Thai Oil Public Co. Ltd. · SET:TOP
Thai Oil Public — Investor Presentation (December 2023)
75 slides from Thai Oil Public's investor presentation, Dec 18, 2023
Slide 1: Presentation to Investors December 2023
Thai Oil Public Company Limited Presentation to Investors December 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: Integration with PTT
Strategic Relationship and Operational -5- Integration with PTT Thai Oil’s strong shareholder base • Benefits from PTT’s dual role 12.63% as our major shareholder and key business partner • All transactions take place # of Listed 2,233.8 at arm’s length and in Shares mil. shares * 48.00% 26.30% adhe
Slide 6: 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: Record of Success
Key Milestones: 62 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 HDS-2 HVU-3 10,400 HVU-3 95,
Slide 10: One of Region's Leading Refineries
-10- -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 31% 31% market market Thai Oil (275 kbpd) shares shares PTT’s Principal Refiner BCP (120 kbpd) Ess
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 products*
Slide 13: High & Reliable Utilization on Recovering Domestic Oil Demand
Refinery : High & Reliable Utilization 13 On Recovering Domestic Oil Demand TOP/ Domestic Refinery Utilization Rate Domestic Oil Demand Unit: % Utilization Rate Sep’22 Mogas Jet/Kero Gasoil Total VS 150% -2.4% +41.5% -9.4% -3.2% Sep’23 112% 104% 112% 113% 110% 107% 101% 100% 107% KBD 103% 100% 9M'22
Slide 14: Key Highlights
-14- KEY HIGHLIGHTS
Slide 15: Decent GRM/GIM due to Limited Supply from Refinery Outages
Key Market Highlight 15 Decent GRM/GIM due to Limited Supply from Refinery Outages Market Factors Dubai Price ($/BBL) Supply tightness from Saudi and Russia Recovery in Global Oil Demand Crude balance remains deficit in Q4 production cut 86.7 $8.9/BBL (QoQ) recovered product demand led by jet/kero d
Slide 16: Key Business Highlight
Key Business Highlight 16 Strong Refinery Utilization and Commitment to Clients with Competitive Cost Operational Commercial Financial High and reliable refinery production Crude optimization Continuously enhanced cost management U-Rate % Q2/23 Q3/23 9M/22 9M/23 through Orchestra 2% 1% 2% Others i.e
Slide 17: 3Vs Strategy: Solid Progress on Key Strategic Projects
3Vs Strategy : Achievement 17 Solid Progress on Key Strategic Projects 01 VALUE MAXIMIZATION 02 VALUE ENHANCEMENT Market Expansion CFP • Focusing on target countries (Vietnam, India, • Last CFP module which are RHCU component Indonesia). were transferred to site for installation safely early • TOPNE
Slide 18: Oil Spill Incident Update
Oil Spill Incident Update 18 Quick Situation Resolved and Ongoing Investigation Incident Timeline Impact Status Operational Financial Investigation SBM-1 could be Expenses Ongoing investigation by 3 Sep 2023 used instead of Booked in Q3/23 ~155 MB experts and government SBM-2. Total expens
Slide 19: Financial Highlights
-19- FINANCIAL HIGHLIGHTS
Slide 20: Key Performance Highlight
Key Performance Highlight 20 Stronger GIM Mainly from Refinery Business Market Highlight Contribution ($/bbl) Crude Price 0.5 $/bbl 22.2 $/bbl Murban OSP 7.3 Q3/23 2.8 Lube GIM ($/bbl) Refinery 3.2 1.8 23.3 Dubai Price 100.2 0.7 $/bbl 77.8 86.7 81.6 Aromatic & LAB Q2/23 Q3/23 Column1 9M/22 9M/23 • H
Slide 21: Higher Net Operating Profit with Main Contribution from Refinery Business
Financial Performance 21 Higher Net Operating Profit with Main Contribution from Refinery Business TOP Group Net Profit and Contribution* Unit : Million Baht (MB) Q2/23 Q3/23 9M/22 9M/23 Q3/23 1,117 MB 10,828 MB 32,521 MB 16,499 MB TOP Group Net Profit Gain on GPSC share sale 10,828 before tax Q2/23
Slide 22: Integrated Margin & Competitive Cash Cost
22 Integrated Margin & Competitive Cash Cost Gross Refining Margin Refinery’s Cash Cost (Unit: US$/bbl) (Unit: US$/bbl) Market GRM Accounting GRM (Market GRM + Stock G/L) Operating Cost Interest Expense (net) 22.2 13.0 12.0 12.4 6.9 10.06.4 9.0 10.5 4.5 3.1 3.6 2.5 2.3 2.4 2.6 2.3 1.8 2.0 2.1 2.0 2.
Slide 23: Financial Performance
-23- Financial Performance Sales Revenue EBITDA Unit: Million THB Unit: Million THB EBITDA (excl stk G/L) EBITDA (incl stk G/L) 505,703 37,187 33,574 31,772 362,179 344,066 28,142 27,402 335,827 242,840 18,973 13,079 13,214 13,833 11,521 115,943 108,467 119,656 8,182 6,547 9,335 5,343 4,618 2019 202
Slide 24: TOP Group Financial Position & Financial Ratios
24 TOP Group Financial Position & Financial Ratios Statements of Financial Position Consolidated Long-Term Debt as at 30 Sep 23 (Unit: million THB) 444,581 422,207 Total Long-Term Debt Net Debt 43,919 168,096 million THB 131,398 million THB Cash & ST 110,192 36,698 investment 109,909 91,060 Trade Pa
Slide 25: Dividend Payment
Dividend 25 Dividend Payment Dividend Policy : Not less than 25% of consolidated net profit after deducting reserves, subject to cash flow and investment plan Unit : THB/share EPSR 2H dividend 1H dividend Year Dividend 15.63 12.18 10.40 9.19 9.40 8.66 7.82 7.28 5.91 6.04 5.97 6.17 4.57 4.97 4.39 3.0
Slide 26: TOP Group Strategic Investment Plan
-26- TOP Group Strategic Investment Plan CAPEX Plan (Unit US$ million) Updated as of September 2023 Estimated Budgeting for Total Actual Project 2023-2026 9M/23 Investment Plan Q4/23 – 2026 CFP project * 564 316 249 Total Ongoing CAPEX 245 24 221 Reliability, Efficiency and Flexibility Improvement 1
Slide 27: Strategic Investment Plans
-27- STRATEGIC INVESTMENT PLANS
Slide 28: Thaioil's Strategic Direction
-28- Thaioil’s Strategic Direction Vision Empowering Human Life through Sustainable Energy and Chemicals Strategic Objective To be a competitive Energy & Chemicals company that delivers sustainable returns & better quality of life to all stakeholders Measurement Growth / Earnings Diversity / Returns
Slide 29: THAIOIL Transformation
-29- THAIOIL Transformation 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 Life through Sustainable Energy and Chemicals” 20
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 Light +45% 25% Light cost will be reduced to not exceed 4
Slide 33: Olefins Investment in Indonesia (Chandra Asri Petrochemical)
Olefins Investment in Indonesia -33- (Chandra Asri Petrochemical - CAP) Transaction Summary Value Maximization: Value Enhancement: Investment Structure (Tranche 1&2) Strategic Direction Further extend Geographic expansion to IC2C Strategy Hydro-Carbon value chain to Olefins PetChem, in addition to
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: Value Enhancement
-35- Value Enhancement Aspiration A Leading Multinational Marketer for Sustainable Energy, Chemical and High Value Product Target 2030 : 30% IVCM International Sales Revenue Top 5 of ICIS Chemical Distributor in Asia Pacific Focus Market Germany UK Japan USA France TOPNEXT India “International marke
Slide 36: Value Diversification
-36- Value Diversification Aspiration To be the New Growth Platform of Thaioil Group with Resilient and Sustainable portfolio Target 2030 : Generate 25% HVB & Other New S-Curve and 5% Power of Thaioil Group net profit New S-Curve Power HVB Other New S-Curve “ Defensive move for new ventures & “ Prov
Slide 37: Our Commitment towards Sustainability
-37- Our Commitment towards Sustainability World-class Sustainable Corporate Create Value to World’s No. 1 sustainable corporate in the Oil & Gas Refining and Community & Society Marketing Industry Proactively deliver positive impacts to community & society through CSR, SE World’s No. 1 sustainable
Slide 38: Well-Timed Net Zero GHG Emission Execution
-38- WELL–TIMED NET ZERO GHG EMISSION EXECUTION Net Zero Target (Scope 1&2) 2035 Interim Target Net Zero 2050 2050 2050 2060 2060 2065 2060 15% Reduction Carbon Neutral 2040 - - 2050 2050 2050 2050 Net Zero GHG Emission Strategy Cut Down Existing Emission Approach to our Net Zero “3Cs” Combustion &
Slide 39: GHG Emission Mitigation & Performance 2022
-39- GHG EMISSION MITIGATION & PERFORMANCE 2022 Mitigation : Green Operation Mitigation : Green Product Performance : GHG Emission Energy efficiency improvement is the In 2022, Thaioil Group had 5 green product Direct GHG Emission (Scope 1) major part of our net zero pathway categories and 13 types
Slide 40: Q4'2023 & 2024 Outlook
40 Q4’2023 & 2024 OUTLOOK • Crude Oil • Refinery • Petrochemical • Base Oil & Bitumen
Slide 41: Limited Increase in Supply as OPEC+ Cut Supply to Balance Market
Limited Increase in Supply as OPEC+ Cut Supply to -41- Balance Market Limited Increase in Supply as OPEC+ will Maintain B Lower OPEC+ Supply after Expectation of Production Cut through 2024 Supply Cut to Balance Market 2024 Supply Growth vs 2023 (1) OPEC+ Production (1) MBD 1 OPEC announced voluntar
Slide 42: Steady Oil Market as High Demand to Offset New Supply
42 Steady Oil Market as High Demand to Offset New Supply Higher Demand above Pre-Covid Level, mainly driven by Steady Oil Market as High Demand to Offset New Supply Travelling Demand Global Oil Demand (1) Global Oil Demand and Production (1) MBD 2023 2024 103 Demand 100.9 MBD (+1.8 MBD YoY) 102.2 MB
Slide 43: Normalizing Refinery Margin with New Capacity Addition to be Offset by Higher Demand
Normalizing Refinery Margin with New Capacity 43 Addition to be Offset by Higher Demand Singapore Cracking GRM ($/BBL) Avg. 2019: $3.7/BBL Avg. 2020: $0.4/BBL Avg. 2021: $3.4/BBL Avg. 2022 : $10.7/BBL Avg. 2023 : $6.8/BBL 1 21.40 9.51 7.96 8.21 6.51 7.12 6.30 6.11 3.46 3.71 3.80 3.37 4.00 4.10 3.20
Slide 44: Higher Demand Growth Led by Travelling Demand
44 Higher Demand Growth Led by Travelling Demand A Higher Demand Growth led by Jet/Kero (1) B Improving Flight (2) Activity to Above Pre-Covid Level to support Jet/Kero market Global Gasoil Demand Global Jet/Kero Demand Global Commercial Flight Numbers MBD MBD ‘000 no. of flight 150 31 9.0 29 8.0 10
Slide 45: New Capacity Addition to be Offset by Higher Demand
45 New Capacity Addition to be Offset by Higher Demand Global Effective CDU Addition VS Additional Demand Country Company CDU (KBD) Start-up Saudi Arabia Jizan 400 Q2’21 China Rongsheng II 400 Q1’22 Demand Growth Middle East China Delay from Q3’21 India Europe North America Malaysia Petronas 300 Q3’
Slide 46: Higher Thailand Petroleum Demand in 2024, except Fuel oil
-46- Higher Thailand Petroleum Demand in 2024, except Fuel oil A Increase of Gasoline Demand from Higher Travel Mobility B Increase of Jet Demand from Higher Tourist Numbers Gasoline Demand Jet Demand Economic Factor MML/Day MML/Day 2024 vs 2023: 2024 factors 2024 vs 2023: 2024 factors 40 +3.7% 20 +
Slide 47: Improving Aromatics Market as Demand Growth to Absorb Capacity Addition
Improving Aromatics Market as Demand Growth to 47 Absorb Capacity Addition A AP/ME PX Capacity Addition vs. Demand Growth B AP/ME BZ Capacity Addition vs. Demand Growth PX Effective Capacity Addition PX Demand Growth Operating rate (%) BZ Effective Capacity Addition BZ Demand Growth Operating rate (
Slide 48: Challenging Olefins Market from High Capacity Addition
Challenging Olefins Market from High Capacity Addition 48 amid Improving Demand Growth A Lower HDPE Capacity Launch, with Growing Demand Leading B Continued Expansion of PP Capacity, mostly from China and India, by the Packaging Industry amid Improving Demand AP/ME HDPE Capacity Addition vs. Demand
Slide 49: Softer Base Oil Market on More Supply from New Gr.2/3 Capacity
Softer Base Oil Market on More Supply from 49 New Gr.2/3 Capacity A Higher Gr.2/3 Effective Capacity Addition and Weaker Gr.1 B Slightly Higher Thailand Bitumen Demand in 2024 Demand Growth AP/ME Base Oil Effective Capacity Addition vs. Demand Growth (1,2) MTON Thailand Maintenance Bituminous Road (
Slide 50: 2024 Outlook Conclusion
50 2024 Outlook Conclusion (vs. 2023) Crude Oil Steady Oil Market as High Demand to Offset New Supply Normalizing Refinery Margin with New Capacity Addition to be Offset by Higher Refinery Demand Aromatics Demand Growth to Absorb Capacity Addition Olefins High Capacity Addition amid Improving Demand
Slide 51: Appendix
-51- APPENDIX • CAPEX Plan • Financial Performance • Recapitalization Plan • World GRM / Inventories • Thailand Petroleum Demand by Products
Slide 52: TOP Group Strategic Investment Plan
-52- TOP Group Strategic Investment Plan CAPEX Plan (Unit US$ million) Updated as of September 2023 Total Actual Estimated Budgeting for Investment Plan Project 2023-2026 9M/23 Q4/23 2024 2025 2026 CFP project * 564 316 210 434 (395) - Total Ongoing CAPEX 245 24 90 105 12 14 Reliability, Efficiency
Slide 53: Refinery: Higher Contribution
Refinery : Higher Contribution 53 Supported by Lower Crude Premium and Robust Middle Distillate Spreads Dubai Crude Price & Key Petroleum Product Spreads Refinery Utilization Q2/23 Q3/23 9M/22 9M/23 2022 2023 2022 113% 110% 108% 112% $/bbl Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M Q4TD* FY % MB Intake/ MB-DB ($/bbl)
Slide 54: Aromatics: Softer Contribution
Aromatics : Softer Contribution 54 Pressured by Higher Feedstock Cost and Weak Demand Aromatic Spreads and Margins Aromatics Production 2022 2023 2022 Q2/23 Q3/23 9M/22 9M/23 $/ton Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M Q4TD* FY 71% 74% 73% 71% PX-ULG95 124 44 152 178 193 228 175 199 195 124 Q3/23 Market Highlight
Slide 55: Base Oil: Softening Contribution
Base Oil : Softening Contribution 55 Due to Declining Margins in Base Oil and Bitumen, Pressured by Economic Slowdown Base Oil & Bitumen Spreads & Margins Base oil Production 2022 2023 2022 Q2/23 Q3/23 9M/22 9M/23 $/ton Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M Q4TD* FY 83% 79% 90% 80% 500SN-HSFO 531 608 798 780 640
Slide 56: Power: Improving Contribution
Power : Improving Contribution 56 From No Refinancing Cost and Dividend Received from GPSC Power Business Sector Equity holding in (4) TOP shareholding in GPSC decreased from 24.29% to 15.38% in SPP 100% (4)(5) Nov’20 – Jan’21, and increase to 20.78% in Feb’21 after TP’s EBT completion Power & Steam
Slide 57: Olefins: Softer Contribution
57 Olefins : Softer Contribution Pressured by Lower Demand amid Increasing Supply Olefin Product Spreads TOP Investment Indonesia (TII)* Performance Polymer Spreads Monomer Spreads Net Profit (million USD) HDPE CFR SEA – NaphJ ($/TON) SM - NaphJ ($/TON) (2.8) (23.0) 0.9 (1.4) (3.4) (3.8) 551 2021 20
Slide 58: Solvent and Ethanol Contribution
Solvent : Improving Contribution from Solvent Ethanol : Lower Contribution from Ethanol Solvent Business Ethanol Business Production Rate(1) Utilization Rate(2) 103% 100% 101% 77% 74% 79% 82% 86% 82% 98% 91% 77% 83% 77% 67% 67% 2019 2020 2021 2022 Q1/23 Q2/23 Q3/23 9M/23 2019 2020 2021 2022 Q1/23 Q2
Slide 59: Performance Breakdown
59 Performance Breakdown Unit : Million Baht (MB) (3) (1) (2) Others & Consolidated Petroleum & Lube Base Petrochemical Power New Business Net Profit Q2/23 397 314 349 215 1,117 Q3/23 10,068 (12) 567 283 10,828 9M/22 32,788 (1,352) 1,097 892 32,521 9M/23 14,293 514 1,388 711 16,499 Petroleum Aromati
Slide 60: Consolidated Financial Performance
60 Consolidated Financial Performance (MB) Q3/23 Q2/23 QoQ+/(-) Q3/22 YoY+/(-) 9M/23 9M/22 YoY+/(-) (A) (D) Sales Revenue 119,656 108,467 11,189 124,174 (4,518) 344,066 382,571 (38,505) Net Realized G/(L) on Financial Instrument (2,490) 449 (2,939) (220) (2,270) (1,713) (16,210) 14,497 (B) (E) EBITD
Slide 61: Consolidated Cash Flow
61 Consolidated Cash Flow Unit : Million Baht Free Cash Flow Net income 20,589 Depreciation & NRV 5,121 12,544 4,840 19,985 Other adj. 19,985 (7,441) Change in working capital 1) (10,566) Operating (19,698) Dividend income 514 43,919 Sell in asset held for sales - (67) 36,698 (7,441) 2) CAPEX (PP&E)
Slide 62: Long-Term Recapitalization Plan and Short-term Liquidity Support
Long-Term Recapitalization Plan and Short- -62- 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 63: Successful on Recapitalization Plan & Enhanced Financial Ratios
-63- Successful on Recapitalization Plan & Enhanced Financial Ratios Recapitalization Key Benefits Equity Offering Key Financial Ratios (1) • Received cash flow THB 10.37 bn Net Debt / EBITDA Net Debt(1)/ Equity • Final price THB 53.5 per share 5.6 • Newly issued 193.8 million shares 3.5 Base offe
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 SING CRACK SING HYDRO BRENT CRACK BRENT HYDRO WTI CRACK 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 Jun-23 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun
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 2019 20
Slide 70: Domestic LPG Demand
Thailand Petroleum Demand by Products -70- 70 Domestic LPG Demand Thailand LPG Demand LPG Demand Highlight KT/Day 2023 2022 • In 9M’23, LPG demand slightly increased by 1.2% YoY mainly from automobile, petrochemical and industrial sector, which 25 increased by 3.7%, 1.9% and 0.9% YoY, respectively.
Slide 71: Domestic Gasoline/Gasohol Demand
Thailand Petroleum Demand by Products -71- 71 Domestic Gasoline/Gasohol Demand Thailand Gasoline/Gasohol Demand GASOLINE/GASOHOL Demand Highlight MML/Day 2023 2022 • In 9M’23, Gasoline demand was increased by 4.9% YoY to an average of 31.4 MML/day. The demand was supported by 40 higher transportatio
Slide 72: Domestic Jet Demand
Thailand Petroleum Demand by Products -72- 72 Domestic Jet Demand Thailand JET Demand JET Demand Highlight MML/Day 2023 2022 2019 • In 9M’23, Jet consumption increased by 65.5% YoY. The demand 24 was supported by the expansion of flight movements, which increased by 52.4% compared to the same period
Slide 73: Domestic Gasoil and NGV Demand
Thailand Petroleum Demand by Products -73- 73 Domestic Gasoil and NGV Demand Thailand Gasoil Demand Gasoil Demand Highlight • In 9M’23, Gasoil demand decreased by 4.4% YoY, mainly due to a MML/Day 2023 2022 75.6% drop in demand from power sector. This decline can be 85 attributed to the strategic sh
Slide 74: Domestic Fuel Oil Demand
Thailand Petroleum Demand by Products -74- 74 Domestic Fuel Oil Demand Thailand Fuel Oil Demand 2023 2022 Fuel Oil Demand Highlight MML/Day • In 9M’23, Fuel Oil consumption dropped by 11.4% YoY, as the 8 7.2 6.9 demand in the transportation sector, which accounted for 56.0% 6.4 of the total Fuel Oil
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 (December 2023) on 6ix