Thai Oil Public Co. Ltd. · SET:TOP
Thai Oil Public — Investor Presentation (February 2024)
72 slides from Thai Oil Public's investor presentation, February 2024
Slide 1: Thai Oil Public Company Limited Presentation to Investors
Thai Oil Public Company Limited Presentation to Investors February 2024
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 12.63% and key business partner • All transactions take place # of Listed 2,233.8 at arm’s length and in Shares mil. shares 48.00%* adherence wi
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: 62 Years, A Long Track 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 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) Esso (177
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: Refinery: High & Reliable Utilization
Refinery : High & Reliable Utilization 13 On Recovering Domestic Oil Demand TOP/ Domestic Refinery Utilization Rate Domestic Oil Demand Unit: % Utilization Rate Dec’22 Mogas Jet/Kero Gasoil Total VS 150% +0.1% +15.2% -10.5% -4.8% Dec’23 112% 113% 110% 111% 107% 112% 103% 101% 100% KBD 2022 2023 +1.5
Slide 14: Key Highlights
-14- KEY HIGHLIGHTS
Slide 15: Key Market Highlight
Key Market Highlight 15 Normalized GRM/GIM due to Higher Supply from Refinery Resumption Key Market Factors Impact to Oil Prices & Refining Margin Global Oil Demand Growth Balanced Crude amid Constrained Supply Dubai Price ($/BBL) Despite concerns over economic slowdown in Softening crude oil demand
Slide 16: Key Performance Highlight
Key Performance Highlight 16 Higher Refinery Utilization to Capture Domestic Oil Demand ESG & Recognitions Operational Commercial Financial High and Reliable Refinery Production Crude Optimization Continuously Enhanced Cost Management Operating Cost Others i.e. WAF, US Interest Expense (net) U-Rate
Slide 17: 3Vs Strategy: Achievement
3Vs Strategy : Achievement 17 Solid Progress on Key Strategic Projects 1 VALUE MAXIMIZATION 2 VALUE ENHANCEMENT • Focusing on target countries (Vietnam, India, CFP Indonesia). • Expanded Hai Phong terminal in Vietnam to • Complete all critical modules’ construction and seize opportunities for Solven
Slide 18: Financial Highlights
-18- FINANCIAL HIGHLIGHTS
Slide 19: Key Performance Highlight
Key Performance Highlight 19 Lower GIM from Softening Refining Margins, while Recovered Aromatic Contributions ESG & Recognitions Aromatic & LAB Contribution ($/bbl) Refinery Lube Crude Price Murban OSP 7.2 1.8 3.3 3.2 Dubai Price 96.3 86.7 83.6 82.1 Q3/23 Q4/23 Column1 FY/22 FY/23 7.2 $/bbl 1.0 $/b
Slide 20: Financial Performance
Financial Performance 20 Lower Net Operating Profit from Refinery Business TOP Group Net Profit and Contribution* Unit : Million Baht (MB) Q3/23 Q4/23 FY/22 FY/23 Q4/23 FY/23 10,828 MB 2,944 MB 32,668 MB 19,443 MB TOP Group Net Profit Gain on GPSC share sale TOP Group Net Profit before tax 2,944 19,
Slide 21: Integrated Margin & Competitive Cash Cost
21 Integrated Margin & Competitive Cash Cost Gross Refining Margin Refinery’s Cash Cost (Unit: US$/bbl) (Unit: US$/bbl) Market GRM Accounting GRM (Market GRM + Stock G/L) Operating Cost Interest Expense (net) 32.9 22.6 25.1 22.2 13.0 9.3 10.0 12.4 12.0 3.0 6.7 7.2 8.5 8.3 2.1 2.6 2.0 2.6 1.8 2.0 2.1
Slide 22: Financial Performance
Financial Performance -22- Sales Revenue EBITDA Unit: Million THB Unit: Million THB EBITDA excl stk EBITDA incl stk 505,703 459,402 37,187 36,386 33,574 35,453 335,827 28,142 242,840 18,973 13,079 11,521 115,943 119,656 115,336 8,182 6,547 9,335 108,467 5,343 7,018 4,618 3,681 (2,056) 2020 2021 2022
Slide 23: TOP Group Financial Position & Financial Ratios
23 TOP Group Financial Position & Financial Ratios Statements of Financial Position Consolidated Long-Term Debt as at 31 Dec 23 (Unit: million THB) 444,581 419,993 Total Long-Term Debt Net Debt 43,919 159,919 million THB 125,453 million THB Cash & ST 110,192 34,376 investment 109,909 91,762 Trade Pa
Slide 24: Dividend Payment
Dividend 24 Dividend Payment Dividend Policy : Not less than 25% of consolidated net profit after deducting reserves, subject to cash flow and investment plan 1H Dividend 2H Dividend Unit : THB/share Year Dividend EPS R 15.63 12.18 10.40 9.19 9.40 8.66 8.70 7.82 7.28 5.91 6.04 5.97 6.17 4.57 4.97 4.
Slide 25: TOP Group Strategic Investment Plan
-25- TOP Group Strategic Investment Plan CAPEX Plan (Unit US$ million) Updated as of December 2023 Estimated Budgeting for Project Investment Plan 2024 - 2026 CFP project * 233 Total Ongoing CAPEX 200 Reliability, Efficiency and Flexibility Improvement 115 Infrastructure Improvement ( i.e. RHCU Phra
Slide 26: Strategic Investment Plans
-26- STRATEGIC INVESTMENT PLANS
Slide 27: Thaioil's Strategic Direction
-27- 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 / Sustain
Slide 28: THAIOIL Transformation
-28- 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 29: Clean Fuel Project (CFP): Rationale & Timeline
-29- 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 30: Scope of CFP & Technical Aspect
-30- 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 31: Clean Fuel Project (CFP)
Clean Fuel Project (CFP) -31- 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 32: Olefins Investment in Indonesia (Chandra Asri Petrochemical - CAP)
Olefins Investment in Indonesia -32- (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 33: Key Partnership Arrangements
-33- 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 34: Value Enhancement
-34- Value Enhancement Aspiration To Be The Marketing Platform for Products & Services of Thaioil Group & PTT Group Focus Market Germany UK Japan USA France TOPNEXT India “International marketing arm of Thaioil Group” Fast market coverage in growth area Strategic Countries Vietnam Indonesia India Ex
Slide 35: Value Diversification
-35- Value Diversification Aspiration To be the New Growth Platform of Thaioil Group with Resilient and Sustainable portfolio Target 2030 : Generate 20% HVB & New S-Curve and 5% Power of Thaioil Group net profit New S-Curve Power HVB New S-Curve HVB “ Offensive move with quick return ” “ Defensive m
Slide 36: ESG & Recognitions
36 ESG & Recognitions ESG & Recognitions Sustainability Awards of Honor in SET Awards 2023 The Highest Score (Top1%) for ESG for 6th Consecutive years Sustainable Development for the 9th year & DJSI Member for 11th consecutive year in oil & gas refining Highest Rating “AAA” in SET ESG and marketing
Slide 37: Well-Timed Net Zero GHG Emission Execution
-37- 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 38: GHG Emission Mitigation & Performance 2023
-38- GHG EMISSION MITIGATION & PERFORMANCE 2023 Mitigation : Green Operation Mitigation : Green Product Targets & Performance : GHG Emission Energy efficiency improvement is the In 2023, Thaioil Group had 5 green product Direct GHG Emissions Targets (Scope 1&2) major part of our net zero pathway cat
Slide 39: 2024 Market Outlook
2024 MARKET OUTLOOK • Crude Oil • Petroleum Products • Thailand Petroleum markets • Lube and Bitumen • Aromatics • Olefins
Slide 40: Balancing Oil Market From Controlled Supply Amid Slower Demand Growth
Balancing Oil Market From Controlled Supply Amid Slower 40 Demand Growth Oil Demand Forecast by Publication Non-OPEC Production excl Russia, MBD(1) Demand 68.0 MBD IEA (Feb’24) Growth 2023 2024 Avg 2024 = 64.9 106 EIA (Feb’24) MBD, YoY 66.0 Avg 2023 = 64.1 104 OPEC (Feb’24) 102 EIA +1.9 +1.4 64.0 Av
Slide 41: Balancing Oil Market From Controlled Supply Amid Slower Demand Growth
Balancing Oil Market From Controlled Supply Amid Slower 41 Demand Growth Change in Oil Demand and Supply (vs. 2023) , MBD (1) Market to Balance in 2H’24 1.6 1.4 Global Oil Demand and Production (1) 1.2 MBD MBD 1.0 104 4.0 0.8 0.82 3.0 1.42 102 0.6 0.03 2.0 0.4 100 0.2 0.57 1.0 0.0 98 0.0 Demand Non-
Slide 42: Normalizing Margin to Slightly Above Pre-COVID19 Level
42 Normalizing Margin to Slightly Above Pre-COVID19 Level 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 Avg. 2024 : $8.3/BBL 1 21.40 10.70 9.60 7.96 8.21 8.25 6.51 7.12 6.30 6.83 6.11 5.48 3.20 3.46 3.71 3.80 3.3
Slide 43: Rising Transportation and Jet Demand to Support Global Oil Demand Growth
A. Rising Transportation and Jet Demand to Support Global Oil 43 Demand Growth Global Oil Demand by Product (1) Global Commercial Flight Numbers, Thousand Flights per day (2) 150 Growth 2024 • Whilst the total flight numbers (MBD) 100 2023 have surpassed pre-covid level, 6.0 the majority is short-ha
Slide 44: Capacity Growth to Exceed Incremental Demand amid Uncertainty in Refinery Start-up
B. Capacity Growth to Exceed Incremental Demand 44 amid Uncertainty in Refinery Start-up Global Effective CDU Addition VS Additional Demand Country Company CDU (KBD) Start-up Demand Growth Middle East China China CNPC/PDVSA 430 Q1’23 Delay from Q3’21 India Europe North America Iran Abadan 230 Q2’23
Slide 45: Tight Product Supply on Insufficient Runs to Meet Demand
45 C. Tight Product Supply on Insufficient Runs to Meet Demand MBD Global Runs (MBD) Gasoline Inventory Mbbl 90 340 85 320 300 80 280 260 75 240 70 220 Jan Mar May Jul Sep Nov Jan Apr Jul Oct MBD 105 Global Demand (MBD) Mbbl Gasoil Inventory 250 100 200 95 min 2022 2023 2024 2015-2019 Average 150 90
Slide 46: Domestic Demand: Higher Petroleum Demand except Fuel Oil in 2024
46 Domestic Demand: Higher Petroleum Demand except Fuel Oil in 2024 A Higher Gasoline Demand from Higher Travel Mobility B Higher Gasoil Demand from Higher Logistic Activities Factor/Policy to Watch Gasoline Demand Gasoil Demand MML/Day 2023 vs 2022: +4.0% MML/Day 2023 vs 2022: -5.7% 2024 vs 2023: 2
Slide 47: Improving PX Market as Demand Growth Outpacing Capacity Addition
Improving PX Market as Demand Growth Outpacing 47 Capacity Addition amid Continuous BZ Supply Overhang AP/ME PX Capacity Addition vs. Demand Growth AP/ME BZ Capacity Addition vs. Demand Growth PX Effective Capacity Addition PX Demand Growth Operating rate (%) BZ Effective Capacity Addition BZ Demand
Slide 48: Challenging Olefins Market from High Capacity Addition
Challenging Olefins Market from High Capacity Addition 48 amid Improving Demand Growth AP/ME HDPE Capacity Addition vs. Demand Growth AP/ME PP Capacity Addition vs. Demand Growth Mt Mt HDPE Effective Capacity Addition HDPE Demand Growth Operating rate (%) PP Effective Capacity Addition PP Demand Gro
Slide 49: Softer Base Oil Market on More Supply from New Gr.2/3 Capacity
49 Softer Base Oil Market on More Supply from New Gr.2/3 Capacity A Higher Gr.2/3 Effective Capacity Addition and Weaker Gr.1 B Pressured by Lower Alternative Gr.2 Prices Demand Growth AP/ME Base Oil Effective Capacity Addition vs. Demand Growth (1,2) Historical Prices (3) MTON $/TON 2.0 1.7 1,400 1
Slide 50: 2024 Market Outlook Conclusion
Conclusion 50 2024 Market Outlook Conclusion (vs. 2023) Crude Oil Balancing Oil Market From Controlled Supply Amid Slower Demand Growth Refinery Normalizing Margin to Above pre-Covid19 Level PX Demand Growth to Outpace Capacity amid BZ Supply Overhang Petchem Challenging Olefins Markets with High Ne
Slide 51: Appendix
-51- APPENDIX • CAPEX Plan • Financial Performance • Recapitalization Plan • World GRM / Inventories • Thailand Petroleum Demand by Products
Slide 52: TOP Group Strategic Investment Plan
-52- TOP Group Strategic Investment Plan CAPEX Plan (Unit US$ million) Updated as of December 2023 Estimated Budgeting for Actual Project FY2023 Investment Plan 2024 2025 2026 2024 – 2026 CFP project * 333 233 584 (350) - Total Ongoing CAPEX 45 200 175 12 14 Reliability, Efficiency and Flexibility I
Slide 53: Refinery: Lower Contribution
Refinery : Lower Contribution 53 Pressured by Lower Product Spreads and Higher Crude Premium Gross Refinery Margins (GRM) ($/bbl) Refinery Utilization (%) Performance Acc. + Q4’23: Slight increase in refinery run rate to 111% 22.6 32.9 (2.9) (0.3) 6.4 2.5 22.2 2.1 13.0 8.3 110% 111% 112% GRM 107% du
Slide 54: Aromatics: Higher Contribution
Aromatics : Higher Contribution 54 Supported by Higher Downstream Demand and Lower Supply Gross Integrated Margins (GIM) & Product-To-Feed Margin (P2F) TPX Utilization (%) Performance GIM 0.7 0.0 0.2 0.8 0.9 0.9 0.7 1.0 0.4 0.9 79% + Q4/23: Increase TPX utilization rate to 79% from ($/bbl) 74% 71% 7
Slide 55: Base Oil: Stable Contribution
Base Oil : Stable Contribution 55 From Improving Margin Due to Lower Supply Gross Integrated Margins (GIM) & Product-To-Feed Margin (P2F) TLB Utilization (%) Performance GIM 0.6 0.8 1.9 1.0 1.1 0.8 0.5 0.5 1.1 0.7 79% 79% - Q4/23: Lower utilization rate at 76% from group 76% 77% ($/bbl) optimization
Slide 56: Power: Lower Contribution
Power : Lower Contribution 56 Due to No Dividend Received from GPSC Electricity Sales (GWh) Steam Sales (kton) 100% 10% 2,063 3,138 (1)(2) 2,249 1,559 Consolidated Dividend income 853 561 553 878 828 to TOP Since Jun’22 354 402 407 397 570 561 590 544 554 579 379 (1) TOP shareholding in GPSC decreas
Slide 57: Olefins: Improving Contribution
Olefins : Improving Contribution 57 Due to Lower Expenses amid Weaker Petrochemical Spread Overall Olefin Product Spreads TOP Investment Indonesia (TII)* Performance Polymer Spreads Monomer Spreads Net Profit (million USD) HDPE CFR SEA - NaphJ ($/TON) 0.9 SM - NaphJ ($/TON) (2.0) (1.4) (3.4) (1.9) (
Slide 58: Solvent and Ethanol: Lower Contribution
Solvent : Lower Contribution from Lower Sales Volume 58 Ethanol : Lower Contribution from Higher Feedstock Cost Solvent Business Ethanol Business Production Rate(1) Utilization Rate(2) 119% 106% 101% 90% 106% 82% 98% 101% 93% 83% 68% 68% 82% 73% 67% 83% 65% 77% 74% 67% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Slide 59: Consolidated Financial Performance
59 Consolidated Financial Performance (MB) Q4/23 Q3/23 QoQ+/(-) Q4/22 YoY+/(-) 2023 2022 YoY+/(-) Sales Revenue 115,336 119,656 (4,320)A) 123,132 (7,796) 459,402 505,703 (46,301)D) Net Realized G/(L) on Financial Instrument (781) (2,490) 1,709 369 (1,150) (2,493) (15,841) 13,348E) EBITDA 3,681 18,97
Slide 60: Consolidated Cash Flow
60 Consolidated Cash Flow Unit : Million Baht Free Cash Flow Net income 24,257 Depreciation & NRV 7,747 13,997 Other adj. 2,957 28,088 1) (14,091) Operating Change in working capital (6,873) (23,077) Dividend income 595 Sell in asset held for sales - (14,091) CAPEX (PP&E) & others 2) Investing (14,6
Slide 61: Asian Margin Vs. US-EU Margin
World GRM 61 Asian Margin Vs. US-EU Margin $/BBL SINGAPORE GRM 40 SING CRACK SING HYDRO $/BBL U.S. – EU GRM 30 60 BRENT CRACK BRENT HYDRO WTI CRACK 50 20 40 10 30 20 0 10 0 -10 -10 Mar-21 Sep-21 Nov-21 Mar-22 Sep-22 Nov-22 Mar-23 Sep-23 Nov-23 May-21 May-22 May-23 Jan-22 Jan-21 Jul-21 Jul-22 Jan-23
Slide 62: Global Crude Oil Inventories
Inventories 62 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 2021 2022 2023 avg 19-23 2024 5y
Slide 63: Global Gasoline Inventories
Inventories 63 Global Gasoline Inventories U.S. Gasoline Stocks Singapore Gasoline Stocks MBBL Source : EIA MBBL 280 Source : IE Singapore 260 17 240 220 200 12 180 1 5 9 13 17 21 25 29 33 37 41 45 49 7 1 5 9 13 17 21 25 29 33 37 41 45 49 5yr-range 2021 2022 5yr-range 2021 2022 2023 avg 19-23 2024 2
Slide 64: Global Middle Distillate Inventories
Inventories 64 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 2021 2022 5yr-range 2021 2022 20
Slide 65: Global Fuel Oil Inventories
Inventories 65 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 2021 2022 5yr-range 2021 2022 2023 avg 19-23
Slide 66: China's Refined Product Exports
66 China’s Refined Product Exports Actual China’s Gasoline Exports Actual 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 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Slide 67: Domestic LPG Demand
Thailand Petroleum Demand by Products -67- 67 Domestic LPG Demand Thailand LPG Demand LPG Demand Highlight KT/Day 2023 2022 • In 12M’23, LPG demand slightly increased by 1.2% YoY mainly from automobile, petrochemical and industrial sector, which 25 increased by 3.5%, 1.9% and 0.3% YoY, respectively.
Slide 68: Domestic Gasoline/Gasohol Demand
Thailand Petroleum Demand by Products -68- 68 Domestic Gasoline/Gasohol Demand Thailand Gasoline/Gasohol Demand GASOLINE/GASOHOL Demand Highlight MML/Day • In 2023, Gasoline demand was increased by 4.0% YoY to an 2023 2022 average of 31.4 MML/day. The demand was supported by 40 higher transportation
Slide 69: Domestic Jet Demand
Thailand Petroleum Demand by Products -69- 69 Domestic Jet Demand Thailand JET Demand JET Demand Highlight MML/Day 2023 2022 2019 • In 2023, Jet consumption increased by 50.0% YoY. The demand 24 was supported by the expansion of flight movements, which increased by 41.6% compared to the same period
Slide 70: Domestic Gasoil and NGV Demand
Thailand Petroleum Demand by Products -70- 70 Domestic Gasoil and NGV Demand Thailand Gasoil Demand Gasoil Demand Highlight • In 2023, Gasoil demand decreased by 5.7% YoY, primarily driven by a MML/Day 2023 2022 63.6% drop in demand from power sector. This decline can be 85 attributed to the strateg
Slide 71: Domestic Fuel Oil Demand
Thailand Petroleum Demand by Products -71- 71 Domestic Fuel Oil Demand Thailand Fuel Oil Demand 2023 2022 Fuel Oil Demand Highlight MML/Day • In 2023, Fuel Oil consumption dropped by 15.8% YoY, as the 8 7.2 6.9 demand in the transportation sector, accounting for 57.1% of 6.4 the total Fuel Oil deman
Slide 72: 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 2024) on 6ix