Thai Oil Public Co. Ltd. · SET:TOP
Thai Oil Public — Investor Presentation (July 2023)
74 slides from Thai Oil Public's investor presentation, Jul 26, 2023
Slide 1: Presentation to Investors Jul 2023
Thai Oil Public Company Limited Presentation to Investors Jul 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 12.00% and key business partner • All transactions take place # of Listed 2,233.8 at arm’s length and in Shares mil. shares * 24.88% 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 Group 50.0% Enhance financial efficien
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 On Recovering Domestic Oil Demand TOP/ Domestic Refinery Utilization Rate Domestic Oil Demand Unit: % Utilization Rate Mar’22 Mogas Jet/Kero Gasoil Total 150% VS Mar’23 +13.8% +74.5% -0.2% +8.9% 109% 112% 104% 112% 107% 107% 103% 101% 100% KBD 100% 3M'22 3
Slide 14: Key Highlights
-14- KEY HIGHLIGHTS
Slide 15: Q1'23 – Improving Refinery Margin
-15- Q1’23 – Improving Refinery Margin Recovery Demand after China Ends Zero-COVID policy amid Economic Concerns Key Market Highlight Impact to Oil Prices & Refining Margin Softer Crude Oil Price and Crude Premium Recovery in Global Oil Demand Low Refined Oil Product Inventories On limited supply di
Slide 16: Key Business Highlight
-16- Key Business Highlight Higher Refinery Utilization and Domestic Sales with Improved Financial Position High and reliable refinery production Optimized production U-Rate % Q1/22 Q4/22 Q1/23 19% 17% 17% GASOLINE Refinery 109% 103% 112% 12% 18% 19% JET Aromatics 73% 67% 67% Operational LAB 122% 11
Slide 17: 3Vs Strategy: Achievement
-17- 3Vs Strategy : Achievement Solid Progress on Key Strategic Projects 1. Value Maximization 2. Value Enhancement Integrated Crude to Chemical Integrated Value Chain Mgmt. CFP CAP Market Expansion • Progress 92% as of May’23 • Perform TOP & CAP business synergy • Study to expand facilities in targ
Slide 18: Our Commitment towards Sustainability
-18- Our Commitment towards Sustainability Create Value to World-class Performance Our Commitment to Community & Society Related to ESG Net Zero GHG Emission Net Zero 2060 • The Asset ESG Corporate Award for Approach to our Net Zero • Proactively deliver positive impacts to third consecutive year co
Slide 19: Financial Highlights
-19- FINANCIAL HIGHLIGHTS
Slide 20: Key Performance Highlight
-20- Key Performance Highlight Stronger GRM/GIM driven by Chinese economy Market Highlight Contribution ($/bbl) QoQ Dubai declined from $84.8/bbl to $80.3/bbl Crude prices ($/bbl) (average price) 150 YoY Dubai declined from $95.6/bbl to $80.3/bbl 100 • Influx of Russian supply to the region assuagin
Slide 21: Financial Performance
-21- Financial Performance Higher Net Operating Profit with Main Contribution from Refinery and Lube Business TOP Group Net Profit Net Profit Contributions* Unit : Million Baht (MB) Q1/22 Q4/22 Q1/23 10% 7,183 MB 147 MB 4,554 MB 8% Q1/22 82% 4% 3% 2% 14,472 Q1/23 91% 901 6% Net operating profit 2,10
Slide 22: Integrated Margin & Competitive Cash Cost
-22- Integrated Margin & Competitive Cash Cost Gross Refining Margin Refinery’s Cash Cost (Unit: US$/bbl) (Unit: US$/bbl) Market GRM Accounting GRM (Market GRM + Stock G/L) Operating Cost Interest Expense (net) 22.6 (excl. one-time non-operating item) 12.0 13.0 9.3 10.0 6.9 6.4 6.4 2.3 2.4 2.6 2.3 2
Slide 23: Financial Performance
-23- Financial Performance Sales Revenue EBITDA Unit: Million THB Unit: Million THB EBITDA (excl stk G/L) EBITDA (incl stk G/L) 505,703 37,187 33,574 389,344 362,179 28,142 335,827 22,867 242,840 20,239 13,034 13,079 123,132 13,214 13,833 11,576 11,521 114,506 115,943 8,182 5,343 2,398 2018 2019 202
Slide 24: TOP Group Financial Position & Financial Ratios
-24- TOP Group Financial Position & Financial Ratios Statements of Financial Position Consolidated Long-Term Debt as at 31 Mar 23 (Unit: million THB) Total Long-Term Debt Net Long-Term Debt 444,581 428,571 158,921 million THB 111,477 million THB Cash & ST 43,919 47,444 114,064 Trade Payable (US$ 4,6
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 3.75 4
Slide 26: TOP Group Strategic Investment Plan
-26- TOP Group Strategic Investment Plan CAPEX Plan (Unit US$ million) Updated as of April 2023 Estimated Budgeting for Actual Project Q1/23 Investment Plan 2023 – 2026 CFP project * 95 556 Total Ongoing CAPEX 4 245 Reliability, Efficiency and Flexibility Improvement 2 141 Infrastructure Improvement
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 - CAP)
Olefins Investment in Indonesia -33- (Chandra Asri 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 Group's marketing arm in Indonesia PE, PP to distribute Solvent & Chemicals, Petroleum & Petrochemicals and Polymer Liquid Products: • TOP holds 77.7% in TSR t
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 Private Limited “Int
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 HVB “ Offensive move with quick return ” “
Slide 37: Sustainability Strategy: 3Es
-37- 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 38: 2H'2023 Outlook
-38- 2H’2023 OUTLOOK • Crude Oil • Refinery • Petrochemical • Base Oil & Bitumen
Slide 39: Limited Increase in Supply After OPEC+ Cut Supply to Balance Market
-39- Limited Increase in Supply After OPEC+ Cut Supply to Balance Market Limited Increase in Supply After OPEC+ Cut Supply to B Limited Supply Disruption So Far, but Expect Russia’s Supply to be Balance Market Lower on Potential Supply Cut 2023 Supply Growth vs 2022 (1) Russia’s Seaborne Crude Oil E
Slide 40: Less Surplus from Higher Demand and Limited Supply
-40- Less Surplus from Higher Demand and Limited Supply Growing Oil Demand led by China after End of Zero-COVID Policy Less Surplus from Higher Demand and Limited Supply Global Oil Demand (1) Global Oil Demand and Production (1) MBD 2022 : +2.3 2023 : +1.6 2023 Demand 101.0 MBD (+1.6 MBD YoY) MBD (Y
Slide 41: Recovering Refinery Margin on High Demand Growth to Offset New Capacity
-41- Recovering Refinery Margin on High Demand Growth to Offset New Capacity 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 : $6.1/BBL 1 21.40 7.96 8.21 6.51 7.12 6.30 6.11 3.71 4.00 4.40 3.20 3.46 1.67 1.82 3.80 3.37 2.10 1
Slide 42: High Demand Growth to Offset New Capacity Addition
-42- High Demand Growth to Offset New Capacity Addition 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 Q3’21 400 Q1’22
Slide 43: Gasoline and Jet/Kero Markets
-43- Gasoline : Firm Summer Demand amid Increasing China’s Export Jet/Kero : Resuming Air Travelling Demand Gasoline Market Jet/Kero Market A Firm Summer Demand and Higher Driving Activity led by Asia A Higher Travelling Activity after China Ends Zero COVID policy and after China Ends Zero COVID pol
Slide 44: Gasoil and Fuel Oil Markets
-44- Gasoil : Stable Demand and Low Stock Fuel Oil : Firm Summer Demand amid Stable Russia’s Supply Gasoil Market Fuel Oil Market A Stable Demand following GDP B Low Inventories with Stock Below A Firm Demand during Middle East Summer Season Growth 5-Year Average Global Gasoil Demand (1) Weekly US/A
Slide 45: Higher Thailand Petroleum Demand in 2023
-45- 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 Jet Demand Economic Factor MML/Day +7.0% YoY MML/Day +91.1% YoY +1.7% QoQ 2023 factors +17.9% QoQ 2023 factors 35 20 ▪ Higher pa
Slide 46: Sideways Aromatics Market Following Higher Downstream Demand amid Supply Overhang
-46- Sideways Aromatics Market Following Higher Downstream Demand amid Supply Overhang A AP/ME PX Capacity Addition vs. Demand Growth C AP/ME BZ Capacity Addition vs. Demand Growth PX Effective Capacity Addition PX Demand Growth BZ Effective Capacity BZ Demand Growth MTON Zhejiang 2 (Mar) MTON JG Su
Slide 47: Stable to Soft Polymers Market from More Capacity Addition
-47- Stable to Soft Polymers Market from More Capacity Addition amid Improving Demand Growth A Large HDPE Capacity Start-up, amid Improving Demand B Continuing PP Capacity Addition mainly from China and India amid Growth from Expected Economic Improvement Improving Demand Growth AP/ME HDPE Capacity
Slide 48: Softer Base Oil Market on More Supply from New Gr.2/3 Capacity
-48- Softer Base Oil Market on More Supply from New Gr.2/3 Capacity A Pressured by Gr.2/3 Capacity Addition amid Permanent B Gr. 2 Margin Supported by Lower Supply during Maintenance Closure of Gr.1 Plant Asia Pacific Base Oil Effective Capacity Addition(1) Asia Pacific Base Oil Plant Maintenance (1
Slide 49: 2H-23 Outlook Conclusion
-49- 2H-23 Outlook Conclusion (vs. Current) Crude Oil Less Surplus from Higher Demand and Limited Supply Refinery Recovering Refinery Margin on High Demand Growth to Offset New Capacity Sideways Aromatics Market Following Higher Downstream Demand amid Supply Aromatics Overhang Stable to Soft Polymer
Slide 50: Appendix
-50- APPENDIX • CAPEX Plan • Financial Performance • Funding Plan for CAP Transaction • Recapitalization Plan • World GRM / Inventories • Thailand petroleum demand by products
Slide 51: TOP Group Strategic Investment Plan
-51- TOP Group Strategic Investment Plan CAPEX Plan (Unit US$ million) Updated as of April 2023 Estimated Budgeting for Actual Project Q1/23 Investment 2023 2024 2025 2026 Plan 2023 – 2026 CFP project * 95 556 582 396 (422) - Total Ongoing CAPEX 4 245 114 105 12 14 Reliability, Efficiency and Flexib
Slide 52: Refinery: Stronger Contribution
-52- Refinery : Stronger Contribution Supported by Lower Crude Premium and Robust Gasoline Spread Dubai Crude Price & Key Petroleum Product Spreads Refinery Utilization 2022 2023 2022 Q1/21 Q4/22 Q1/23 $/bbl Q1 Q2 Q3 Q4 Q1 Q2TD* FY 109% 103% 112% DUBAI (DB) 95.6 108.0 96.9 84.8 80.3 76.7 96.3 % MB I
Slide 53: Aromatics: Improving Contribution
-53- Aromatics : Improving Contribution From Higher PX and BZ Margins Supported by China’s Reopening Aromatic Spreads and Margins Aromatics Production 2022 2023 2022 Q1/22 Q4/22 Q1/23 $/ton Q1 Q2 Q3 Q4 Q1 Q2TD* FY 73% 67% 67% PX-ULG95 124 44 152 178 193 228 124 Q1/23 Market Highlight BZ-ULG95 110 23
Slide 54: Base Oil: Slightly Improving
-54- Base Oil : Slightly Improving On Higher Utilization after Maintenance despite Softening Base Oil and Bitumen Margins Base Oil & Bitumen Spreads & Margins Base oil Production 2022 2023 2022 Q1/22 Q4/22 Q1/23 $/ton Q1 Q2 Q3 Q4 Q1 Q2TD* FY 89% 43% 79% 500SN-HSFO 531 608 798 780 640 595 679 (81) (9
Slide 55: Power: Improving Contribution
-55- Power : Improving Contribution From Lower Operating Cost and Dividend Receive from GPSC Power Business Sector (4) TOP shareholding in GPSC decreased from 24.29% to 15.38% in Equity holding in SPP (4)(5) Nov’20 – Jan’21, and increase to 20.78% in Feb’21 after TP’s EBT completion 100% Power & Ste
Slide 56: Olefins: Turning Positive Contribution
-56- Olefins : Turning Positive Contribution From Improving Olefins Spreads Supported by Chinese Demand amid New Capacities Addition Olefin Product Spreads TOP Investment Indonesia (TII)* Performance Polymer Spreads Monomer Spreads Net Profit (million USD) HDPE CFR SEA - NaphJ ($/TON) SM - NaphJ ($/
Slide 57: Performance Breakdown
-57- Performance Breakdown Unit : Million Baht (MB) (2) (3) (1) Others & Consolidated Petroleum & Lube Base Petrochemical Power New Business Net Profit Q1/22 6,655 (4) 288 362 7,183 Q4/22 750 (645) 359 (167) 147 Q1/23 3,828 213 473 212 4,554 Petroleum Aromatics & LAB TOP SPP Solvent & Chemicals High
Slide 58: Consolidated Financial Performance
-58- Consolidated Financial Performance (MB) Q1/23 Q4/22 QoQ+/(-) Q1/22 YoY+/(-) (A) Sales Revenue 115,943 123,132 (7,189) 114,506 1,437 Net Realized G/(L) on Financial Instrument 329 369 (40) (5,727) 6,056 (E) (B) (F) EBITDA 8,182 2,398 5,784 13,034 (4,852) EBITDA excl. Stk G/(L)&NRV 11,728 9,472 2
Slide 59: Consolidated Cash Flow
-59- Consolidated Cash Flow (Unit: MB) Q1’22 Q1’23 Represent Q1’22 Q1’23 Operating Cash Flow (CFO) 6,260 20,135 Investing Cash Flow (CFI) (7,156) (4,068) Net income 9,004 6,404 Dividend income 8 8 Depreciation & NRV 1,687 1,268 Short term investment (31) (10) Other adj. 2,095 697 1) CAPEX (PP&E) & o
Slide 60: Funding Plan for the CAP Transaction
-60- Funding Plan for the CAP 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 1.1
Slide 61: Long-Term Recapitalization Plan and Short-term Liquidity Support
Long-Term Recapitalization Plan and -61- 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 62: Successful on Recapitalization Plan & Enhanced Financial Ratios
-62- 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 63: Asian Margin Vs. US-EU Margin
World GRM 63 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-2
Slide 64: Global Crude Oil Inventories
Inventories 64 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 5y
Slide 65: Global Gasoline Inventories
Inventories 65 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 2022
Slide 66: Global Middle Distillate Inventories
Inventories 66 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 5y
Slide 67: Global Fuel Oil Inventories
Inventories 67 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 2020
Slide 68: China's Refined Product Exports
68 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 2020
Slide 69: Domestic LPG Demand
Thailand Petroleum Demand by Products -69- Domestic LPG Demand Thailand LPG Demand LPG Demand Highlight KT/Day 2023 2022 • In 3M’23, LPG demand decreased by 2.0% YoY mainly from the 20 decrease of LPG demand in petrochemical sector, which decreased by 9.3% YoY, due to lower product spread. However,
Slide 70: Domestic Gasoline/Gasohol Demand
Thailand Petroleum Demand by Products -70- Domestic Gasoline/Gasohol Demand Thailand Gasoline/Gasohol Demand GASOLINE/GASOHOL Demand Highlight MML/Day 2023 2022 • In 3M’23, Gasoline demand was increased by 7.0% YoY to an 34 average of 31.4 MML/day. The demand was supported by 31.6 32 31.0 31.5 highe
Slide 71: Domestic Jet Demand
Thailand Petroleum Demand by Products -71- Domestic Jet Demand Thailand JET Demand JET Demand Highlight MML/Day 2023 2022 2019 • In 3M’23, Jet consumption increased by 91.6% YoY. The demand 24 was supported by the expansion of flight movement, which increased by 79.8% compared to the same period of
Slide 72: Domestic Gasoil and NGV Demand
Thailand Petroleum Demand by Products -72- Domestic Gasoil and NGV Demand Thailand Gasoil Demand Gasoil Demand Highlight • In 3M’23, Gasoil demand slightly increased by 0.5% YoY. The demand MML/Day 2023 2022 was still supported by improving economic activity and 85 transportation. Additionally, the
Slide 73: Domestic Fuel Oil Demand
Thailand Petroleum Demand by Products -73- Domestic Fuel Oil Demand Thailand Fuel Oil Demand 2023 2022 Fuel Oil Demand Highlight MML/Day • In 3M’23, Fuel Oil consumption rose by 6.8% YoY, as the demand 8 7.2 6.9 in the transportation sector, which accounted for 50.4% of total 6.4 Fuel Oil demand, ro
Slide 74: 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 (July 2023) on 6ix