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SET Thai Corporate Day – PTT Public Company Limited

PTT Public Company Limited · Jan 27, 2015 · 53 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. SET Thai Corporate Day – PTT Public Company Limited – slide 1
    SET Thai Corporate Day 27 January 2015
  2. SET Thai Corporate Day – PTT Public Company Limited – slide 2
    Contents Overview Performance Industry Outlook Overview Performance Industry Outlook 1
  3. SET Thai Corporate Day – PTT Public Company Limited – slide 3
    Oil Balance Thailand: Jan-Nov 2014 Adequate refining capacity maintains the stability of supply Overview Performance Industry Outlook Supply Production Sales Import (80%) Domestic Imported Refined Petroleum Products 95 KBD 905…
  4. SET Thai Corporate Day – PTT Public Company Limited – slide 4
    Natural Gas Balance: Jan Sep 2014 Main driver of the Thai economy Overview Performance Industry Outlook Supply Production Sales Ethane/ Gulf of Thailand (76%) Propane/ LPG/NGL Petrochemical Feedstock Chevron (14%) Others 30%…
  5. SET Thai Corporate Day – PTT Public Company Limited – slide 5
    PTT is Thailands Largest Energy Company Overview Performance Industry Outlook PTT Public Limited Company (PTT) Robust revenue and Net Income growth since IPO (MMUSD) Largest company on Thai Stock exchange 94,756 Market cap US56bn1 or…
  6. SET Thai Corporate Day – PTT Public Company Limited – slide 6
    PTTs Strategic Importance to Thailand Overview Performance Industry Outlook Ministry of Finance holds majority stake in PTT PTT ratings at Thai sovereign level Public 34% Thai Ministry Foreign 17% of Finance 51% Kingdom of…
  7. SET Thai Corporate Day – PTT Public Company Limited – slide 7
    Our Major Businesses & Activities Overview Performance Industry Outlook Business Areas Company PTTs holding (%) Activities Upstream E&P PTTEP 65.29% Exploration and Production PTT PLC Intermediate Gas Pipeline 100% Sole…
  8. SET Thai Corporate Day – PTT Public Company Limited – slide 8
    PTT Aspiration Strategic direction and target to achieve Big-Long-Strong aspiration Overview Performance Industry Outlook Thai Premier Multinational Energy Company Strong TOP Quartile ROIC Big Long Ranked Fortune 84th…
  9. SET Thai Corporate Day – PTT Public Company Limited – slide 9
    9M/14 Performance: Strong PTT performance outweigh soften affiliates Overview Performance Industry Outlook MMTHB 7,783 786 9,982 5% 13,707 FX gain 8,175 Avg. A/C GIM decreased 35% Other 82,444 OPEX* 32 78,293 Income 2,366 68%…
  10. SET Thai Corporate Day – PTT Public Company Limited – slide 10
    Contents Overview Performance Industry Outlook Overview Performance Industry Outlook 9
  11. SET Thai Corporate Day – PTT Public Company Limited – slide 11
    E&P Key Highlights in Q3/14 Overview Performance Industry Outlook E&P Gas Oil & Trading Refining PetChem Others Exploration Kicked off Myanmar Exploration and appraisal drilling Signed PSC agreement for Myanmar MOGE-3 block…
  12. SET Thai Corporate Day – PTT Public Company Limited – slide 12
    E&P Performance: Oil price slump pressured performance, but hedging gain alleviated some pain Overview Performance Industry Outlook E&P Gas Oil & Trading Refining PetChem Others Product Prices Sales Volume 4% 2% KBOED 104.64…
  13. SET Thai Corporate Day – PTT Public Company Limited – slide 13
    PTT EBITDA Performance: Overview Performance Industry Outlook ( Unit:MMTHB) Business Q2/14 Q3/14 QoQ 9M/13 9M/14 YoY Segment Gas-EBITDA 14,094 15,840 12% 32,574 44,422 36% S&M 5,317 7,092 33% 12,384 17,166 39% TM 6,630 6,681 1%…
  14. SET Thai Corporate Day – PTT Public Company Limited – slide 14
    Gas Performance: Maintained solid NG sale volume Overview Performance Industry Outlook E&P Gas Oil & Trading Refining PetChem Others NG Sales Volume* NG Customer Breakdown MMSCFD MMSCFD 1% QoQ 0.5% YoY AVG. 4,768 4,768 4,731…
  15. SET Thai Corporate Day – PTT Public Company Limited – slide 15
    Gas Performance : Strong GSP margin drove performance Overview Performance Industry Outlook E&P Gas Oil & Trading Refining PetChem Others GSP - Reference Product Prices GSP Sales Volume USD/Ton kTon 1% YoY 1,582 1,620 1,508 1,572…
  16. SET Thai Corporate Day – PTT Public Company Limited – slide 16
    Gas: Energy reform in progress Overview Performance Industry Outlook E&P Gas Oil & Trading Refining PetChem Others LPG retail price hike 1 Oct14 increased by 0.62 THB/kg (transportation sector) 21 Oct 14 increased by 0.63 THB/kg…
  17. SET Thai Corporate Day – PTT Public Company Limited – slide 17
    Regulated Prices have distorted Thailands energy demand/supply Overview Performance Industry Outlook E&P Gas Oil & Trading Refining PetChem Others NGV- Price & Sales Volume LPG Industry Auto Household Import THB/Kg M.Ton THB/Kg…
  18. SET Thai Corporate Day – PTT Public Company Limited – slide 18
    Oil Performance : Non-oil business continues to grow Overview Performance Industry Outlook E&P Gas Oil & Trading Refining PetChem Others Contribution Margin 1/ Sales Volume 2/ THB/Liter MM Liter 3% YoY 4% QoQ 1% QoQ 1% YoY 17,940…
  19. SET Thai Corporate Day – PTT Public Company Limited – slide 19
    Oil : Going Forward Aspired to be Regional Top Brand Overview Performance Industry Outlook E&P Gas Oil & Trading Refining PetChem Others 18
  20. SET Thai Corporate Day – PTT Public Company Limited – slide 20
    Trading Performance : Drop in margins hurt performance Overview Performance Industry Outlook E&P Gas Oil & Trading Refining PetChem Others Contribution Margin* Sales Volume THB/Liter MM Liter 2% YoY 59% QoQ 50% YoY 55,591 54,673…
  21. SET Thai Corporate Day – PTT Public Company Limited – slide 21
    Trading: Growth Drivers Overview Performance Industry Outlook E&P Gas Oil & Trading Refining PetChem Others 20
  22. SET Thai Corporate Day – PTT Public Company Limited – slide 22
    Refineries : Key Events Q32014 Overview Performance Industry Outlook E&P Gas Oil & Trading Refining PetChem Others Dispute settlement between IRPC and Liaopairattana family (Sep 14) Fire Incident Update: VGOHT Unit: Reconstruction…
  23. SET Thai Corporate Day – PTT Public Company Limited – slide 23
    Refining Business Performance: Though Aromatics rebounded, stock losses dented performance Overview Performance Industry Outlook E&P Gas Oil & Trading Refining PetChem Others GRM/GIM Aromatics USD/BBL 106.1 101.5 105.1 104.0…
  24. SET Thai Corporate Day – PTT Public Company Limited – slide 24
    Petrochemical : Key Events Q32014 Overview Performance Industry Outlook E&P Gas Oil & Trading Refining PetChem Others 28 Aug : Purchased 34% of the registered capital in Vencorex from Perstorp, making % holding in Vencorex changed…
  25. SET Thai Corporate Day – PTT Public Company Limited – slide 25
    Petrochemical Business Performance: Strong Olefins and recovered Aromatics helped offset stock loss impact Overview Performance Industry Outlook E&P Gas Oil & Trading Refining PetChem Others Refineries Aromatics CDU 103% 102% 102%…
  26. SET Thai Corporate Day – PTT Public Company Limited – slide 26
    Petrochemical : Project Updates Overview Performance Industry Outlook E&P Gas Oil & Trading Refining PetChem Others Start Capturing Benefits in 2015 25
  27. SET Thai Corporate Day – PTT Public Company Limited – slide 27
    Other Businesses : Coal - SAR (94.58%) Cost reduction initiatives relieved effect from continuing coal price declined Overview Performance Industry Outlook E&P Gas Oil & Trading Refining PetChem Others Avg. Selling Price & Cash cost…
  28. SET Thai Corporate Day – PTT Public Company Limited – slide 28
    SAR Project Update Overview Performance Industry Outlook E&P Gas Oil & Trading Refining PetChem Others Q3/14 Operational Highlights: Concluded joint mining operation contract with neighboring mine to extract coal along concession…
  29. SET Thai Corporate Day – PTT Public Company Limited – slide 29
    Other Businesses : Power - GPSC (30.10%) Lower power seasonal selling price and lower steam sales pressured Q3 performance Overview Performance Industry Outlook E&P Gas Oil & Trading Refining PetChem Others Sales Volume Net Income*…
  30. SET Thai Corporate Day – PTT Public Company Limited – slide 30
    Other Businesses : Power GPSC (30.10%) Project update Overview Performance Industry Outlook E&P Gas Oil & Trading Refining PetChem Others Progress Update (Q3/14) Navanakorn (NNEG) Expected to COD - Q3/2016 IRPC-CP Construction…
  31. SET Thai Corporate Day – PTT Public Company Limited – slide 31
    PTT Consolidated Performance: 9M/14 Overview Performance Industry Outlook Dubai 106.1 101.5 105.1 104.0 9M/13 9M/14 (USD/BBL) 5% Others PTTEP 4% 2,092,487 2,190,881 4% 8% 7% Unit : MMTHB 6% Revenue 17% PTT - Gas 17% Revenue…
  32. SET Thai Corporate Day – PTT Public Company Limited – slide 32
    Statement of Financial Position Overview Performance Industry Outlook MMTHB Increased assets : 0.8% Goodwill and exploration and evaluation assets of PTTEP due to assets swap of Canada Oil Sands KKD project and the acquisition of…
  33. SET Thai Corporate Day – PTT Public Company Limited – slide 33
    Dividend Policy & Historical Payments PTT is firmly committed to pay dividend at no less than 25% of net income Overview Performance Industry Outlook 43.6% 40.4% 32.4% 32.6% 29.8% 30.1% 30.3% 30.8% 33.0 34.7% 34.9% 35.5% 39.3%…
  34. SET Thai Corporate Day – PTT Public Company Limited – slide 34
    PTT: CAPEX (PTT and Wholly Owned Subsidiaries) PTT plans to invest Bt 327bn* (10bn) during 2015-2019 Overview Performance Industry Outlook CAPEX Breakdown : 5 Years Unit: MMTHB By Business Unit JV & Investment in Infrastructure…
  35. SET Thai Corporate Day – PTT Public Company Limited – slide 35
    Contents Overview Performance Industry Outlook Highlights Performance Industry Outlook 34
  36. SET Thai Corporate Day – PTT Public Company Limited – slide 36
    2015 Outlook : Spot LNG Price Overview Performance Industry Outlook Spot Price 2014 approximately 15 /MMBtu Spot Price 2013 is 16. 23 /MMBtu Spot Price 2015 : 13.5 14.5 /MMBtu Source : PTT & Platts as of 31st Oct 2014…
  37. SET Thai Corporate Day – PTT Public Company Limited – slide 37
    2015 Outlook : Henry Hub Price Overview Performance Industry Outlook /MMBTU 14 Consensus 12 EIA Outlook 10 EIAs projected HH Price in 2015 is 3.90 USD/MMBTU ( 0.27 USD/MMBTU) 8 HH in 2013 = 3.73 /MMBtu Average HH in 2014 = 4.17…
  38. SET Thai Corporate Day – PTT Public Company Limited – slide 38
    Crude Oil Outlook: Dubai price base case scenario Overview Performance Industry Outlook According to PRISM assumption : 2015 Brent price will average at 94.00/ BBL and with Brent-Dubai spread at 2/BBL, we have come to a consensus…
  39. SET Thai Corporate Day – PTT Public Company Limited – slide 39
    Crude Oil Outlook: Whats the PRICE FLOOR Who goes first Overview Performance Industry Outlook ACCORDING TO PRODUCTION COSTS; NON-OPEC COUNTRIES ARE LIKELY TO GET HIT FIRST IEA Some 98 percent of crude oil and condensates from…
  40. SET Thai Corporate Day – PTT Public Company Limited – slide 40
    Olefins Outlook : Ethylene/PE: Continue in Uptrend, U.S. Crackers to be Delay Overview Performance Industry Outlook PE Operating Rate remain high in 2015 Ethylene and PE Margins Continue Strong Operating Rate USD/MT 95% 1,800 1,554…
  41. SET Thai Corporate Day – PTT Public Company Limited – slide 41
    Olefins Outlook : Propylene: New On-purpose Units Pull Operating Rate Down Overview Performance Industry Outlook Ethylene up cycle and recover demand Propylene Price will be pressure from support Propylene price ratio China…
  42. SET Thai Corporate Day – PTT Public Company Limited – slide 42
    Aromatics Outlook : New PX Capacity Pressures Margin Overview Performance Industry Outlook More Capacity to Come in 2015 New Paraxylene Capacity in 2015 MT Capacity Addition Demand Growth Operating Rate Unit : MT Nameplate Effective…
  43. SET Thai Corporate Day – PTT Public Company Limited – slide 43
    Aromatics Outlook : BZ Remains Strong Thanks to Shale Gas Overview Performance Industry Outlook Changing to Lighter Feedstock Reduces BZ Output NEA Turns to be Balanced, U.S./Europe Imports More Capacity Addition Demand Growth…
  44. SET Thai Corporate Day – PTT Public Company Limited – slide 44
    Debt Profile : Control Cost & Manage Risk Managed debt according to financial risk and policy Debt Portfolio Unit : MMTHB PTT Only Consolidated : Cost of debts 4.61 % : Cost of debts 4.42 % : % fixed-rate 81.14 % : % fixed-rate…
  45. SET Thai Corporate Day – PTT Public Company Limited – slide 45
    PTT Group Performance : 9M/14 (YoY) Performance 100% % share Equity Method % PTT Unit : MMTHB 9M/13 9M/14 YoY 9M/13 9M2014 YoY PTT Net operating Income 23,352 37,110 59% 23,352 37,110 59% E&P - PTTEP 48,742 45,905 -6% 65.29% 32,050…
  46. SET Thai Corporate Day – PTT Public Company Limited – slide 46
    PTT Group Performance : Q3/14 (QoQ) Performance 100% % share Equity Method % PTT Unit : MMTHB Q2/14 Q3/14 QoQ Q2/14 Q3/14 QoQ PTT Net operating Income 11,162 12,209 9% 11,162 12,209 9% E&P - PTTEP 18,186 15,284 -16% 65.29% 12,271 7,846…
  47. SET Thai Corporate Day – PTT Public Company Limited – slide 47
    Statements of Consolidated Cash Flows 9M/2013 9M/2014 9M/2013 9M/2014 Operating 122,449 156,636 Investing -68,457 -81,693 Net Income 78,293 82,444 CAPEX(PP&E, Intangible asset) -87,880 -72,538 Changes in assets & liabilities…
  48. SET Thai Corporate Day – PTT Public Company Limited – slide 48
    Statements of Cash Flows (PTT Only) 9M/2013 9M/2014 9M/2013 9M/2014 Operating 18,986 45,768 Investing 21,706 13,420 Net Income 57,362 49,954 CAPEX (PP&E, Intangible asset) -15,079 -21,640 Changes in assets & liabilities -22,439…
  49. SET Thai Corporate Day – PTT Public Company Limited – slide 49
    Data as of 30 September 2014 Petrochemicals & E&P and Gas Business Group Oil Business Group Refining Business Group Subsidiaries Consolidate Subsidiaries Consolidate Petrochemical Subsidiaries Consolidate PTT Exploration & Production…
  50. SET Thai Corporate Day – PTT Public Company Limited – slide 50
    Natural Gas Price Structure : Jan-Sep 2014 Gas prices are mostly agreed under long-term contracts and volatility pass-through to ensure stable returns. Sales Price Structure Customers1 Gas Pool Price + Supply Margins + Pipeline…
  51. SET Thai Corporate Day – PTT Public Company Limited – slide 51
    Natural Gas : Strong and Increasing Demand over Long Term Natural gas is a fuel of choice for power producers and transportation industry Gas demand forecast (CAGR during 2014-2030) : Total 1% : Power 2% : GSP -3% : Industry 2% :…
  52. SET Thai Corporate Day – PTT Public Company Limited – slide 52
    Thailands Projected Energy Demand Commercial Primary Energy Consumption KBD 4000 3,728 3,306 1% Nuclear 4% 3500 3% 13% 2,862 3000 13% 3% 2,321 Hydro/Import13% 19% 2500 17% 1,917 2% Renewable 12% 14% 2000 2%…
  53. SET Thai Corporate Day – PTT Public Company Limited – slide 53
    Gas Business Generates Stable Returns Highlights Gas transmission pipeline capacity Sole owner and operator of entire gas transmission pipelines in Thailand (3,678 km), a regulated business IRROE ranges between Phu Hom 12.5% -…

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