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Q2 2006 ANALYST MEETING – PTTEP

PTTEP · Aug 17, 2006 · 41 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q2 2006 ANALYST MEETING – PTTEP – slide 1
    2nd Quarter /2006 Analyst Meeting 17 August 2006 1
  2. Q2 2006 ANALYST MEETING – PTTEP – slide 2
    2Q/06 & 1H/06 Activities & Operational Results Financial Highlights Growing the Future Conclusion 3
  3. Q2 2006 ANALYST MEETING – PTTEP – slide 3
    Strong 2Q/2006 results : Revenues +40% YoY Total Gas PTTEP Refining Petrochem Oil 2Q/06 313,251 Unit : Bt mn +40% +36% Revenues 313,251 Bt mn 267,718 224,368 2 mth. 196,262 Gas Group Conso. Conso. 20% RRC PTTCH Oil Group 13%…
  4. Q2 2006 ANALYST MEETING – PTTEP – slide 4
    Strong 2Q/2006 results : EBITDA +35% YoY 2Q/06 Total Gas PTTEP Refining Petrochem Oil Unit : Bt mn EBITDA 38,359 Bt mn 38,359 +35% TM 11% Mkt 6% Petchem GSP 12% 28,334 2 mth. &Ref Conso. Conso. Gas Group +54% RRC PTTCH 25%…
  5. Q2 2006 ANALYST MEETING – PTTEP – slide 5
    Strong 2Q/2006 results : Net Income +73% YoY Other 2Q/06 Total PTT PTTEP RRC PTTCH Affiliates 31,658 Net Income 31,658 Bt mn Gain on Unit : Bt mn +73% Disposal of RRC 7,130 PTT Affiliates 23% 24% 18,355 2 mth. Subsidiary 9%…
  6. Q2 2006 ANALYST MEETING – PTTEP – slide 6
    Pipeline Business : Stable Incomes & Solid Growth 3rd Pipeline will be commercially start up in 4Q/2006 1st & 2nd Pipeline is at full capacity, Gas demand remains strong and growing Gas sales volumes (mmscfd) Customer Profile 2006…
  7. Q2 2006 ANALYST MEETING – PTTEP – slide 7
    Gas Separation Plants : Strategic Value Creators Natural gas is utilized to the fullest potential through gas separation plants. Product Prices (/ton) 1,114 1199 HDPE 1,015 1186 GSPs performance PP improved yoy due to the 1,109…
  8. Q2 2006 ANALYST MEETING – PTTEP – slide 8
    PTTEP : Growth Engine & Cash Generator PTT holds 66.31% in PTTEP (as of 30 June 2006). Unit : Bt mn 2Q/06 1H/06 Strong potential in Myanmar, Vietnam, Oman %yoy %qoq % chg. and Algeria Projects. Revenue + 60% + 8% + 62% 44,869…
  9. Q2 2006 ANALYST MEETING – PTTEP – slide 9
    Oil Business : Strong Leadership Position with No.1 market share PTT is a market leader in oil retails at 39% market share with 1,258 gas stations nationwide. Oil Marketing : sales volume 237 kboe/d Thailands Market Share Unit :…
  10. Q2 2006 ANALYST MEETING – PTTEP – slide 10
    Refining Affiliates : Strong 2Q/2006 results from high GRM Cooperation among refineries improves security of supply and helps helps manage supply chain more efficiently. PTT Group represents 33% of total refining capacity by equity…
  11. Q2 2006 ANALYST MEETING – PTTEP – slide 11
    Petrochemical Affiliates : Better performance from vol. & price PTT focuses on gas- gas-based petrochemical business to create more values from natural gas assets. Capacity expansion and diversified portfolio Ethane, Propane,…
  12. Q2 2006 ANALYST MEETING – PTTEP – slide 12
    2Q/06 & 2H/06 Activities & Operational Results Financial Highlights Growing the Future Conclusion 13
  13. Q2 2006 ANALYST MEETING – PTTEP – slide 13
    Consolidated Income Statements : Q2/2006 & 1H/2006 THB (Bt mn) THB (Bt mn) 2Q/05 1Q/06 2Q/06 %YOY %QOQ 1H/05 1H/06 %Chg Sales 224,368 270,371 313,251 39.6 15.9 414,490 583,622 40.8 - S&A expenses 6,572 6,573 6,081 (7.5) (7.5)…
  14. Q2 2006 ANALYST MEETING – PTTEP – slide 14
    Balance Sheets : Financial Philosophy Solid & Secure PTT is fully committed to maintain strong financial position. Balance Sheets Financial Ratios ICR Recognized RRC, 12.9 Unit : Bt mn 12.6 GSP5 startup BCP, TPI under Conso.…
  15. Q2 2006 ANALYST MEETING – PTTEP – slide 15
    Debt Profile : Control Cost & Manage Risk Debt portfolio is structured to minimize financial risks. Debt Portfolio Consolidated debt Bt209bn (5.5bn) Unit : Bt mn Yen USD 219,282 THB 209,208 PTTEP 201,526 8% 7,705 (4%) PTT PTTCH…
  16. Q2 2006 ANALYST MEETING – PTTEP – slide 16
    2Q/06 & 1H/06 Activities & Operational Results Financial Highlights Growing the Future Conclusion 17
  17. Q2 2006 ANALYST MEETING – PTTEP – slide 17
    Energy Consumption : Growing along with Economic Expansion Oil and gas are major sources of energy and likely to remain so for many years. Energy consumption forecast (CAGR during 2006-2015) kboed : Total 5% 3,500 : Gas 8% : Oil…
  18. Q2 2006 ANALYST MEETING – PTTEP – slide 18
    Natural Gas : Strong and Increasing Demand over Long Term Natural gas is a fuel of choice for power producers and increasingly increasingly transportation industry. Gas demand forecast (CAGR during 2006-2015) mmscfd : Total 8%…
  19. Q2 2006 ANALYST MEETING – PTTEP – slide 19
    CAPEX & Investments : Growing the Future PTT plans to invest Bt239bn (6bn) during 2006- 2006-2010, mostly into expanding gas business. Gas Oil JV Others PTTEP PTT PTTs CAPEX Bt238,794m (6.0bn) Unit : Bt mn 79,620 during 2006-…
  20. Q2 2006 ANALYST MEETING – PTTEP – slide 20
    Strategic Roadmap : Core Value Creators Infrastructure is under expansion to enhance capability to meet rising gas demand. Gas Demand Outlook Unit : mmscfd 6,000 -2 0 1 0 ) 11% 005 5,000 CAGR (2 Industry 18% 4,000 GSP 20%…
  21. Q2 2006 ANALYST MEETING – PTTEP – slide 21
    Strategic Roadmap : Integrated Value Enhancers New businesses are under development to utilize assets, enhance competitiveness, and diversify risks. 2005 2006 2007 2008 2009 2010 Olefins & Plastics Debot I4/1 Debot I4/2 : Ethylene…
  22. Q2 2006 ANALYST MEETING – PTTEP – slide 22
    2Q/06 & 1H/06 Activities & Operational Results Financial Highlights Growing the Future Conclusion 23
  23. Q2 2006 ANALYST MEETING – PTTEP – slide 23
    Outlook for 2H/2006 Growing demand and fear of supply interruption continue to support high oil prices, favorable to E&P and refining businesses. Slight delay on the 3rd pipeline causing minor adjustment on the gas demand…
  24. Q2 2006 ANALYST MEETING – PTTEP – slide 24
    Thank you PTT Public Company Limited Capital Market & Investor Relations Department Tel. +66 2 537-2792, Fax. +66 2 537-2791, Email: irpttplc.com, http://www.pttplc.com/ 25
  25. Q2 2006 ANALYST MEETING – PTTEP – slide 25
    Supplement 26
  26. Q2 2006 ANALYST MEETING – PTTEP – slide 26
    Hydrocarbon Value Chain PTT Group has strong presence in various sectors throughout the hydrocarbon value chain. Fully Integrated Portfolio & Strong Leadership Position Upstream Intermediate Downstream End Customers Natural Gas…
  27. Q2 2006 ANALYST MEETING – PTTEP – slide 27
    Corporate Structure PTT Petrochemical & Gas Business Group Oil Business Group Refining Exploration and production Marketing Trading Gas-based petrochemicals Transmission and distribution Integrated and complex refineries…
  28. Q2 2006 ANALYST MEETING – PTTEP – slide 28
    PTT : The Largest Public Company in Thailand Ownership : Ministry of Finance Direct and Indirect Indirect 68%, Public 32% PTT Group represents a significant portion of Thai economy Total Market Cap. Bt5.2tr (134bn) TPI 9.0% TOP…
  29. Q2 2006 ANALYST MEETING – PTTEP – slide 29
    Recognition : Confidence & Credibility PTT is widely recognized among business community both local and international. PTT ratings are comparable to sovereign ratings Foreign : Moodys (A2) / S&P (BBB+) Local : Moodys (A2) / S&P (A-)…
  30. Q2 2006 ANALYST MEETING – PTTEP – slide 30
    Strategic Intents Drive Specific Sector Actions Roles in Portfolio Business Areas Strategic Intents Strategic actions Grow aggressively in E&P Aggressive International growth Thailand Plus Core value and beyond creators Gas…
  31. Q2 2006 ANALYST MEETING – PTTEP – slide 31
    Performance Highlights : Larger, Stronger, and Better PTT 2005 performance (Baht per share) : Revenues 332.4, EBITDA 40.8, 40.8, Net Income 30.6 Revenues 2004 2005 Unit : Bt mn 929,716 Revenues Gas Group Gas Group 22% 30% +…
  32. Q2 2006 ANALYST MEETING – PTTEP – slide 32
    PTTEP : Growth Engine & Cash Generator PTT hold 66.32% in PTTEP (as of 31 Dec 2005). Unit : Bt mn Revenues Operations Sales Vol. (boepd) Avg. Sales Prices (/boe) 68,355 31.47 31.59 29.37 28.14 25.42 23.38 % 43 + 142,685…
  33. Q2 2006 ANALYST MEETING – PTTEP – slide 33
    Refining Affiliates Cooperation among refineries improves security of supply and helps helps manage supply chain more efficiently. PTT Group represents 38% of total refining capacity TOP* 2004 2005 %Chg. RRC* 2004 2005 %Chg. :…
  34. Q2 2006 ANALYST MEETING – PTTEP – slide 34
    Petrochemical Affiliates PTT focuses on gas- gas-based petrochemical business to create more values from natural gas assets. PTT has become a regional player in petrochemical industry Ethane, Propane, Ethylene HDPE PTT GSPs LPG,…
  35. Q2 2006 ANALYST MEETING – PTTEP – slide 35
    Natural Gas Price Structure Gas prices are mostly agreed under long- long-term contracts and volatility pass- pass-through to ensure stable returns. Sales Price Structure Customers Gas Pool Price + Supply Margins + Pipeline…
  36. Q2 2006 ANALYST MEETING – PTTEP – slide 36
    Schedule : Major Projects Thailand Natural Gas Transmission System Key projects are strategically linked and timely corresponding to to meet demand. PTTs Natural Gas Pipeline Network 3rd Pipeline (Onshore & Offshore) Onshore:…
  37. Q2 2006 ANALYST MEETING – PTTEP – slide 37
    Refining Industry Strong leadership position ensures stable supply to downstream and and related businesses. PTT Group represents 33% of total refining capacity by equity portion Total refining capacity 1,012 kbpd RPC 2% ESSO…
  38. Q2 2006 ANALYST MEETING – PTTEP – slide 38
    Petroleum Demand/Procurement : 2005 Demand 1,157,000 boepd (+ 2.1%) 2005 boepd %Chg. Total 1,157,000 + 2.1% - Gas 437,900 + 5.1% : EGAT 180,900 + 1.9% Diesel 29.3% : IPP/SPP 212,800 + 8.0% EGAT 15.6% Gas Oil : Industry 43,200 +…
  39. Q2 2006 ANALYST MEETING – PTTEP – slide 39
    Gross Refining Margins Continuing demand growth while tight supply creates favorable environment environment for refining industry Gross Refining Margins for Complex Refineries GRM (/bbl) 12 10.2 10.6 10 9.2 9.2 8.5 7.9 8.0…
  40. Q2 2006 ANALYST MEETING – PTTEP – slide 40
    Dividend Policy & Historical Payments PTT is firmly committed to pay dividend at no less than 25% of net net income. EPS DPS % Dividend Payout 32.4% 32.6% 29.8% 30.1% 30.3% PTTs minimum payout ratio 25% 30.57 22.40…
  41. Q2 2006 ANALYST MEETING – PTTEP – slide 41
    Reference : Product Prices 2005 2006 YOY QOQ 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FX THB/USD (end period) 39.2543 41.4091 41.1075 41.1746 38.9417 38.3295 (7.4%) (4.0%) Crude (/bbl) : WTI 49.63 53.03 63.05 59.99 63.32 70.30 + 32.6% + 11.0% :…

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