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APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited

PTT Public Company Limited · Apr 13, 2015 · 50 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. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 1
    Investor Update April 2015
  2. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 2
    Contents Overview Performance 2015 Outlook Overview Performance 2015 Outlook 1
  3. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 3
    Oil Balance Thailand: Jan-Dec 2014 Adequate refining capacity maintains the stability of supply Overview Performance 2015 Outlook Supply Production Sales Import (80%) Domestic Imported Refined Petroleum Products 93 KBD 898 KBD…
  4. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 4
    Natural Gas Balance: Jan Dec 2014 Main driver of the Thai economy Overview Performance 2015 Outlook Supply Production Sales Ethane/ Gulf of Thailand (75%) Propane/ LPG/NGL Petrochemical Feedstock Chevron (14%) Others 29%…
  5. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 5
    PTT is Thailands Largest Energy Company Overview Performance 2015 Outlook PTT Public Limited Company (PTT) Robust revenue and Net Income growth since IPO (MMUSD) Largest company on Thai Stock exchange 87,223 Market cap US56bn1 or…
  6. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 6
    PTTs Strategic Importance to Thailand Overview Performance 2015 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 Thai…
  7. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 7
    Our Major Businesses & Activities Overview Performance 2015 Outlook Business Areas Company PTTs holding (%) Activities Upstream E&P PTTEP 65.29% Exploration and Production PTT PLC Intermediate Gas Pipeline 100% Sole…
  8. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 8
    PTT Aspiration Strategic direction and target to achieve Big-Long-Strong aspiration Overview Performance 2015 Outlook Thai Premier Multinational Energy Company Strong TOP Quartile ROIC Big Long Ranked Fortune 84th Listed in…
  9. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 9
    2014 Performance: PTT Group: Non recurring & stock loss pressured performance Overview Performance 2015 Outlook MMTHB Petrochem 11,366 25,311 Refinerys margin decreased 81% 93,091 FX gain 17,796 Aromatics: PX spread drop 28%…
  10. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 10
    Contents Overview Performance 2015 Outlook Overview Performance 2015 Outlook 9
  11. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 11
    E&P key accomplishments in 2014 Overview Performance 2015 Outlook E&P Gas Oil & Trading Refining PetChem Others Production Strong production base from high-margin assets : 10% Growth Maintain domestic production to support energy…
  12. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 12
    E&P Performance: Lower net income in 2014 mainly from impairment loss of assets Overview Performance 2015 Outlook E&P Gas Oil & Trading Refining PetChem Others Product Prices Sales Volume KBOED 5% 100.19 25% 100.15 Liquid 94.91…
  13. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 13
    E&P Priorities in 2015 Adaptive to industry fundamental change Overview Performance 2015 Outlook E&P Gas Oil & Trading Refining PetChem Others Implication Priorities in changing industry environment Deliver 6% volume growth as…
  14. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 14
    PTT EBITDA Performance: Overview Performance 2015 Outlook ( Unit:MMTHB) Business Q3/14 Q4/14 QoQ Y2013 Y2014 YoY Segment Gas-EBITDA 15,840 9,680 (39%) 44,836 54,102 21% S&M 7,092 3,290 (54%) 18,436 20,456 11% TM 6,681 5,874 (12%)…
  15. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 15
    Energy Price Reform: Blessing in Disguise Overview Performance 2015 Outlook Dubai Petroleum Products USD/BBL New Gov. THB/Litre New Gov. Total change ULG 95 -14.79 for ULG 107.11 47.15 -13.33 for Gasohol95 -4.76 for Diesel…
  16. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 16
    Energy Price Reform: LPG Prices Overview Performance 2015 Outlook E&P Gas Oil & Trading Refining PetChem Others Lifted GSP Capped Price from 333 USD/TON to reflect GSP Cost Imported 24.16 /kg 2.0 Mil. CP+85 /ton Ton or (27%)…
  17. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 17
    Gas Performance: NG volume maintain growth under political uncertainty in Y2014 Overview Performance 2015 Outlook E&P Gas Oil & Trading Refining PetChem Others NG Sales Volume* NG Customer Breakdown MMSCFD MMSCFD 2% QoQ 2% YoY…
  18. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 18
    Gas Performance : Higher NG sales and stronger GSP Margin drove performance Overview Performance 2015 Outlook E&P Gas Oil & Trading Refining PetChem Others GSP - Reference Product Prices GSP Sales Volume USD/Ton kTon 3% YoY 1,620…
  19. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 19
    Gas BU: Gas Consumption keep growing in line with GDP Growth Overview Performance 2015 Outlook E&P Gas Oil & Trading Refining PetChem Others 18
  20. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 20
    Oil Performance : Stock loss hurts performance Overview Performance 2015 Outlook E&P Gas Oil & Trading Refining PetChem Others Contribution Margin 1/ Sales Volume 2/ THB/Liter MM Liter 3% YoY 3% YoY 23,981 24,657 0.80 0.82 4% QoQ…
  21. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 21
    Oil BU : Going Forward Moving toward sustainable growth Overview Performance 2015 Outlook E&P Gas Oil & Trading Refining PetChem Others Meeting Godji Family Rank 24th in Platts Top 250 Global at PTT Life Station Energy Company…
  22. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 22
    Trading Performance : Domestic condensate drives performance Overview Performance 2015 Outlook E&P Gas Oil & Trading Refining PetChem Others Contribution Margin* Sales Volume MM Liter 2% YoY THB/Liter 32% YoY 75,545 74,200 14%…
  23. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 23
    Refineries : Key Events 2014 Overview Performance 2015 Outlook E&P Gas Oil & Trading Refining PetChem Others Jun: CDU-3 Major Turnaround : 15 Jun- End July 46 Days Aug: COD of key margin improvement products i.e. HVU-2 revamp, CDU-3…
  24. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 24
    Refining Business Performance: More stock losses and pressured Aromatics Overview Performance 2015 Outlook E&P Gas Oil & Trading Refining PetChem Others GRM/GIM Aromatics USD/BBL Aromatics Production 101.5 105.5 96.6 89% 74.4 82%…
  25. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 25
    Petrochemical : Key Events 2014 Overview Performance 2015 Outlook E&P Gas Oil & Trading Refining PetChem Others Feb: PTTGC had planned shutdown of Olefins Plant I-1 and unplanned shutdown of Plant I4-1. Aug: Purchased 34% of the…
  26. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 26
    Petrochemical Business Performance: Stock loss and plummeted Aromatics offset by solid Olefins Overview Performance 2015 Outlook E&P Gas Oil & Trading Refining PetChem Others Refineries Aromatics CDU 102% 101% 102% BTX 83% 63% 90%…
  27. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 27
    Other Businesses : Coal - SAR (94.58%) Cost reduction initiatives relieved effect from continuing coal price declined Overview Performance 2015 Outlook E&P Gas Oil & Trading Refining PetChem Others Avg. Selling Price & Cash cost…
  28. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 28
    Other Businesses : Power - GPSC (30.10%) Better performance supported by higher steam sales Overview Performance 2015 Outlook E&P Gas Oil & Trading Refining PetChem Others Sales Volume Net Income* (100%) GWh 15% YoY 7,850 7,573…
  29. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 29
    Other Businesses : Power GPSC (30.10%) Project update Overview Performance 2015 Outlook E&P Gas Oil & Trading Refining PetChem Others Key Activities 2014 All 7 assets transferred from PTT to GPSC Highlight Planned Activities 2015…
  30. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 30
    PTT Consolidated Performance: 2014 Overview Performance 2015 Outlook Dubai 101.5 105.5 96.6 2013 2014 74.4 (USD/BBL) 0.3% Others PTTEP 4% 2,842,408 2,834,732 4% 7% 8% Unit : MMTHB 15% 17% PTT - Gas 18% Revenue Revenue 757,619…
  31. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 31
    Statement of Financial Position Overview Performance 2015 Outlook MMTHB Decreased assets : Dropped in A/R mainly from decreases in sales 1.4% volume and selling price of an International Trading Business 1,805,039 1,805,041…
  32. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 32
    Dividend Policy & Historical Payments PTT is firmly committed to pay dividend at no less than 25% of net income Overview Performance 2015 Outlook 56.9% Dividend 43.6% 40.4% 34.7% 34.9% 35.5% 40.0% payout 32.4% 32.6% 29.8% 30.1%…
  33. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 33
    PTT: CAPEX (PTT and Wholly Owned Subsidiaries) PTT plans to invest Bt 299 bn* (9bn) during 2015-2019 Overview Performance 2015 Outlook CAPEX Breakdown : 5 Years By Business Unit Unit: MMTHB JV & Investment in LNG Subsidiaries…
  34. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 34
    Contents Overview Performance 2015 Outlook Overview Performance 2015 Outlook 33
  35. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 35
    Economic Outlook : Challenges Ahead For Y2015 Overview Performance 2015 Outlook Greece out of EU 1 = 1 EU market: Aggressive ECB Stimulus : EU Economic impact of QE : Risk of stagnation and prolonged deflation Russia Economy…
  36. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 36
    Henry Hub / JKM Price Outlook: Gas Price trend to move lower from higher supply Overview Performance 2015 Outlook US LNG Export Terminal Projects LNG Global Demand/Supply Excess Supply expected in L-T Henry Hub Natural Gas Price…
  37. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 37
    Crude Oil Outlook: Overwhelming supply pressure oil price Overview Performance 2015 Outlook World Oil Demand/Supply Balance surplus OPEC spare capacity trend to rises in 2015 surplus surplus However, rising geopolitics and…
  38. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 38
    Refinery Margin Outlook : Refinery margin remains stable during harvest season Overview Performance 2015 Outlook CDU Additional Vs Additional Demand AP&ME Refinery Maintenance in Asia-Pacific Area Supply Growth Demand Growth…
  39. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 39
    Petrochemical Outlook : Olefin spread stable from restocking after Chinese New Year Overview Performance 2015 Outlook Asia Ethylene Supply/Demand Balance Asia Propylene Supply/Demand Balance Availability HDPE-Naphtha expected to…
  40. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 40
    Petrochemical Outlook: Expect PX margin to recover from Lunar New Year Demand Overview Performance 2015 Outlook Availability Availability Aromatics Product Spread Bz-Naphtha forecasted to be around 160-290 USD/TON 800…
  41. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 41
    Debt Profile : Control Cost & Manage Risk Managed debt according to financial risk and policy Debt Portfolio Unit : MMTHB PTT Only Consolidated : Cost of debts 4.57 % : Cost of debts 4.41 % : % fixed-rate 77.35 % : % fixed-rate…
  42. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 42
    PTT Group Performance : 2014 (YoY) Performance 100% % share Equity Method % PTT Y2013 Y2013 Unit : MMTHB Y2014 YoY Y2014 YoY (Restated) (Restated) PTT Net operating Income 28,454 39,347 38% 28,454 39,347 38% E&P - PTTEP 56,155 21,490…
  43. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 43
    PTT Group Performance : Q4/14 (QoQ) Performance 100% % share Equity Method % PTT Unit : MMTHB Q3/14 Q4/14 QoQ Q3/14 Q4/14 QoQ PTT Net operating Income 12,209 2,237 -82% 12,209 2,237 -82% E&P - PTTEP 15,284 -24,415 -260% 65.29% 7,846…
  44. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 44
    Statements of Consolidated Cash Flows 2013 2014 2013 2014 Operating 165,507 235,367 Investing -95,264 -144,061 Net Income 93,091 55,795 CAPEX(PP&E, Intangible asset) -114,457 -128,452 Changes in assets & liabilities -25,218 11,545…
  45. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 45
    Statements of Cash Flows (PTT Only) 2013 2014 2013 2014 Operating 42,991 83,504 Investing 17,080 -19,430 Net Income 63,276 44,256 CAPEX (PP&E, Intangible asset) -22,912 -31,639 Changes in assets & liabilities -12,069 17,966…
  46. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 46
    Data as of 31 December 2014 Petrochemicals & E&P and Gas Business Group Oil Business Group Refining Business Group Subsidiaries Consolidate Subsidiaries Consolidate Petrochemical Subsidiaries Consolidate PTT Exploration & Production…
  47. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 47
    Natural Gas Price Structure : Jan-Dec 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…
  48. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 48
    Natural Gas : Strong and Increasing Demand over Long Term Natural gas is a fuel of choice for power producers and transportation industry 48 Source : PTT 48
  49. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 49
    Thailands Projected Energy Demand Primary Energy Consumption KBD 4000 3,281 3,701 Nuclear 3500 2,841 1% Hydro/Import 4% 3% 12% Renewable 3000 2,307 13% 3% 2500 1,917 12% 25% Coal/Lignite 2% 22% 12% 18% 2000 2% 14%…
  50. APRIL 2015 INVESTOR UPDATE – PTT Public Company Limited – slide 50
    Gas Business Generates Stable Returns 2014 Year in Review 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…

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