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Conference call with Maybank Kim Engs clients – PTTEP

PTTEP · Apr 15, 2020 · 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. Conference call with Maybank Kim Engs clients – PTTEP – slide 1
    Conference call with Maybank Kim Engs clients 15 April 2020 Energy Partner of Choice
  2. Conference call with Maybank Kim Engs clients – PTTEP – slide 2
    Business Continuity Management (BCM) to overcome COVID-19 Corporate Stakeholders Support front line organizations to fight with Implement Work From Home Policy COVID-19, in total value of 30 Million baht Evacuate personnel working…
  3. Conference call with Maybank Kim Engs clients – PTTEP – slide 3
    Oil Price volatility and its impact to PTTEP PTTEPs Gas price : resilient to oil price movement US/BOE Price : No drastic impact to Average Selling Price in 2020 120 100 Historical Dubai price vs PTTEPs Product Prices Gas : 70%, with…
  4. Conference call with Maybank Kim Engs clients – PTTEP – slide 4
    2019 Highlights Strategy and Growth Financial Performance Energy Partner of Choice
  5. Conference call with Maybank Kim Engs clients – PTTEP – slide 5
    2019 KEY ACHIEVEMENTS 351 KBOED WORLDs 7 th 1,569 MM PTTEP records the highest sales volume of Largest gas discovery in 2019 from Lang Lebah well, Project SK410B offshore Sarawak, 71%EBITDA Margin 1,569 all time at 351 KBOED in…
  6. Conference call with Maybank Kim Engs clients – PTTEP – slide 6
    Reserves at the Year-end 2019 Significantly improved reserve life to over 7 years MMBOE Reserves Life* 2019 by Geography 1,647 10.9 Years Domestic International 1,500 1,647 507 1,140 7.5 Years 49% 1,031 1,028 50% 1,000 400 351…
  7. Conference call with Maybank Kim Engs clients – PTTEP – slide 7
    2019 Highlights Strategy and Growth Financial Performance Energy Partner of Choice
  8. Conference call with Maybank Kim Engs clients – PTTEP – slide 8
    Driving towards Sustainability Energy Partner of Choice Be Smart through competitive performance and innovation Operational Excellence for long-term value creation HPO Capability Development Innovation and Technology Health and…
  9. Conference call with Maybank Kim Engs clients – PTTEP – slide 9
    HPO: Together Driving the Organization with Execute and Expand HPO Smooth Business Transition & Acceleration of Production Continuity Exploration Activities G1/61 and G2/61 : Deliver production volume Malaysia GRC SVC as committed,…
  10. Conference call with Maybank Kim Engs clients – PTTEP – slide 10
    Stakeholder Value Creation HPO GRC SVC GHG* Reduction Circular Model for E&P Ocean for Life Growing business, Maximize resource efficiency and Improve biodiversity and while decreasing GHGs emission zero waste to landfill local…
  11. Conference call with Maybank Kim Engs clients – PTTEP – slide 11
    Governance, Risk Management & Compliance How do we ensure GRC HPO Good Corporate Governance and Business Ethics Policy Regulations and Policies for operations GRC SVC Anti corruption Board of Directors Governing Sub-committees…
  12. Conference call with Maybank Kim Engs clients – PTTEP – slide 12
    2019 Highlights Strategy and Growth Financial Performance Energy Partner of Choice
  13. Conference call with Maybank Kim Engs clients – PTTEP – slide 13
    2019 Key Financial Performance Strong core performance supported by higher volume and gas price Sale Volumes Average Selling Price 351* 306 2018 2019 15% YTD Gas (/MMBTU) Liquid (/BBL) 6.42 67.40 6.92 61.18 1% YTD Unit:…
  14. Conference call with Maybank Kim Engs clients – PTTEP – slide 14
    Financial Position and Dividends Capital Structure Dividend Payment History Healthy balance sheet at competitive leverage level MMUSD D/E Ratio Policy : No Less Than 30% of Net Income 25,000 22,202 1.00 THB per share 6.00 19,484 6.00…
  15. Conference call with Maybank Kim Engs clients – PTTEP – slide 15
    Outlook & Takeaways 2020 Guidance PTTEPs Priorities Continue volume growth base with operational efficiency Q1 2020 FY 2020 Average Sales Ensuring Smooth Business Transition Volume* 394 391 KBOED Acceleration of Exploration…
  16. Conference call with Maybank Kim Engs clients – PTTEP – slide 16
    +66 2 537 4000 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 IRpttep.com Energy Partner of Choice
  17. Conference call with Maybank Kim Engs clients – PTTEP – slide 17
    Supplementary information 2019 Financial Results 19-24 5-year Investment Plan 25 Exploration Activities 26 Industry and Thailand Energy Updates 27-30 Sustainable development 31 Key Project Highlights by Region 32-45 Project Details…
  18. Conference call with Maybank Kim Engs clients – PTTEP – slide 18
    Sales Volume & Unit Cost Upward sales volume after completion of acquisitions with competitive cost Sales Volume and Price Unit Cost 400,000 350,651 /BOE BOED 305,522 299,206 6,111 29.05 31.69 31.71 300,000 13,331 7,494 70,560…
  19. Conference call with Maybank Kim Engs clients – PTTEP – slide 19
    Cash Flow Performance Robust operating cash flow Cash Flow Performance Source & Use of Funds in 2019 Operating Cashflows (LHS) EBITDA Margin (RHS) 3,540 100 MMUSD 3,276 Operating Cash Flow* (MMUSD) 6,240** 3,000 90 6,000…
  20. Conference call with Maybank Kim Engs clients – PTTEP – slide 20
    Financial Performance : Income Statement Sustained solid EBITDA 2019 2018 Q3 19 Q4 19 Q4 18 Sales and Revenue from Pipeline Transportation (MMUSD) 6,163 5,310 1,524 1,780 1,440 EBITDA (MMUSD) 4,354 3,860 1,054 1,188 1,024 Net Income…
  21. Conference call with Maybank Kim Engs clients – PTTEP – slide 21
    Financial Performance : Balance Sheet Healthy balance sheet at competitive leverage level 2019 2018 Total Assets (MMUSD) 22,202 19,484 - Cash & cash equivalents * (MMUSD) 3,023 4,001 Total Liabilities (MMUSD) 10,361 7,479 - Interest…
  22. Conference call with Maybank Kim Engs clients – PTTEP – slide 22
    Cash Flows : January December 2019 Healthy operating cash flow Unit : MMUSD Operating 3,540 CAPEX & Investment (3,985) Income before tax & non-cash 4,623 CAPEX (PP&E, Intangible asset) (1,208) adjustment Tax payment (927) + Business…
  23. Conference call with Maybank Kim Engs clients – PTTEP – slide 23
    Debt Maturity Profile As of December 2019 800 700 700 650 600 600 USD Millions 500 480 490 400 349 300 200 100 - Note: Excludes Hybrid bonds Unit: USD Millions or equivalent after cross currency swap Energy…
  24. Conference call with Maybank Kim Engs clients – PTTEP – slide 24
    Five Year Plan Support current operations, business transitions and drive development projects for near term volume additions Unit : KBOED 467 500 450 464 388 403 Rest of World 400 350 Other SEA Sales Volume 300 200 Thailand &…
  25. Conference call with Maybank Kim Engs clients – PTTEP – slide 25
    Exploration Plan in 2020 Accelerate Exploration activities mainly in Malaysia 2020 Budget CAPEX 281 MMUSD 343 MMUSD OPEX 62 MMUSD 1 well 3 wells in UAE in Myanmar 2 wells 1 well in Mexico in Thailand 11 wells in…
  26. Conference call with Maybank Kim Engs clients – PTTEP – slide 26
    Industry Trends: IMO2020 Implications Minor impact to PTTEPs performance HSFO : Historical & Forward Impact and Mitigations Historically, HSFO-Brent Spread has been volatile Product Mix Sensitivity to gas price : 120 20 HSFO/ Dubai…
  27. Conference call with Maybank Kim Engs clients – PTTEP – slide 27
    Thailand Updates Domestic gas volume suppressed by LNG import; Expected THB appreciation continues Thailand Energy Overview Exchange Rate Movement (THB/USD) Natural Gas Supply MMSCFD FY 2017 FY 2018 11M2019 Domestic Myanmar LNG…
  28. Conference call with Maybank Kim Engs clients – PTTEP – slide 28
    Thailands Energy Value Chain PTTEP contributes almost 1/3 of Thailands petroleum production 11M Thailands Oil and Gas Demand 12M2019 Thailand Petroleum Production Midstream Crude Oil & % by Petroleum Type and Area Gas: operated by…
  29. Conference call with Maybank Kim Engs clients – PTTEP – slide 29
    Thailands Oil and Gas Balance Oil Balance*** Natural Gas Balance**** Maintains stability supply through adequate refining capacity Main driver of the Thailand economy Import (81%) Indigenous (19%) Gulf of Thailand (68%) Onshore(2%)…
  30. Conference call with Maybank Kim Engs clients – PTTEP – slide 30
    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)…
  31. Conference call with Maybank Kim Engs clients – PTTEP – slide 31
    Diversified international portfolio Central Asia Thailand First presence in Kazakhstan: Oil sands PTTEPs core production base Production: Dunga onshore oil 78% of total sales volume field from the acquisition of Key producing assets…
  32. Conference call with Maybank Kim Engs clients – PTTEP – slide 32
    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…
  33. Conference call with Maybank Kim Engs clients – PTTEP – slide 33
    Bongkot and Erawan: Thailand Champion in Domestic Gas Supply Execute Bongkot and Erawan transition plan to ensure production continuity Growing production and reserves profile Substantial volume boost for 10 years and beyond G1/61…
  34. Conference call with Maybank Kim Engs clients – PTTEP – slide 34
    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…
  35. Conference call with Maybank Kim Engs clients – PTTEP – slide 35
    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…
  36. Conference call with Maybank Kim Engs clients – PTTEP – slide 36
    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…
  37. Conference call with Maybank Kim Engs clients – 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 16 KBPD in 12M2019 Southwest…
  38. Conference call with Maybank Kim Engs clients – PTTEP – slide 38
    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…
  39. Conference call with Maybank Kim Engs clients – PTTEP – slide 39
    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…
  40. Conference call with Maybank Kim Engs clients – PTTEP – slide 40
    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…
  41. Conference call with Maybank Kim Engs clients – PTTEP – slide 41
    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…
  42. Conference call with Maybank Kim Engs clients – PTTEP – slide 42
    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…
  43. Conference call with Maybank Kim Engs clients – 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 Location Bintulu, Sarawak, Malaysia 10% Investment in MLNG Train 9 by PTT Global LNG. Asset Liquefaction…
  44. Conference call with Maybank Kim Engs clients – PTTEP – slide 44
    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…
  45. Conference call with Maybank Kim Engs clients – PTTEP – slide 45
    Project information 1/5 PTTEPs Partners 12M2019 Average Sales Volume ** Project Status* Phase 2020 Key Activities Share (as Sep 2019) Gas (MMSCFD) Liquid (KBPD) Thailand and JDA Chevron 16% Ensure gas deliverability level at DCQ*** 1…
  46. Conference call with Maybank Kim Engs clients – PTTEP – slide 46
    Project information 2/5 PTTEPs Share Partners 12M2019 Average Sales Volume ** 2020 Key Activities Project Status* Phase (as of Sep 2019) Gas (MMSCFD) Liquid (KBPD) Thailand and JDA 14 L22/43 OP Production 100% - - Maintain production…
  47. Conference call with Maybank Kim Engs clients – PTTEP – slide 47
    Project information 3/5 PTTEPs Share Partners 12M2019 Average Sales Volume 2020 Key Activities Project Status* Phase (as of Sep 2019) Gas (MMSCFD) Liquid (KBPD) Others SEA Palang Sophon 10% MOECO 10% G&G studies 8 Myanmar MOGE 3 OP…
  48. Conference call with Maybank Kim Engs clients – PTTEP – slide 48
    Project information 4/5 PTTEPs Share Partners 12M2019 Average Sales Volume 2020 Key Activities Project Status* Phase (as of Sep 2019) ** Gas (MMSCFD) Liquid (KBPD) Other International AC/RL7 (Cash Maple): under the evaluation of…
  49. Conference call with Maybank Kim Engs clients – PTTEP – slide 49
    Project information 5/5 PTTEPs Share Partners 12M2019 Average Sales Volume 2020 Key Activities Project Status* Phase (as of Sep 2019) ** Gas (MMSCFD) Liquid (KBPD) Other International Total 30% Sonangol 30% A part of Partex…
  50. Conference call with Maybank Kim Engs clients – PTTEP – slide 50
    Organization structure Ensuring transparency, integrity and good corporate governance Board of Directors Nominating Committee Corporate Governance Committee Remuneration Committee Audit Committee Risk Management Committee…
  51. Conference call with Maybank Kim Engs clients – PTTEP – slide 51
    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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