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Morgan Stanley AP Summit – PTTEP

PTTEP · Nov 20, 2019 · 49 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. Morgan Stanley AP Summit – PTTEP – slide 1
    Investor Presentation Morgan Stanley Asia Pacific Summit, Singapore 20-21 November 2019
  2. Morgan Stanley AP Summit – PTTEP – slide 2
    Strategy and Growth Recent Development Financial Performance Five-Year Plan and Aspiration
  3. Morgan Stanley AP Summit – 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 Thailand Synergy with PTTs gas value chain…
  4. Morgan Stanley AP Summit – PTTEP – slide 4
    PTTEPs Vision and Strategy Energy Partner of Choice through Competitive Performance and Innovation for Long-term Value Creation Strategic Alliance Coming Home Strategy Expand Partnering with world-class operators Execute Major…
  5. Morgan Stanley AP Summit – PTTEP – slide 5
    Strategy and Growth Recent Development Financial Performance Five-Year Plan and Aspiration
  6. Morgan Stanley AP Summit – PTTEP – slide 6
    Recent Key Achievement Robust performance Recent Portfolio Highlights 9M 2019 Performance Expand Achievement Focus growth in strategic areas : Coming-Home and Strategic Alliance Resilient average selling price 47 /BOE Strong sales…
  7. Morgan Stanley AP Summit – PTTEP – slide 7
    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…
  8. Morgan Stanley AP Summit – PTTEP – slide 8
    Malaysian Assets A new growth platform for PTTEP in South East Asia With completion of Murphy's acquisition, PTTEP has become the 3rd Largest player by resources size in Malaysia Diversified portfolio, with expected contribution…
  9. Morgan Stanley AP Summit – PTTEP – slide 9
    Acquisition of Partex Partnering with experienced operators in the Middle East PTTEP acquired 100% shares in Partex, which completed on 4 November 2019 The major assets are in Oman and UAE which include PDO (Block 6), the largest oil…
  10. Morgan Stanley AP Summit – PTTEP – slide 10
    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…
  11. Morgan Stanley AP Summit – PTTEP – slide 11
    Industry Trends: IMO2020 Implications Minor impact to PTTEPs performance IMO 2020 Regulations Impact and Mitigations From January 1st, 2020, New Sulphur regulations will limit Sulphur emission in all marine fuels Product Mix…
  12. Morgan Stanley AP Summit – PTTEP – slide 12
    Strategy and Growth Recent Development Financial Performance Five-Year Plan and Aspiration
  13. Morgan Stanley AP Summit – PTTEP – slide 13
    9M 2019 Key Financial Performance Strong core performance supported by higher volume and gas price Sale Volumes Average Selling Price 336 9M 2018 9M 2019 300 12% YTD Gas (/MMBTU) Liquid (/BBL) 6.24 67.85 6.91 60.82 1% YTD…
  14. Morgan Stanley AP Summit – PTTEP – slide 14
    Financial Position and Dividends Capital Structure Dividend Payment History Healthy balance sheet with low gearing MMUSD D/E Ratio Policy : No Less Than 30% of Net Income 20,000 19,484 19,837 1.00 THB per share 5,533 5,680 6.00…
  15. Morgan Stanley AP Summit – PTTEP – slide 15
    Outlook & Takeaways 2019 Guidance PTTEPs Priorities Volumes boost with priorities in business transition for full value realization FY 2019 Average Ensuring Smooth Business Transition Sales Volume 345 KBOED Acceleration of…
  16. Morgan Stanley AP Summit – PTTEP – slide 16
    Strategy and Growth Recent Development Financial Performance Five-Year Plan and Aspiration
  17. Morgan Stanley AP Summit – PTTEP – slide 17
    Revised Five Year Plan* Incorporating growth from recent developments : Murphy and Bidding win of BKT & ERW Unit : KBOED 437 380 409 Rest of World 400 365 345 306 Other SEA 300 Sales Volume 200 Thailand & 100 MTJDA 0 2018 2019…
  18. Morgan Stanley AP Summit – PTTEP – slide 18
    PTTEPs Aspired Portfolio in 2030 Target for sustainable growth 2030 5% CAGR on Production Target 7 years of R/P Ratio FID Projects GRC HPO SVC Sustainable Development Framework 19
  19. Morgan Stanley AP Summit – PTTEP – slide 19
    Thank you and Q&A You can reach the Investor Relations team for more information and inquiry through the following channels: http://www.pttep.com +66 2 537 4000 IRpttep.com 20
  20. Morgan Stanley AP Summit – PTTEP – slide 20
    Supplementary information Q3 2019 Financial Results 22-27 Sustainability Development 28 Industry and Thailand Energy Updates 29-32 Reserves at the Year-end 2018 33 Key Project Highlights by Region 34-43 Project Details…
  21. Morgan Stanley AP Summit – PTTEP – slide 21
    Sales Volume & Unit Cost Upward sales volume after completion of acquisitions with competitive cost Sales Volume and Price Unit Cost 400,000 /BOE BOED 335,696 299,206 305,522 300,338 3,258 31.69* 300,000 7,494 62,265 29.05 31.28*…
  22. Morgan Stanley AP Summit – PTTEP – slide 22
    Cash Flow Performance Robust operating cash flow Cash Flow Performance Source & Use of Funds in 9M 2019 Operating Cashflows (LHS) EBITDA Margin (RHS) 3,276 100 MMUSD Operating Cash Flow* (MMUSD) 5,000 4,795** 3,000 Others…
  23. Morgan Stanley AP Summit – PTTEP – slide 23
    Financial Performance : Income Statement Sustained solid EBITDA Q2 19 Q3 19 Q3 18 9M 19 9M 18 Sales and Revenue from Pipeline Transportation (MMUSD) 1,503 1,524 1,367 4,383 3,870 EBITDA (MMUSD) 1,087 1,054 992 3,166 2,836 Net Income…
  24. Morgan Stanley AP Summit – PTTEP – slide 24
    Financial Performance : Balance Sheet Healthy balance sheet with low gearing ratio YE 18 Q3 19 Total Assets (MMUSD) 19,484 19,837 - Cash & cash equivalents * (MMUSD) 4,001 2,093 Total Liabilities (MMUSD) 7,479 7,877 - Interest…
  25. Morgan Stanley AP Summit – PTTEP – slide 25
    Cash Flows : January September 2019 Healthy operating cash flow Unit : MMUSD Operating 2,407 CAPEX & Investment (3,096) Income before tax & non-cash 3,340 CAPEX (PP&E, Intangible asset) (927) adjustment Tax payment (841) +…
  26. Morgan Stanley AP Summit – PTTEP – slide 26
    Debt Maturity Profile As of September 2019 800 700 700 600 USD Millions 500 480 490 400 349 300 200 100 - 2019 2020 2021 2022 2023-2028 2029 2030-2041 2042 Note: Excludes Hybrid bonds Unit: USD Millions or…
  27. Morgan Stanley AP Summit – PTTEP – slide 27
    Sustainable development Pursue long-term growth with social and environmental wellness 2019 DJSI Listed Company PTTEP has been selected as a member of FTSE4Good Emerging Index 2019 the 2019 Dow Jones Sustainability Indices (DJSI)…
  28. Morgan Stanley AP Summit – PTTEP – slide 28
    Industry Trends: Oil Market Outlook Price volatility driven by uncertainty of global economy US / Barrel World Oil Consumption Growth 100 IEA cut demand growth forecast several times following 2019 consensus* 2020 consensus* global…
  29. Morgan Stanley AP Summit – PTTEP – slide 29
    Thailand Updates Domestic gas volume suppressed by LNG import; Expected THB appreciation continues Thailand Energy Overview Exchange Rate Movement Natural Gas Supply (THB/USD) MMSCFD 37 FY 2017 FY 2018 8M 2019 Domestic Myanmar…
  30. Morgan Stanley AP Summit – PTTEP – slide 30
    Thailands Energy Value Chain PTTEP contributes almost 1/3 of Thailands petroleum production 8M Thailands Oil and Gas Demand 8M2019 Thailand Petroleum Production Midstream % by Petroleum Type and Area Gas: operated by PTT Crude Oil &…
  31. Morgan Stanley AP Summit – 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 (82%) Indigenous (18%) Gulf of Thailand (67%) Onshore(2%)…
  32. Morgan Stanley AP Summit – 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 31% 400 351 71% 5…
  33. Morgan Stanley AP Summit – PTTEP – slide 33
    Diversified international portfolio Thailand Oil sands PTTEPs core production base 80% of total sales volume Key producing assets include Bongkot, Arthit, Contract 4 and S1 The PSCs signing of Bongkot (G2/61) and Erawan (G1/61)…
  34. Morgan Stanley AP Summit – PTTEP – slide 34
    Thailand, Myanmar and Malaysia Coming Home to maintain strong foundation with full expertise Thailand Myanmar Bongkot (66.6667% WI) Average natural gas and condensate sales volume 3 producing gas fields supplying gas to both Thailand…
  35. Morgan Stanley AP Summit – 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. Morgan Stanley AP Summit – 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. Morgan Stanley AP Summit – PTTEP – slide 37
    Other South East Asia countries 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 9M2019 Southwest Vietnam…
  38. Morgan Stanley AP Summit – PTTEP – slide 38
    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…
  39. Morgan Stanley AP Summit – PTTEP – slide 39
    The Middle East : World Class Assets under Partex Access to the largest oil asset in Oman and mega Midstream Complex Oman PDO (Block 6) Mukhaizna (Block 53) Oman LNG Largest asset covering around 1/3 Largest single onshore producing…
  40. Morgan Stanley AP Summit – PTTEP – slide 40
    America: Mexico, Brazil and Canada -- Entry into high potential petroleum province at exploration phase -- Gulf of Mexico, Mexico Canada Oil Sands Project Overview Operates 100% interest of the Thornbury, Hangingstone and South…
  41. Morgan Stanley AP Summit – PTTEP – slide 41
    LNG Value Chain Investment : MLNG Train 9 First step into midstream LNG business in strategic area of focus MLNG Train 9 Overview Location Bintulu, Sarawak, Malaysia 10% Investment in MLNG Train 9 by PTT Global LNG. Asset Liquefaction…
  42. Morgan Stanley AP Summit – PTTEP – slide 42
    New Business Opportunities Expand value chain, create innovation and step towards long-term sustainability Integrated Energy Solution Cutting Edge Technology Gas to Power for E&P and more UAV E&P Pipeline Power Plant Aerial…
  43. Morgan Stanley AP Summit – PTTEP – slide 43
    Project information 1/4 PTTEPs Partners 9M2019 Average Sales Volume ** Project Status* Phase 2019 Key Activities Share (as Sep 2019) Gas (MMSCFD) Liquid (KBPD) Thailand and JDA Ensure gas deliverability level at DCQ*** Chevron 16% 1…
  44. Morgan Stanley AP Summit – PTTEP – slide 44
    Project information 2/4 PTTEPs Share Partners 9M2019 Average Sales Volume ** 2019 Key Activities Project Status* Phase (as of Sep 2019) Gas (MMSCFD) Liquid (KBPD) Thailand and JDA 14 L22/43 OP Production 100% - - Maintain production…
  45. Morgan Stanley AP Summit – PTTEP – slide 45
    Project information 3/5 PTTEPs Share Partners 9M2019 Average Sales Volume ** 2019 Key Activities Project Status* Phase (as of Sep 2019) Gas (MMSCFD) Liquid (KBPD) Others SEA PVN 65.88% Finalize on Commercial agreements 11 Vietnam B &…
  46. Morgan Stanley AP Summit – PTTEP – slide 46
    Project information 4/5 PTTEPs Share Partners 9M2019 Average Sales Volume ** 2019 Key Activities Project Status* Phase (as of Sep 2019) Gas (MMSCFD) Liquid (KBPD) Other International PTTEP Australasia 90%-100% (varied Completed…
  47. Morgan Stanley AP Summit – PTTEP – slide 47
    Project information 5/5 PTTEPs Share Partners 9M2019 Average Sales Volume ** 2019 Key Activities Project Status* Phase (as of Sep 2019) Gas (MMSCFD) Liquid (KBPD) Other International Total 30% Sonangol 30% Pre 10 Block 17/06 JOC…
  48. Morgan Stanley AP Summit – PTTEP – slide 48
    Organization structure Ensuring transparency, integrity and good corporate governance Board of Directors Nominating Committee Corporate Governance Committee Remuneration Committee Audit Committee Risk Management Committee…
  49. Morgan Stanley AP Summit – PTTEP – slide 49
    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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