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ANALYST MEETING – PTT Public Company Limited

PTT Public Company Limited · Feb 23, 2015 · 51 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. ANALYST MEETING – PTT Public Company Limited – slide 1
    Analyst Meeting FY 2014 Centara Grand at Central Plaza Ladprao 23 Feb 2015
  2. ANALYST MEETING – PTT Public Company Limited – slide 2
    Safety and Sustainability: PTT implements several safety programs that really improve the safety performance Aspiration = Zero Accident Injury Rate (Injuries/Million hrs) 4 3 2 1 0 2009 2010 2011 2012 2013 2014 1/…
  3. ANALYST MEETING – PTT Public Company Limited – slide 3
    PTT Sustainability Highlight Establishing Vidyasirimedhi & Kamnoetwit Science Institute Social & v Education . . Environment Campaign 1 incorporated digital media and online community to help promote forestation Dow…
  4. ANALYST MEETING – PTT Public Company Limited – slide 4
    Contents 2014 Year in Review Performance 2015 Outlook 2014 Year in Review Performance 2015 Outlook 3
  5. ANALYST MEETING – PTT Public Company Limited – slide 5
    2014 Year in Review: Global and Energy sector 2014 Year in Review Performance 2015 Outlook Dubai Price 2014 VS 2013 Politics Year of global geopolitical turmoil Civil war in Iraq civil war as Libya resume oil Iraqi government ISIL…
  6. ANALYST MEETING – PTT Public Company Limited – slide 6
    2014 Year in Review: Thailand 2014 Year in Review Performance 2015 Outlook Politics SET Index 2014 Bangkok Martial law NEPC passed Bangkok Shutdown imposition resolution for (13 Jan 2 Mar) (20 May) PTT to separate Shutdown…
  7. ANALYST MEETING – PTT Public Company Limited – slide 7
    2014 Year in Review: 2014 Highlights 2014 Year in Review Performance 2015 Outlook BCM during BKK/PTT shutdown (period) no business interruption & account closing on time GSP5 resumed its full operation after tie-in permanent WHRU…
  8. ANALYST MEETING – PTT Public Company Limited – slide 8
    Key Business Drivers: Oil price plunged from Non-OPEC supply while OPEC maintained its level 2014 Year in Review Performance 2015 Outlook Dubai vs FO (/BBL) NG Prices (/MMBTU) 130 Dubai 25 Spot Avg. 106.6 Avg. 105.3 110 Avg. 104.5…
  9. ANALYST MEETING – PTT Public Company Limited – slide 9
    2014 Performance: PTT Group: Non recurring & stock loss pressured performance 2014 Year in Review Performance 2015 Outlook MMTHB Petrochem 11,366 25,311 Refinerys margin decreased 81% 93,091 FX gain 17,796 Aromatics: PX spread…
  10. ANALYST MEETING – PTT Public Company Limited – slide 10
    Contents 2014 Year in Review Performance 2015 Outlook 2014 Year in Review Performance 2015 Outlook 9
  11. ANALYST MEETING – PTT Public Company Limited – slide 11
    E&P key accomplishments in 2014 2014 Year in Review 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…
  12. ANALYST MEETING – PTT Public Company Limited – slide 12
    E&P Performance: Lower net income in 2014 mainly from impairment loss of assets 2014 Year in Review Performance 2015 Outlook E&P Gas Oil & Trading Refining PetChem Others Product Prices Sales Volume KBOED 5% 100.19 25% 100.15…
  13. ANALYST MEETING – PTT Public Company Limited – slide 13
    E&P Priorities in 2015 Adaptive to industry fundamental change 2014 Year in Review Performance 2015 Outlook E&P Gas Oil & Trading Refining PetChem Others Implication Priorities in changing industry environment Deliver 6% volume…
  14. ANALYST MEETING – PTT Public Company Limited – slide 14
    PTT EBITDA Performance: 2014 Year in Review 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…
  15. ANALYST MEETING – PTT Public Company Limited – slide 15
    Energy Price Reform: Blessing in Disguise 2014 Year in Review 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…
  16. ANALYST MEETING – PTT Public Company Limited – slide 16
    Energy Price Reform: LPG Prices 2014 Year in Review 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…
  17. ANALYST MEETING – PTT Public Company Limited – slide 17
    Gas Performance: NG volume maintain growth under political uncertainty in Y2014 2014 Year in Review Performance 2015 Outlook E&P Gas Oil & Trading Refining PetChem Others NG Sales Volume* NG Customer Breakdown MMSCFD MMSCFD 2%…
  18. ANALYST MEETING – PTT Public Company Limited – slide 18
    Gas Performance : Higher NG sales and stronger GSP Margin drove performance 2014 Year in Review Performance 2015 Outlook E&P Gas Oil & Trading Refining PetChem Others GSP - Reference Product Prices GSP Sales Volume USD/Ton kTon 3%…
  19. ANALYST MEETING – PTT Public Company Limited – slide 19
    Gas BU: Gas Consumption keep growing in line with GDP Growth 2014 Year in Review Performance 2015 Outlook E&P Gas Oil & Trading Refining PetChem Others 18
  20. ANALYST MEETING – PTT Public Company Limited – slide 20
    Oil Performance : Stock loss hurts performance 2014 Year in Review 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…
  21. ANALYST MEETING – PTT Public Company Limited – slide 21
    Oil BU : Going Forward Moving toward sustainable growth 2014 Year in Review 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…
  22. ANALYST MEETING – PTT Public Company Limited – slide 22
    Trading Performance : Domestic condensate drives performance 2014 Year in Review 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…
  23. ANALYST MEETING – PTT Public Company Limited – slide 23
    Refineries : Key Events 2014 2014 Year in Review 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…
  24. ANALYST MEETING – PTT Public Company Limited – slide 24
    Refining Business Performance: More stock losses and pressured Aromatics 2014 Year in Review Performance 2015 Outlook E&P Gas Oil & Trading Refining PetChem Others GRM/GIM Aromatics USD/BBL Aromatics Production 101.5 105.5 96.6…
  25. ANALYST MEETING – PTT Public Company Limited – slide 25
    Petrochemical : Key Events 2014 2014 Year in Review 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…
  26. ANALYST MEETING – PTT Public Company Limited – slide 26
    Petrochemical Business Performance: Stock loss and plummeted Aromatics offset by solid Olefins 2014 Year in Review Performance 2015 Outlook E&P Gas Oil & Trading Refining PetChem Others Refineries Aromatics CDU 102% 101% 102% BTX…
  27. ANALYST MEETING – PTT Public Company Limited – slide 27
    Other Businesses : Coal - SAR (94.58%) Cost reduction initiatives relieved effect from continuing coal price declined 2014 Year in Review Performance 2015 Outlook E&P Gas Oil & Trading Refining PetChem Others Avg. Selling Price &…
  28. ANALYST MEETING – PTT Public Company Limited – slide 28
    Other Businesses : Power - GPSC (30.10%) Better performance supported by higher steam sales 2014 Year in Review Performance 2015 Outlook E&P Gas Oil & Trading Refining PetChem Others Sales Volume Net Income* (100%) GWh 15% YoY…
  29. ANALYST MEETING – PTT Public Company Limited – slide 29
    Other Businesses : Power GPSC (30.10%) Project update 2014 Year in Review Performance 2015 Outlook E&P Gas Oil & Trading Refining PetChem Others Key Activities 2014 All 7 assets transferred from PTT to GPSC Highlight Planned…
  30. ANALYST MEETING – PTT Public Company Limited – slide 30
    PTT Consolidated Performance: 2014 2014 Year in Review 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…
  31. ANALYST MEETING – PTT Public Company Limited – slide 31
    PTT Group Performance : 2014 (YoY) 2014 Year in Review Performance 2015 Outlook Performance 100% % share Equity Method % PTT Y2013 Y2013 Unit : MMTHB Y2014 YoY Y2014 YoY (Restated) (Restated) PTT Net operating Income 28,454 39,347…
  32. ANALYST MEETING – PTT Public Company Limited – slide 32
    Statements of Consolidated Cash Flows 2014 Year in Review Performance 2015 Outlook 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…
  33. ANALYST MEETING – PTT Public Company Limited – slide 33
    Statement of Financial Position 2014 Year in Review 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…
  34. ANALYST MEETING – PTT Public Company Limited – slide 34
    Dividend Policy & Historical Payments PTT is firmly committed to pay dividend at no less than 25% of net income 2014 Year in Review Performance 2015 Outlook 56.9% Dividend 43.6% 40.4% 34.7% 34.9% 35.5% 40.0% payout 32.4% 32.6%…
  35. ANALYST MEETING – PTT Public Company Limited – slide 35
    Contents 2014 Year in Review Performance 2015 Outlook 2014 Year in Review Performance 2015 Outlook 34
  36. ANALYST MEETING – PTT Public Company Limited – slide 36
    Economic Outlook : Challenges Ahead For Y2015 2014 Year in Review 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…
  37. ANALYST MEETING – PTT Public Company Limited – slide 37
    Henry Hub / JKM Price Outlook: Gas Price trend to move lower from higher supply 2014 Year in Review Performance 2015 Outlook US LNG Export Terminal Projects LNG Global Demand/Supply Excess Supply expected in L-T Henry Hub Natural…
  38. ANALYST MEETING – PTT Public Company Limited – slide 38
    Crude Oil Outlook: Overwhelming supply pressure oil price 2014 Year in Review Performance 2015 Outlook World Oil Demand/Supply Balance surplus OPEC spare capacity trend to rises in 2015 surplus surplus However, rising…
  39. ANALYST MEETING – PTT Public Company Limited – slide 39
    Refinery Margin Outlook : Refinery margin remains stable during harvest season 2014 Year in Review Performance 2015 Outlook CDU Additional Vs Additional Demand AP&ME Refinery Maintenance in Asia-Pacific Area Supply Growth Demand…
  40. ANALYST MEETING – PTT Public Company Limited – slide 40
    Petrochemical Outlook : Olefin spread stable from restocking after Chinese New Year 2014 Year in Review Performance 2015 Outlook Asia Ethylene Supply/Demand Balance Asia Propylene Supply/Demand Balance Availability HDPE-Naphtha…
  41. ANALYST MEETING – PTT Public Company Limited – slide 41
    Petrochemical Outlook: Expect PX margin to recover from Lunar New Year Demand 2014 Year in Review Performance 2015 Outlook Availability Availability Aromatics Product Spread Bz-Naphtha forecasted to be around 160-290 USD/TON…
  42. ANALYST MEETING – PTT Public Company Limited – slide 42
    Summary: Y2014 vs Y2015 2014 Year in Review Performance 2015 Outlook Business Y2014 Y2015 Reason (Forecast) Gas Price Growth of shale Henry Hub 4.26 /MMBTU Lower gas Oil Price Still have supply Dubai Price 96 /BBL Range 50-60 /BBL…
  43. ANALYST MEETING – PTT Public Company Limited – slide 43
    Key Takeaways 2014 Year in Review Performance 2015 Outlook End of PTT Pipeline Court Resolution 16 Feb15, The Supreme Administrative Court rejected a petition by consumer advocacy groups asking the court to demand national oil and gas…
  44. ANALYST MEETING – 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 4.57 % : Cost of debts 4.41 % : % fixed-rate 77.35 % : % fixed-rate…
  45. ANALYST MEETING – PTT Public Company Limited – slide 45
    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…
  46. ANALYST MEETING – PTT Public Company Limited – slide 46
    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…
  47. ANALYST MEETING – PTT Public Company Limited – slide 47
    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…
  48. ANALYST MEETING – PTT Public Company Limited – slide 48
    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…
  49. ANALYST MEETING – PTT Public Company Limited – slide 49
    Natural Gas : Strong and Increasing Demand over Long Term Natural gas is a fuel of choice for power producers and transportation industry 49 Source : PTT 49
  50. ANALYST MEETING – PTT Public Company Limited – slide 50
    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%…
  51. ANALYST MEETING – PTT Public Company Limited – slide 51
    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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