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Q1 2005 EARNINGS CALL – PTTEP

PTTEP · May 19, 2004 · 39 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. Q1 2005 EARNINGS CALL – PTTEP – slide 1
    Analyst Briefing Q1/2005 19 May 2004 1
  2. Q1 2005 EARNINGS CALL – PTTEP – slide 2
    Highlights Operational Results Financial Performance Projects & Investments 3
  3. Q1 2005 EARNINGS CALL – PTTEP – slide 3
    Recent Major Developments of PTT and Affiliates Gas Business Successful Capacity Enhancing Program, increasing pipeline capacity from 1,720 mmcfd to 2,000 mmcfd GSP5 - on commercial run - currently operating at 70% utilization and…
  4. Q1 2005 EARNINGS CALL – PTTEP – slide 4
    Q1/2005 Financial Snapshot : Another Solid Quarter Q1/2004 Q1/2005 Sales 137,146 MB Sales 191,161 MB + 54,015 MB (+ 39%) Gas Group Gas Group 23% 32% Oil Group 13% Petrochem Oil Group & Refinery 68% 64% EBITDA 17,807 MB…
  5. Q1 2005 EARNINGS CALL – PTTEP – slide 5
    Q1/2005 Financial Snapshot : Another Solid Quarter Q1/2004 Q1/2005 Net Income 12,274 MB Net Income 25,996 MB PTTEP + 13,722 MB (+ 112%) PTTEP : Refinery 11% 11% : Petrochem 11% 17% PTT Associates 31% PTT 22% : Refinery 27%…
  6. Q1 2005 EARNINGS CALL – PTTEP – slide 6
    Highlights Operational Results Financial Performance Projects & Investments 7
  7. Q1 2005 EARNINGS CALL – PTTEP – slide 7
    Gas Business : Strong Fundamental with Growth Potential Gas Sales Volume Customer Profile MMSCFD MMSCFD EGAT IPP SPP 3000 4000 GSP Industry 2970 + 14% yoy + 14.3% yoy + 4% qoq 3500 + 3.9% qoq 2900 2858 2,858 2,970 2850 3000 2814…
  8. Q1 2005 EARNINGS CALL – PTTEP – slide 8
    Gas Separation Plants : Strategic Value Creators Product Sales Volume : Strong contribution from GSP5 kTon %yoy %qoq 900 803 680 674 671 723 59 7% Propane 13% 18% 52 50 50 190 600 54 139 24% 138 131 139 Ethane 38% 37% 108 103…
  9. Q1 2005 EARNINGS CALL – PTTEP – slide 9
    PTTEP : Profitability with Continuing Growth 66.48% owned by PTT (as of 31 Mar 2005) Performance Highlights PTTEP Reserve (Thailand only) %yoy %qoq EBITDA 20% (6%) NI 26% (17%) MB Sales Volume (RHS) KBOED Oil 20,000 160 1P…
  10. Q1 2005 EARNINGS CALL – PTTEP – slide 10
    Oil Business : Leadership Position & Expansion Capability Oil Marketing : Dominant Position & Strong Brand with 34% Market Share ML of stations PTT : Total = 1,367 : 18,947 (as of Dec 2004) %yoy %qoq 3,582 3,514 3,353 3,489 3,710…
  11. Q1 2005 EARNINGS CALL – PTTEP – slide 11
    Petrochemical Associates : Olefins Olefins Prices NPC /Ton MB %Utl PP 1200 5000 96 94 120 HDPE 86 1098 4000 100 Ethylene 1100 1043 1106 1050 80 Propylene 1078 3000 2269 1048 1060 1050 Naphtha 1634 60 1063 2000 1554 1000 40 990…
  12. Q1 2005 EARNINGS CALL – PTTEP – slide 12
    Petrochemical Associates : Aromatics Aromatics Prices ATC /Ton MB 120 %Utl 111 114 1400 5000 4112 120 PX 4000 100 BZ 3120 80 Condensate 3000 1200 60 1,089 2000 4248 1249 40 2698 973 1000 20 953 919 1000 0 0 954 973 Q1/04…
  13. Q1 2005 EARNINGS CALL – PTTEP – slide 13
    Refining Affiliates TOP RRC Gain from debt MB %Utl MB restructuring 7,738 %Utl 105 106 105 103 102 10000 95 120 10000 120 8000 7278 100 8000 100 6338 5717 80 80 6000 6000 60 3882 3346 60 4000 4000 2815 40 40 9298 2000 20…
  14. Q1 2005 EARNINGS CALL – PTTEP – slide 14
    Highlights Operational Results Financial Performance Projects & Investments 15
  15. Q1 2005 EARNINGS CALL – PTTEP – slide 15
    Consolidated Income Statement : Q1/2005 Unit : million Baht except EPS (Baht/share) and percentages Q1/04 Q4/04 Q1/05 %YoY %QoQ Sales 137,146 183,176 191,161 39.4 4.4 S&A Expenses 3,698 6,297 5,631 52.3 (10.6) EBITDA 17,807 20,653…
  16. Q1 2005 EARNINGS CALL – PTTEP – slide 16
    Share of Net Income from Associates Income from Associates of 5,766 MB ( 22% of Total Net Income) Q1/04 : Net Income 12,274 MB Q1/05 : Net Income 25,996 MB PTTEP + 54% 11% Associates 3,752 MB 5,766 MB PTT PTT 32% Associates 31%…
  17. Q1 2005 EARNINGS CALL – PTTEP – slide 17
    Balance Sheet & Financial Ratios Balance Sheet Financial Ratios MB Liabilities 600,000 Equities 3.0 ICR (RHS) 10.8 12 487,226 480,137 9.4 500,000 2.5 10 7.7 400,000 2.0 8 324,331 268,172 302,311 1.4 300,000 1.5 Net Debt/EBITDA 6…
  18. Q1 2005 EARNINGS CALL – PTTEP – slide 18
    Debt Profile : Cost Control & Risk Management Average loan life Consolidated (6.4 years) / PTT Only (6.0 years) Long-term Debts by Currency Long-term Debts by Company MB JPY RRCs debt repayment of MB Equivalent THB USD Total Cost %…
  19. Q1 2005 EARNINGS CALL – PTTEP – slide 19
    Highlights Operational Results Financial Performance Projects & Investments 20
  20. Q1 2005 EARNINGS CALL – PTTEP – slide 20
    CAPEX & Investments : Building Infrastructure to Grow CAPEX & JV Investments : 2005 2009 to serve growing gas demand MB Total Capex 212,266 MB (5.6bn) 70,000 which 91% invested in gas business group 64,351 58,068 60,000 Others…
  21. Q1 2005 EARNINGS CALL – PTTEP – slide 21
    Strategic Roadmap : Core Gas Business Transmission 3rd Pipeline 3rd Pipeline 2 BV7 Comp. Offshare + Myanmar 1 Offshore Comp. 3,030* + 280 (from enhancement) + 100 + 700 + 1,160 Capacity (mmcfd) 3,310 3,410 4,110 5,270 5,270 (actual…
  22. Q1 2005 EARNINGS CALL – PTTEP – slide 22
    Strategic Roadmap : Value Enhancers Existing - 2005 2006 2007 2008 2009 EO/EG 1 EO/EG 2 MEG 220 kta MEG 300 kta EO 80 kta Ethylene from debot plant 2 TOC (PTT 48.97%) Ethylene from expansion Ethylene 685 kta Propylene 190 kta Debot…
  23. Q1 2005 EARNINGS CALL – PTTEP – slide 23
    Conclusions Q1/2005 was another strong quarter supported by growing sales volumes, PTTEPs solid performance and consolidation of RRC including one-time gain from debt restructuring. Industry outlook remains volatile but favorable.…
  24. Q1 2005 EARNINGS CALL – PTTEP – slide 24
    Thank you. PTT Public Company Limited Investor Relations Department Tel. (+66 2) 537-2787 Email: irpttplc.com http://www.pttplc.com/ 25
  25. Q1 2005 EARNINGS CALL – PTTEP – slide 25
    Appendix 26
  26. Q1 2005 EARNINGS CALL – PTTEP – slide 26
    PTT : The Only Integrated Gas Company in Thailand Ministry of Finance 52%, Public 48% Largest Thai Public Company Global Recognition Market Cap. (Bt mn) % PTT SET 4,656,725 100.0 PTT Group 1,083,529 23.3 12% PTT 570,638 12.3 1st…
  27. Q1 2005 EARNINGS CALL – PTTEP – slide 27
    PTT Group Strategy PTT Vision : To be a high-performance energy company with reasonable return to stakeholders Business Group Strategy EE & &PP Grow in Thailand and beyond Value Creators (Core) Gas Gas Pursue growth…
  28. Q1 2005 EARNINGS CALL – PTTEP – slide 28
    Corporate Structure PTT Gas Business Group Oil Business Group Petrochemical & Refining Exploration and production Marketing Trading Gas-based petrochemicals Transmission and distribution Commercial Crude and Refineries Processing…
  29. Q1 2005 EARNINGS CALL – PTTEP – slide 29
    Thailands Energy Consumption (Include Petrochemical Feedstock) KBOED Actual 2004 Projection 3500 3,200 015) 6% -2 1% 3000 % G R (2004 Hydro/Others - 20 04) 9 CA ( 1985 1,677 CAGR 14% 14% 2% Coal/Lignite 2500 13% 13% 2000…
  30. Q1 2005 EARNINGS CALL – PTTEP – slide 30
    Gas Demand Outlook in Thailand : Growing Constantly MMSCFD Actual 2004 Projection 7,000 7% 0 15) 5,900 6,000 9 % -2 ) ( 2 004 - 2004 CAG R Industry ( 1 998 12% 12% R 5,000 CAG 2,780 9% GSP 24% 4,000 14% 3,000 77% Power…
  31. Q1 2005 EARNINGS CALL – PTTEP – slide 31
    GSPs : Increase Gas Consumption & Enhance Gas Value Extracting valuable components from natural gas to produce high-value products Gas Demand Product Usage MMSCFD kTPA 1,000 7,000 13% 12% 900 09 ) Stab NGL 20 09) -20 - 9 9…
  32. Q1 2005 EARNINGS CALL – PTTEP – slide 32
    Natural Gas Sales Structure : Stable & Fixed Return Sales Price Structure Customers Gas Pool Price + Supply Margins + Pipeline Tariffs Power Producers (75%) : EGAT (33%) 1.75% 19.4 Bt/mmbtu Average Purchased : IPP (28%)…
  33. Q1 2005 EARNINGS CALL – PTTEP – slide 33
    Take-or-pay Contract : Extra Cash from Make-up Gas MMSCFD 1,000 Make-up Gas 900 DCQ 800 700 Advanced payment 600 500 830mn booked as advanced payment for gas in 2001 400 Gas taken exceeding DCQ since 2001 300 Actual gas…
  34. Q1 2005 EARNINGS CALL – PTTEP – slide 34
    Major Projects Update PTTs Natural Gas Pipeline Network 3rd Offshore Pipeline : EPC contract awarded in 2004 : Scheduled to startup by 1H/2006 Sainoi to N&S BKK Power Plants (capacity 480 mmcfd) Karnchanaburi Purchasing and…
  35. Q1 2005 EARNINGS CALL – PTTEP – slide 35
    Petrochemical Assets : Strategic Gas-based Operations Company Key Products Debt PTTs Market Cap. Highlights (PTT ownership) (TPA) Oustanding Book Value (USD mil) (USD mil) (USD mil) TOC Ethylene: 685,000 209 301 666 EO/EG I (PTT…
  36. Q1 2005 EARNINGS CALL – PTTEP – slide 36
    Refining Assets : Integrating Oil Operations Company Refining Process Debt PTTs Market Cap. Highlights (PTT ownership) (Capacity in bpd) Oustanding Book Value (USD mil) (USD mil) (USD mil) TOP Complex 626 455 1,609 Expansion (PTT…
  37. Q1 2005 EARNINGS CALL – PTTEP – slide 37
    Refineries in Thailand Leading position in the market with 31% of Thailands total refining capacity (PTT portion) RPC 2% TOP (220 kbpd) (PTT 49.54%) ESSO TOP 14% 22% BCP (120 kbpd) ESSO (145 (PTT 7.91%) TPI kbpd) RRC…
  38. Q1 2005 EARNINGS CALL – PTTEP – slide 38
    Gross Refining Margins /bbl 14 12 12.1 Q1/05 10 8.8 Yr 2004 8.5 7.9 8 6 5.7 Yr 2003 4 4.0 2 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec -2 Note : Data using monthly average GRMs of three major refineries (TOP,…
  39. Q1 2005 EARNINGS CALL – PTTEP – slide 39
    Dividend Policy & Historical Payments Baht/share % of Net Income 14 32.4% 32.6% 35% 30.1% 28.4% 12 30% 10 25.0% 25% 8 Dividend payment at no less than 25% of Net Income 20% 6.75 6 15% 4.00 4 10% 2.85 2.50 2 5% 0…

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