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Non Deal Roadshow by CIMB – PTTEP

PTTEP · Jun 28, 2019 · 54 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. Non Deal Roadshow by CIMB – PTTEP – slide 1
    Investor Presentation Non Deal Roadshow in Hong Kong 28 June 2019
  2. Non Deal Roadshow by CIMB – PTTEP – slide 2
    Strategy and Growth Recent Developments Financial Performance Aspiration
  3. Non Deal Roadshow by CIMB – PTTEP – slide 3
    PTTEP: the E&P Flagship of PTT Group Plays a pivotal role in Thailands oil and gas production As PTTs Upstream Flagship Largest oil and gas producer in Thailand and Myanmar Government of Synergy with PTTs gas value chain through its…
  4. Non Deal Roadshow by CIMB – PTTEP – slide 4
    PTTEPs Vision and Strategy Energy Partner of Choice through Competitive Performance and Innovation for Long-term Value Creation Abu Dhabi Offshore 1 AGP PDO (Block 6) Abu Dhabi OLNG Expand Offshore 2 Mukhaiza (Block 53)…
  5. Non Deal Roadshow by CIMB – PTTEP – slide 5
    Strategy and Growth Recent Developments Financial Performance Aspiration
  6. Non Deal Roadshow by CIMB – PTTEP – slide 6
    Recent Key Achievement Robust performance Q1 Performance Achievement Recent Portfolio Highlights Resilient selling price Expand 46 /BOE Focus growth in strategic areas : Coming-Home and Strategic Alliance Strong sales volume 319…
  7. Non Deal Roadshow by CIMB – PTTEP – slide 7
    Acquisition of Partex Diversified portfolio with focus on the Middle East PTTEP to acquire 100% of the shares in Partex Holding B.V. (Partex) from Calouste Gulbenkian Foundation The total consideration of approximately USD 622…
  8. Non Deal Roadshow by CIMB – PTTEP – slide 8
    Acquisition of Murphys Business in Malaysia Diversified portfolio with a balance of short and long term contributions PTTEP to acquire 100% of the shares in Murphy Sabah Oil and Murphy Sarawak Oil from Murphy Total consideration of…
  9. Non Deal Roadshow by CIMB – PTTEP – slide 9
    Mozambique Area 1 FID, on the Path of Unlocking Value from World Class LNG Asset Substantial recoverable resources of approximately 75 tcf with scalable offshore development expending up to 50 MTPA Location and Cost Advantage Close…
  10. Non Deal Roadshow by CIMB – PTTEP – slide 10
    Bongkot and Erawan: Thailand Champion in Domestic Gas Supply Execute Bongkot and Erawan transition plan To supply 2/3 of domestic gas production starting from 2022 onwards.. Growing production and reserves profile Substantial volume…
  11. Non Deal Roadshow by CIMB – PTTEP – slide 11
    Exploration Plan in 2019 Exploration activities to accelerate resources discovery 2019 Budget CAPEX 191 MMUSD 235 MMUSD OPEX 44 MMUSD FEED study in Myanmar and Australia Site preparation in Myanmar and Malaysia Site…
  12. Non Deal Roadshow by CIMB – PTTEP – slide 12
    Strategy and Growth Recent Developments Financial Performance Aspiration
  13. Non Deal Roadshow by CIMB – PTTEP – slide 13
    Q1 2019 Key Financial Performance Delivered healthy EBITDA margin supported by cost management Sale Average Volumes Selling Thailand & Other SEA Rest of world Price Better gas price mainly driven by MTJDA oil price recovery 2017…
  14. Non Deal Roadshow by CIMB – PTTEP – slide 14
    Financial Position Healthy balance sheet with low gearing MMUSD Capital Structure D/E Ratio 25,000 1.00 20,000 19,220 19,571 20,150 0.80 4,796 5,605 6,194 15,000 0.60 2,907 1,946 1,961 10,000 12,020 0.40 11,995 5,000 0.25 0.20…
  15. Non Deal Roadshow by CIMB – PTTEP – slide 15
    Dividends Demonstrating our dividend commitment to shareholders Dividend Payment History (Policy : No Less Than 30% of Net Income) 1H 2H THB per share 6.00 5.00 4.50 4.25 4.00 1.50 3.00 3.25 2.75 3.25 2.00 2.00 2.50 3.00 1.50…
  16. Non Deal Roadshow by CIMB – PTTEP – slide 16
    Outlook Solid fundamental with significant shareholders value creation 2019 Guidance* Q2 2019 FY 2019 Average Sales Volume 330 321 Average Gas Price** 6.9 6.9 Unit Cost** 32 31 EBITDA Margin** FY 2019 70-75 % Note: * Excluded…
  17. Non Deal Roadshow by CIMB – PTTEP – slide 17
    Strategy and Growth Recent Developments Financial Performance Aspiration
  18. Non Deal Roadshow by CIMB – PTTEP – slide 18
    PTTEPs Aspired Portfolio in 2030 Target for sustainable growth 5% CAGR on Production Target 2030 7 years of R/P Ratio GRC FID Projects HPO SVC Sustainable Development Framework 19
  19. Non Deal Roadshow by CIMB – PTTEP – slide 19
    Thank you and Q&A You can reach the Investor Relations team for more information and inquiry through the following channels: Energy Partner of Choice http://www.pttep.com +66 2 537 4000 IRpttep.com 20
  20. Non Deal Roadshow by CIMB – PTTEP – slide 20
    Supplementary information Q1 2019 Financial Results 22-27 Five-year Investment Plan 28 Sustainability Development 29 Thailand Energy Updates 30-32 Reserves at the Year-end 2018 33 Key Project Highlights by Region 34-44…
  21. Non Deal Roadshow by CIMB – PTTEP – slide 21
    Sales Volume & Unit Cost Strong volume with competitive cost Sales Volume and Price Unit Cost 400,000 BOED 320,905 319,230 /BOE 32.69* 1,682 4,371 293,099 30 29.33* 29.20 300,000 49,097 50,252 7,884 Rest of World 48,929 Cash Cost…
  22. Non Deal Roadshow by CIMB – PTTEP – slide 22
    Cash Flow Performance Robust operating cash flow Cash Flow Performance Source & Use of Funds in Q1 2019 MMUSD % MMUSD EBITDA Margin (RHS) 100 1,200 3,276 3,000 943 * 2,687 90 800 2,000 80 587** 76 73 70 70 400 1,000 943 60…
  23. Non Deal Roadshow by CIMB – PTTEP – slide 23
    Financial Performance : Income Statement Strong core earnings and EBITDA margin Q4 18 Q1 19 Q1 18 Sales and Revenue from Pipeline Transportation (MMUSD) 1,440 1,356 1,184 EBITDA (MMUSD) 1,024 1,025 879 Net Income (MMUSD) 269 394…
  24. Non Deal Roadshow by CIMB – PTTEP – slide 24
    Financial Performance : Balance Sheet Healthy balance sheet with strong cash position YE 18 Q1 19 Total Assets (MMUSD) 19,571 20,150 - Cash & cash equivalents* (MMUSD) 4,001 4,357 Total Liabilities (MMUSD) 7,551 8,155 - Interest…
  25. Non Deal Roadshow by CIMB – PTTEP – slide 25
    Cash Flows : January March 2019 Robust operating cash flow Unit : MMUSD Operating 943 CAPEX & Investment (581) Income before tax & non-cash 1,065 CAPEX (PP&E, Intangible asset) (359) adjustment Tax payment (26) + Sell asset…
  26. Non Deal Roadshow by CIMB – PTTEP – slide 26
    Debt Maturity Profile 800 700 700 600 USD Millions 500 490 413 400 349 300 200 100 - 2019 2020 2021 2022-2028 2029 2030-2041 2042 Note: Excludes Hybrid bonds Unit: USD Millions or equivalent after cross currency…
  27. Non Deal Roadshow by CIMB – PTTEP – slide 27
    Five Year Plan CAPEX to support current volumes and new projects start-up Sales Volume* Unit : KBOED Upside volume from BKT and ERW***** 306 321 325 326 300 280 235 Rest of World 200 Other SEA Thailand & 100 MTJDA 0 2018 2019…
  28. Non Deal Roadshow by CIMB – PTTEP – slide 28
    Sustainable development Pursue long-term growth with social and environmental wellness 2018 DJSI Listed Company FTSE4Good Emerging Index 2018 PTTEP has been selected as a member of PTTEP becomes a constituent of the FTSE4Good the…
  29. Non Deal Roadshow by CIMB – PTTEP – slide 29
    Thailand Updates Domestic gas volume suppressed by LNG import; Uncertainty on Thai Baht remains Thailand Energy Overview Exchange Rate Movement (THB/USD) Natural Gas Supply MMSCFD FY 2017 FY 2018 2M 2019 Domestic Myanmar LNG…
  30. Non Deal Roadshow by CIMB – PTTEP – slide 30
    Thailands Energy Value Chain PTTEP contributes almost 1/3 of Thailands petroleum production 2M Thailands Oil and Gas Demand Thailand Petroleum Production 2M2019 Midstream % by Petroleum Type and Area Gas: operated by PTT Crude Oil…
  31. Non Deal Roadshow by CIMB – PTTEP – slide 31
    Thailands Oil and Gas Balance Oil Balance*** Natural Gas Balance**** Maintains stability supply through adequate refining capacity Main driver of the Thailand economy Import (83%) Indigenous (17%) Gulf of Thailand (67%) Onshore(2%)…
  32. Non Deal Roadshow by CIMB – PTTEP – slide 32
    Reserves at the Year-end 2018 Maintained reserves life with majority of reserves base in SEA MMBOE Reserves 2018 by Geography 1,500 Life* Domestic International 1,099 1,028 1,031 1,028 8 Years 677 29% 1,000 404 351 31% 400 71%…
  33. Non Deal Roadshow by CIMB – PTTEP – slide 33
    Diversified international portfolio Worldwide operations: 46 projects* in 12 countries Thailand Oil sands PTTEPs core production base 80% of total sales volume Key producing assets include Bongkot, Arthit, Contract 4 and S1 The…
  34. Non Deal Roadshow by CIMB – PTTEP – slide 34
    Thailand and other Southeast Asia Coming home to maintain strong foundation with full expertise Thailand Myanmar Bongkot (66.6667% WI) 3 producing gas fields supplying gas to Average natural gas and condensate both Thailand and…
  35. Non Deal Roadshow by CIMB – PTTEP – slide 35
    Summary of Terms from Bidding Result of Bongkot and Erawan and PSC Model Price Formula PSC Model Sales = 100 10% Royalty Cost recovery Max 50% = 100*10%=10 1 Cost Recovery Profit Sharing = 100*50%=50 = 100-10-50=40 2 Profit…
  36. Non Deal Roadshow by CIMB – PTTEP – slide 36
    Bongkot and Erawan: Thailand Champion in Domestic Gas Supply Achievable cost optimization to sustain target return With new gas price, we can achieve target IRR Gas price Cost optimization Under Price Constant of 116 THB/MMBTU, Major…
  37. Non Deal Roadshow by CIMB – PTTEP – slide 37
    Acquisition of Murphys Business: Investment Rationale (1/2) Strategically fit and value accretive Coming Home Strategy Strong Partnership Focus area with expertise in the subsurface, Reinforce strong partnership with Petronas…
  38. Non Deal Roadshow by CIMB – PTTEP – slide 38
    Acquisition of Murphys Business: Contributions to PTTEPs Portfolio (2/2) Boost financial performance with valuable human resources Net Sales Volume Proved and Probable Reserves (2P) +18% +27% increase in 2P reserves on 5-Yr Avg.…
  39. Non Deal Roadshow by CIMB – PTTEP – slide 39
    Other South East Asia Expanding foothold in the region Vietnam and Indonesia Production projects Pre sanction projects Vietnam 16-1 (28.5% WI) Average sales volume of crude oil was 17 KBPD in 3M2019 Southwest Vietnam The…
  40. Non Deal Roadshow by CIMB – PTTEP – slide 40
    The Middle East : United Arab Emirates Partnering to JV with prudent operators in prolific low cost area Project Overview PTTEPs Block Abu Dhabi Offshore 1 Abu Dhabi Offshore 2 Location North-west of Abu Dhabi Emirates, United Arab…
  41. Non Deal Roadshow by CIMB – PTTEP – slide 41
    Acquisition of Partex Holding B.V. Access to the largest oil asset in Oman and world-class Midstream Complex Oman Largest asset covering around 1/3 of the country PDO Long-life asset, produced only 15% of reserves in-place (Block 6)…
  42. Non Deal Roadshow by CIMB – PTTEP – slide 42
    America: Mexico, Brazil and Canada -- Entry into high potential petroleum province at exploration phase -- Gulf of Mexico, Mexico Deep Water Brazil PTTEPs Block: Block 12 (20%) Barreirinhas AP1 and Block 29 (16.67%), as non-…
  43. Non Deal Roadshow by CIMB – PTTEP – slide 43
    LNG Value Chain Investment : MLNG Train 9 First step into midstream LNG business in strategic area of focus MLNG Train 9 Overview 10% Investment in MLNG Train 9 by PTT Global LNG. Location Bintulu, Sarawak, Malaysia .continue to look…
  44. Non Deal Roadshow by CIMB – PTTEP – slide 44
    New Business Opportunities Expand value chain, create innovation and step towards long-term sustainability Integrated Energy Solution Enhance value of existing assets in Myanmar e.g. Zawtika, M3 Gas to Power Support Myanmar pipeline…
  45. Non Deal Roadshow by CIMB – PTTEP – slide 45
    Project information 1/4 Production phase: Thailand and JDA Project Status* PTTEPs Partners 3M2019 Average Sales Volume ** 2019 Key Activities Share (as March 2019) Gas Oil and Other Production Phase Thailand and JDA Ensure gas…
  46. Non Deal Roadshow by CIMB – PTTEP – slide 46
    Project information 2/4 Production phase: Overseas Project Status* PTTEPs Partners 3M2019 Average Sales Volume ** 2019 Key Activities Share (as of March 2019) Gas Oil and Other Production Phase Apico**** 35% Condensate: 320 BPD…
  47. Non Deal Roadshow by CIMB – PTTEP – slide 47
    Project information 3/4 Exploration/Development phase Project Status* PTTEPs Share Partners 2019 Key Activities (as of March 2019) Exploration/Development Phase Thailand and JDA 23 G9/43 OP 100% - MP G2 (Thailand) 40% The PSC…
  48. Non Deal Roadshow by CIMB – PTTEP – slide 48
    Project information 4/4 Exploration/Development phase Project Status* PTTEPs Partners 2019 Key Activities Share (as of March 2019) Exploration/Development Phase Overseas 90%-100% PTTEP Australasia Completed Montara Field Divestment…
  49. Non Deal Roadshow by CIMB – PTTEP – slide 49
    Projects from Murphy Malaysia Acquisition Project Details (1/2) Project Working Interest Oi/Gas Covering Area (km2) 2018 Net Sales Volume Producing Phase PTTEP HKO* 59.5% (Operator) Pertamina 25.5% Oil 13,000 BPD 903.7 Petronas…
  50. Non Deal Roadshow by CIMB – PTTEP – slide 50
    Projects from Murphy Malaysia Acquisition Project Details (2/2) Project Working Interest Oi/Gas Covering Area (km2) 2018 Net Sales Volume Development Phase Rotan Field PTTEP HKO* 56% (Operator) 17.6 Expected first gas in 2H Petronas…
  51. Non Deal Roadshow by CIMB – PTTEP – slide 51
    Projects from Partexs Acquisition Project Details (1/2) Country Project Working Interest Type of Asset/ 2018 Total 2018 Net Sale Status Production volume volume Government of Oman 60% Shell 34% Upstream Oil 610,000 BPD 12,200 BPD…
  52. Non Deal Roadshow by CIMB – PTTEP – slide 52
    Projects from Partexs Acquisition Project Details (2/2) Country Project Working Interest Type of Asset 2018 Total 2018 Net Sale Production volume volume ADNOC* 68% Midstream Gas Shell 15% N/A N/A 5 United Arab Emirates AGP…
  53. Non Deal Roadshow by CIMB – PTTEP – slide 53
    Organization structure Ensuring transparency, integrity and good corporate governance Board of Directors Nominating Committee Corporate Governance Committee Remuneration Committee Audit Committee Risk Management Committee…
  54. Non Deal Roadshow by CIMB – PTTEP – slide 54
    Supplementary Index : Ratio & Formula Ratio Formula Lifting Cost (/BOE) (Operating Exp. Transportation Cost Stock Variation Other expenses not related to lifting) / Production Volume Cash Cost (/BOE) (Operating Exp. + Exploration Exp. +…

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