Trade Credit 1.183 b
Slide 36: Long-Term Recapitalization Plan and Short-term Liquidity Support
Long-Term Recapitalization Plan and -36- Short-term Liquidity Support Objectives Recapitalization Short-term Liquidity Support Return Optimal Capital Structure With Net D/E ~ 1.0x (1) Sale of up to Maintain Investment Grade 10.8% GPSC Shares(3) Credit Rating in Short-term 90-Day Extended and Credit
Slide 37: Recapitalization Plan
-37- Recapitalization Plan Recapitalization plan for CAP investment funded by bridging loan, will consist of: 1. GPSC Share Sale at 10.78% or 304,098,630 shares to PTT and/or Siam Management Holdings Company Transaction Limited (“SMH”) (100% subsidiary of PTT) 2. Equity Offering of up to 239.2 mm sh
Slide 38: Recapitalization Plan
-38- Recapitalization Plan Equity Offering GPSC Share Sale Offering Structure Transaction Details 1. Structure • TOP sells GPSC shares 10.78% or 304.1 million shares to PTT and /or 1. Existing shareholders tranche Greenshoe up to 35.9 mm 3 Greenshoe SMH (100% subsidiary of PTT) to eligible domestic
Slide 39: Key Benefits of Recapitalization Plan
-39- Key Benefits of Recapitalization Plan Stronger Financial Position • Maintain optimal capital structure with expected net debt/equity of less than or equal to 1.0x post recapitalization • Maintain investment grade of company credit rating Stronger Financial Position Support Credit Ratings Net De
Slide 40: Value Diversification
-40- Value Diversification New S-Curve Power “ Defensive move for new ventures & Step-out “Provide stable earnings ” support CO2 reduction ” CVC 1 Step-out (JV/M&A) 1 Own use • Reliable support for Thaioil Group 1.1 Bio • Biojet 2 Growth along PTT Group (GPSC) • Biochem/Bioplastic • Support GPSC to
Slide 41: Sustainability Strategy: 3Es
-41- SUSTAINABILITY STRATEGY : 3Es Environmental Social Enhance Clean Environment Engage Society Communities Carbon Net Zero • CARE for Refinery in the City: 2050 Neutral 2060 GHG Control source/Associate/Relationship/Enhance quality of life Emissions Society • Sustainable energy for health care (so
Slide 42: 2023 Outlook
-42- 2023 OUTLOOK • Crude Oil • Refinery • Petrochemical • Base Oil & Bitumen
Slide 43: Positive Economy and Oil Demand Growth after China's Re-Opening
Positive Economy and Oil Demand Growth -43- after China’s Re-Opening A Positive View on Global Economy after China’s Re-Opening B Growing Oil Demand led by China after End of amid Concern from High Inflation and Interest Rate Zero-COVID Policy World GDP Outlook (1) China / US ’s GDP Outlook (1) Glob
Slide 44: Slight Surplus from Higher Non-OPEC Supply amid High Demand Growth
Slight Surplus from Higher Non-OPEC Supply amid -44- High Demand Growth A Limited Supply Disruption So Far, but Expect Russia’s Supply to be Slight Surplus with More Supply amid High Demand Growth Lower on Potential Supply Cut Russia’s Seaborne Crude Oil Export (1) Russia’s Oil Production (2) Global
Slide 45: Normalizing Refinery Margin to Slightly Above Pre-Covid Level
Normalizing Refinery Margin to Slightly Above -45- Pre-Covid Level Key Highlights Performance Outlook Final Remark Crude Refinery Petrochemical Lube & Bitumen Conclusion Singapore Cracking GRM ($/BBL) Avg. 2018: $5.9/BBL Avg. 2019: $3.7/BBL Avg. 2020: $0.4/BBL Avg. 2021: $3.4/BBL Avg. 2022 : $10.7/B
Slide 46: High Demand Growth to Offset New Capacity Addition in 2023
High Demand Growth to Offset New Capacity Addition -46- in 2023 AP/ME Effective CDU Addition VS Additional Demand Country Company CDU (KBD) Start-up AP & ME Demand Growth Middle East China Japan Saudi Arabia Jizan1 400 Q2’21 India Vietnam Philippines New Zealand China Rongsheng II Delay from Q3’21 4
Slide 47: Gasoline and Jet/Kero Market Outlook
Gasoline : Steady Demand and Limited China’s Export -47- Jet/Kero : Resuming Air Travelling Demand Gasoline Market Jet/Kero Market A Steady Demand Growth led by Asia after China Ends Zero COVID policy A Higher Travelling Activity after China Ends Zero COVID policy and Re-Opens Its Economy Global Gas
Slide 48: Gasoil and Fuel Oil Market Outlook
Gasoil : Firm Demand and Lower Russian Supply -48- Fuel Oil : Stable Demand and Lower Russian Supply Gasoil Market Fuel Oil Market A Firm Demand following GDP B Low Inventories with Stock Below A Stable Fuel Oil Demand B Lower Russia’s Supply after EU Ban Growth & China’s Re-Opening 5-Year Average f
Slide 49: Higher Thailand Petroleum Demand in 2023
-49- Higher Thailand Petroleum Demand in 2023 A Increase of Gasoline Demand from Higher Travel Mobility B Increase of Jet Demand from Higher Tourist Number Gasoline Demand (1) Jet Demand (2) Economic Factor +6.1% ▪ Higher tourist MML/Day YoY MML/Day +51.9% numbers: expect at 25 YoY million people (1
Slide 50: Challenging Aromatics Market from Over Built Capacity amid China's Reopening
Challenging Aromatics Market from Over Built Capacity -50- amid China’s Reopening AP/ME PX Capacity Addition vs. Demand Growth AP/ME BZ Capacity Addition vs. Demand Growth PX Effective Capacity Addition PX Demand Growth BZ Effective Capacity BZ Demand Growth Zhejiang 2 (Mar) JG Summit (Jan) MTON Don
Slide 51: Soft Polymers Market from Large Capacity Addition amid Recovering Demand Growth
Soft Polymers Market from Large Capacity Addition -51- amid Recovering Demand Growth A Large HDPE Capacity Start-up, with Improving Demand from B Continuing PP Capacity Addition mainly from China amid Demand China’s Re-Opening Recovery from China’s Re-Opening AP/ME HDPE Capacity Addition vs. Demand
Slide 52: Soft Base Oil Market on More Supply from New Gr.2/3 Capacity
Soft Base Oil Market on More Supply from New Gr.2/3 -52- Capacity A Pressured by Gr.2/3 Capacity Addition but Permanent Closure B Lower Asia Base Oil Plant Maintenance in 2023 Of Gr.1 Plant to Limit Downside Total Supply AP Base Oil Net Capacity Addition vs. Demand Growth (1) Asia Pacific Base Oil P
Slide 53: 2023 Outlook Conclusion
-53- 2023 Outlook Conclusion (vs. 2022) Crude Oil Slight Surplus from Higher Non-OPEC Supply amid High Demand Growth Refinery Normalizing Refinery Margin to Slightly Above Pre-Covid Level Aromatics Challenging Aromatics Market from Over Built Capacity Soft Polymers Market from Large Capacity Additio
Slide 54: Appendix
-54- APPENDIX • CAPEX Plan • Financial Performance • Optimised & Flexible Operations…Superior Performance • World GRM / Inventories • Thailand petroleum demand by products
Slide 55: TOP Group Strategic Investment Plan
-55- TOP Group Strategic Investment Plan CAPEX Plan (Unit US$ million) Updated as of February 2023 Actual Project 2022 2023 2024 2025 CFP project * 746 636 331 (414) Total Ongoing CAPEX 55 86 13 14 Reliability, Efficiency and Flexibility Improvement 16 Infrastructure Improvement ( i.e. New Bangphra
Slide 56: Refinery: Higher Contribution
Refinery : Higher Contribution -56- Supported by Lower Crude Premium & Improving Middle Distillated Spread Dubai Crude Price & Key Petroleum Product Spreads Refinery Utilization 2021 2022 2023 2021 2022 Q3/22 Q4/22 FY/21 FY/22 $/bbl Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1TD FY FY 104% 103% 100% 107% DUBAI (DB) 6
Slide 57: Aromatics: Improving Contribution
Aromatics : Improving Contribution -57- From Higher PX Spread and Strong LAB Contribution Aromatic Spreads and Margins Aromatics Production 2021 2022 2023 2021 2022 Q3/23 Q4/22 FY/21 FY/22 $/ton Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1TD FY FY 70% 67% 87% 71% PX-ULG95 195 206 212 96 124 44 152 178 187 177 124 Q4/
Slide 58: Base Oil: Softening Contribution
Base Oil : Softening Contribution From Lower Base Oil Margin and Scheduled Maintenance Base Oil & Bitumen Spreads & Margins Base oil Production 2021 2022 2023 2021 2022 Q3/22 Q4/22 FY/21 FY/22 $/ton Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1TD FY FY 86% 43% 91% 77% 500SN-HSFO 783 1,037 896 673 531 608 798 780 667 8
Slide 59: Power: Softening Contribution
Power : Softening Contribution -59- From Lower Gas Prices Power Business Sector (4) TOP shareholding in GPSC decreased from 24.29% to 15.38% in Equity holding in SPP (4)(5) Nov’20 – Jan’21, and increase to 20.78% in Feb’21 after TP’s EBT completion 100% Power & Steam Sales (5) TOP shareholding in GP
Slide 60: Olefins: Improving Contribution but Remain Negative
-60- Olefins : Improving Contribution but Remain Negative From Weakening Olefins Spreads Olefin Product Spreads TOP Investment Indonesia (TII)* Performance Polymer Spreads Monomer Spreads Net Profit (million USD) HDPE CFR SEA - NaphJ ($/TON) SM - NaphJ ($/TON) (2.8) (23.0) (2.0) (5.7) (9.8) (5.5) 55
Slide 61: Consolidated Financial Performance
-61- Consolidated Financial Performance (MB) Q4/22 Q3/22 QoQ+/(-) Q4/21 YoY+/(-) 2022 2021 YoY+/(-) ) (A) (D) Sales Revenue 123,132 124,174 (1,042) 104,298 18,834 505,703 335,827 169,876 Net Realized G/(L) on Financial Instrument 369 (220) 589 (1,807) 2,176 (15,841) (2,461) (13,380) (B) (E) EBITDA 2
Slide 62: Consolidated Cash Flow
-62- Consolidated Cash Flow (Unit: MB) 2021 2022 Represent 2021 2022 Operating Cash Flow (CFO) 10,504 43,251 Investing Cash Flow (CFI) (43,337) (9,049) Net income 15,100 42,024 Dividend income 1,110 841 Depreciation & NRV 7,659 8,305 Short term investment 19,161 (15) Other adj. 4,617 (20,461) Sell /
Slide 63: Performance Breakdown
-63- Performance Breakdown Unit : Million Baht (MB) (1) Others & Consolidated Petroleum & Lube Base Petrochemical Power (2) New Business (3) Net Profit Q3/22 41 (664) 476 202 12 Q4/22 750 (645) 359 (167) 147 FY/21 6,140 2,496 2,488 1,671 12,578 FY/22 33,538 (1,996) 1,456 726 32,668 Petroleum Aromati
Slide 64: World GRM: Asian Margin Vs. US-EU Margin
World GRM -64- Asian Margin Vs. US-EU Margin $/BBL $/BBL SINGAPORE GRM EU – US Margins 70 40 BRENT CRACK BRENT HYDRO WTI CRACK SING CRACK SING HYDRO 60 30 50 20 40 10 30 20 0 10 -10 0 -20 -10 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 MBD U.S. C
Slide 65: Global Crude Oil Inventories
Inventories -65- Global Crude Oil Inventories MBBL U.S. Crude Stocks (excl. SPR) MBBL Crude Oil, Cushing, Oklahoma 600 Source : EIA 70 Source : EIA 60 550 50 500 40 450 30 20 400 10 350 0 1 5 9 13 17 21 25 29 33 37 41 45 49 1 5 9 13 17 21 25 29 33 37 41 45 49 5yr-range 2020 2021 2022 2023 avg 18-22
Slide 66: Global Gasoline Inventories
Inventories -66- Global Gasoline Inventories U.S. Gasoline Stocks Singapore Gasoline Stocks MBBL Source : EIA MBBL 280 Source : IE Singapore 260 17 240 220 200 180 7 1 5 9 13 17 21 25 29 33 37 41 45 49 1 5 9 13 17 21 25 29 33 37 41 45 49 5yr-range 2020 2021 2022 2023 avg 18-22 5yr-range 2020 2021 20
Slide 67: Global Middle Distillate Inventories
Inventories -67- Global Middle Distillate Inventories U.S. Diesel Stocks Singapore Middle Distillate Stocks MBBL MBBL 200 Source : EIA 20 Source : IE Singapore 180 160 140 10 120 100 80 0 1 5 9 13 17 21 25 29 33 37 41 45 49 1 5 9 13 17 21 25 29 33 37 41 45 49 5yr-range 2020 2021 2022 2023 avg 18-22
Slide 68: Global Fuel Oil Inventories
Inventories -68- Global Fuel Oil Inventories U.S. Residual Fuel Oil Stocks Singapore Residual Fuel Oil Stocks MBBL MBBL Source : IE Singapore Source : EIA 50 30 40 20 30 20 10 1 5 9 13 17 21 25 29 33 37 41 45 49 1 5 9 13 17 21 25 29 33 37 41 45 49 5yr-range 2020 2021 2022 2023 avg 18-22 5yr-range 20
Slide 69: China's Refined Product Exports
-69- China’s Refined Product Exports China’s Gasoline Exports China’s Gasoil Exports KBD KBD Source : China Custom Source : China Custom 600 800 500 700 600 400 500 300 400 200 300 200 100 100 0 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2018 20
Slide 70: Domestic LPG Demand
Thailand Petroleum Demand by Products -70- Domestic LPG Demand Thailand LPG Demand LPG Demand Highlight KT/Day 2022 2021 2020 2019 • In 11M’22, LPG demand increased by 7.0% YoY mainly following the increase in automobile and petrochemical sectors by 32.8% 20 19.4 18.6 18.4 19.0 and 5.8% YoY, respect
Slide 71: Domestic Gasoline/Gasohol Demand
Thailand Petroleum Demand by Products -71- Domestic Gasoline/Gasohol Demand Thailand Gasoline/Gasohol Demand GASOLINE/GASOHOL Demand Highlight MML/Day • In 12M’22, Gasoline demand was increased by 3.8% YoY to an 2022 2021 2020 2019 average of 30.2 MML/day. The demand was supported by 36 higher trans
Slide 72: Domestic Jet Demand
Thailand Petroleum Demand by Products -72- Domestic Jet Demand Thailand JET Demand JET Demand Highlight MML/Day 2022 2021 2020 2019 • In 12M’22, Jet consumption increased by 87.7% YoY. The 24 demand was recovered from fully opening the country by canceling of Thailand Pass registration since 1 Jul’2
Slide 73: Domestic Gasoil and NGV Demand
Thailand Petroleum Demand by Products -73- Domestic Gasoil and NGV Demand Thailand Gasoil Demand Gasoil Demand Highlight • In 12M’22, Gasoil demand increased by 16.1% YoY. The demand was MML/Day 2022 2021 2020 2019 supported by the improve of economic activities and also supported 85 80.0 by governm
Slide 74: Domestic Fuel Oil Demand
Thailand Petroleum Demand by Products -74- Domestic Fuel Oil Demand Thailand Fuel Oil Demand 2022 2021 2020 2019 Fuel Oil Demand Highlight MML/Day • In 12M’22, Fuel Oil consumption rose by 15.8% YoY, as the 8 7.0 6.7 6.6 demand in the transportation sector, which accounted for 57.6% 6.3 6.4 6.4 6.4
Slide 75: Thank You
Empowering Human Life Thank You Through Sustainable Energy and Chemicals Any queries, please contact: at email: ir@thaioilgroup.com Tel: 662-797-2999 / 662-797-2961 Fax: 662-797-2976
Thai Oil Public Company — Investor Presentation (February 2023) on 6ix