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5th annual UBS Thai Oil and Chemical Field Trip – PTTEP

PTTEP · Jun 9, 2014 · 47 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. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 1
    5th annual UBS Thai Oil and Chemical Field Trip June 9, 2014
  2. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 2
    Contents Overview Performance Q2/14 Outlook Overview Performance Q2/14 Outlook 1
  3. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 3
    Oil Balance Thailand: Jan-Mar 2014 Adequate refining capacity maintains the stability of supply Overview Performance Q2/2014 Outlook Supply Production Sales Import (81%) Domestic Imported Refined Petroleum Products 96 KBD 932KBD…
  4. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 4
    Natural Gas Balance: Jan Mar 2014 Main driver of the Thai economy Overview Performance Q2/2014 Outlook Supply Production Sales Ethane/ Gulf of Thailand (80%) Propane/ LPG/NGL Petrochemical Feedstock Chevron (15%) Others 32%…
  5. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 5
    PTT is Thailands Largest Energy Company Overview Performance Q2/2014 Outlook PTT Public Limited Company (PTT) Robust revenue and Net Income growth since IPO (MMUSD) Largest company on Thai Stock exchange 94,756 Market cap US27bn1 or…
  6. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 6
    PTTs Strategic Importance to Thailand Overview Performance Q2/2014 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. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 7
    Our Major Businesses & Activities Overview Performance Q2/2014 Outlook Business Areas Company PTTs holding (%) Activities Upstream E&P PTTEP 65.29% Exploration and Production PTT PLC Intermediate Gas Pipeline 100% Sole…
  8. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 8
    PTT Aspiration Strategic direction and target to achieve Big-Long-Strong aspiration Overview Performance Q2/2014 Outlook Thai Premier Multinational Energy Company Strong TOP Quartile ROIC Big Long Ranked Fortune 81th Listed…
  9. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 9
    Q1/14 Performance: PTTs Strong Performance offset weaker Affiliates Overview Performance Q2/14 Outlook MMTHB 2,595 4,329 35,804 487 Refinery 3,269 Gross 4,985 margin FX OPEX* gain 23% 4,002 2,852 Share of 6,569 income…
  10. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 10
    Contents Overview Performance Q2/14 Outlook Overview Performance Q2/14 Outlook 9
  11. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 11
    E&P Key Overview in Q1/14 Overview Performance Q2/14 Outlook E&P Gas Oil & Trading Refining PetChem Others Successful Brazil acreage farm-in Exploration Portfolio Proceeding with exploration and Expansion appraisal program as…
  12. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 12
    E&P Performance: Expenses and prices pressured performance Overview Performance Q2/14 Outlook E&P Gas Oil & Trading Refining PetChem Others Product Prices Sales Volume KBOED 0.3% QoQ 103.74 101.53 100.84 1%QoQ Liquid 3% YoY…
  13. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 13
    E&P Roadmap: Building Strong Platform to Deliver Growth On target development Overview and exploration progress to achieve solid growth Performance Q2/14 Outlook E&P Gas Oil & Trading Refining PetChem Others On target development and…
  14. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 14
    Gas BU Performance: Better performance from better GSP margin Overview Performance Q2/14 Outlook E&P Gas Oil & Trading Refining PetChem Others NG Sales Volume NG Customer Breakdown MMSCFD 0.5% QoQ MMSCFD 5% YoY 4,695 4,462…
  15. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 15
    Gas BU Performance : Better performance from better GSP margin Overview Performance Q2/14 Outlook E&P Gas Oil & Trading Refining PetChem Others GSP - Reference Product Prices GSP Sales Volume USD/Ton KTon 0.1% QoQ 1,562 8% YoY…
  16. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 16
    Gas BU: 4th onshore pipeline delay but negligible Overview Business & Roadmap Performance Q2/14Outlook E&P Gas Oil & Trading Refining PetChem New Business 4th onshore pipeline project Cost 40 Billion THB 1 year delayed Impact…
  17. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 17
    Oil BU Performance : Margin and inventory gain drive performance Overview Performance Q2/14 Outlook E&P Gas Oil & Trading Refining PetChem Others Contribution Margin 1/ Sales Volume 2/ THB/Liter 39% QoQ MM Liter 4% QoQ 2% YoY 6%…
  18. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 18
    Trading BU Performance : FX and lower condensate discount support margin Overview Performance Q2/14 Outlook E&P Gas Oil & Trading Refining PetChem Others Contribution Margin* Sales Volume THB/Liter 44% QoQ MM Liter 10% QoQ 30% YoY…
  19. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 19
    Refining Business Performance: GRM drop following tumbled Crude from China slowdown/QE Overview Performance Q2/14 Outlook E&P Gas Oil & Trading Refining PetChem Others GRM/GIM Refinery Utilization USD/BBL 108.2 Aggregated 10% QoQ…
  20. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 20
    Refineries : Going forward Overview Performance Q2/14 Outlook E&P Gas Oil & Trading Refining PetChem Others CDU-3 Major Turnaround No major turnaround Turnaround Turnaround after planned S/D Maintenance : 1May- (165 KBD) :…
  21. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 21
    Petrochemical: Olefins In Good Shape; Aromatics Under Pressured Overview Performance Q2/14 Outlook E&P Gas Oil & Trading Refining PetChem Others Global Ethylene Demand/Supply Addition Global Benzene Demand/Supply Addition Demand…
  22. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 22
    Petrochemical Business Performance: Pressured PX price stumble performance Overview Performance Q2/14 Outlook E&P Gas Oil & Trading Refining PetChem Others Refineries Aromatics 103% BTX U-Rate CDU 93% 101% 92% U-Rate 101% 91%…
  23. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 23
    Petrochemical : Going Forward Overview Performance Q2/14 Outlook E&P Gas Oil & Trading Refining PetChem Others 22
  24. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 24
    Other Businesses : Coal - SAR (94.58%) Better performance from cost reduction initiatives Overview Performance Q2/14 Outlook E&P Gas Oil & Trading Refining PetChem Others Avg. Selling Price & Cash cost Sales Volume USD/Ton KTon 3%…
  25. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 25
    SAR Project Update Overview Performance Q2/14 Outlook E&P Gas Oil & Trading Refining PetChem Others 2014 Operational Plan Overview: Continue cost reduction initiative program under downturn market (mainly on mining and…
  26. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 26
    Other Businesses : Power - GPSC (30.10%) Better performance as a result of TFRIC4 Overview Performance Q2/14 Outlook E&P Gas Oil & Trading Refining PetChem Others Sales Volume Net Income (100%) KMWh MMBaht KTon 6% QoQ 34% QoQ…
  27. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 27
    GPSC Project Update Overview Performance Q2/14 Outlook E&P Gas Oil & Trading Refining PetChem Others Update Progress (Q1-2014) Completed transfer shares of 5 power assets from PTT Combined Heat and Power Producing Company Limited…
  28. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 28
    PTT Consolidated Performance: Q1/2014 Overview Performance Q2/14 Outlook Dubai (USD/BBL) 108.2 106.8 Q1/14 104.5 Others PTTEP 4% 4% QoQ 8% Unit : MMTHB 2% YoY 749,995 PTT - Gas 16% 716,571 Revenue 699,864 72% Revenue…
  29. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 29
    Statement of Financial Position Overview Performance Q2/14 Outlook MMTHB Decreased assets : A/R due to lower sales volume 1.4% 1,805,308 Decreased PP&E: 1,779,380 Reclassification of related PP&E as non- Cash & S/T Invest…
  30. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 30
    Dividend Policy & Historical Payments PTT is firmly committed to pay dividend at no less than 25% of net income Overview Performance Q2/14 Outlook 43.6% 40.4% 32.4%32.6% 29.8% 30.1% 30.3% 30.8% . 34.7% 34.9% 35.5% 39.3%Dividend…
  31. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 31
    PTT: CAPEX (PTT and Wholly Owned Subsidiaries) PTT plans to invest Bt 327bn (10bn) during 2014-2018 Overview Performance Q2/2014 Outlook CAPEX Breakdown : 5 Years Unit: MMTHB By Business Unit LNG 14% Investment in Joint Venture…
  32. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 32
    Contents Overview Performance Q2/2014 Outlook Overview Performance Q2/14 Outlook 31
  33. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 33
    Economic Outlook : Challenges ahead Overview Performance Q2/14 Outlook US Market : shows signs of stronger recovery : - US Economics Recovery : - Fed to keep QE tapering on course EU market: keep an eye on political issue : - EU…
  34. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 34
    Crude Oil Outlook: Limited Demand on Refinery Turn Around Overview Performance Q2/14 Outlook World Oil Demand/Supply Balance MBD Dubai MBD Dubai 109/bbl 105/bbl Dubai 95 7 104/bbl 94 6 93 91.8 91.6 5 OPEC spare capacity rises…
  35. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 35
    Henry Hub / JKM Price Outlook: US Gas in Surplus due to Significant Production Growth /Korean ample supply to pressure JKMOverview Price Performance Q2/14 Outlook US LNG Export Terminal Projects LNG Global Demand/Supply Excess…
  36. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 36
    Refinery Margin Outlook : Firm GRM in Q2-14 due to tight supply during refinery maintenance Overview Performance Q2/14 Outlook CDU Additional Vs Additional Demand AP&ME Refinery Maintenance in Asia-Pacific Area Demand Growth…
  37. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 37
    Petrochemical Outlook : Olefin spread to move slightly upward from cracker T/A Overview Performance Q2/14 Outlook Asia Ethylene Supply/Demand Balance Asia Propylene Supply/Demand Balance Million Metric Tons Million Metric Tons 4.5…
  38. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 38
    Petrochemical Outlook : Weak Downstream Demand Weighs Down PX Market Overview Performance Q2/14 Outlook Asia PX Supply/Demand Balance Asia Benzene Supply/Demand Balance AP/ME PX Capacity* and Supply AP/ME Benzene Capacity* and…
  39. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 39
    Debt Profile : Control Cost & Manage Risk Managed debt according to financial risk and policy Debt Portfolio Unit : MMTHB PTT Only Consolidated : Cost of debts 4.63 % : Cost of debts 4.42 % : % fixed-rate 81.91 % : % fixed-rate…
  40. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 40
    PTT Group Performance : Q1/14 (YoY) Overview Performance Q2/14 Outlook Performance 100% % share Equity Method % PTT Unit : MMTHB Q1/13 Q1/14 YoY Q1/13 Q1/14 YoY PTT Net operating Income 12,308 13,739 12% 12,308 13,739 12% E&P - PTTEP…
  41. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 41
    Statements of Consolidated Cash Flows Overview Performance Q2/14 Outlook 2013 Q1/2014 2013 Q1/2014 Operating 165,327 72,846 Investing -95,364 -27,757 Net Income 94,652 27,448 CAPEX(PP&E, Intangible asset) -114,457 -28,504 Changes…
  42. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 42
    Statements of Cash Flows: Q1/2014 & FY2013 (PTT Only) 2013 Q1/2014 2013 Q1/2014 Operating 42,592 24,133 Investing 16,981 -2,629 Net Income 63,988 21,586 CAPEX (PP&E, Intangible asset) -22,912 -6,557 Changes in assets & liabilities…
  43. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 43
    Data as of 31 Mar 2014 Petrochemicals & E&P and Gas Business Group Oil Business Group Refining Business Group Subsidiaries Consolidate Subsidiaries Consolidate Petrochemical Subsidiaries Consolidate PTT Exploration & Production Plc.…
  44. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 44
    Natural Gas Price Structure : Jan-Mar 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…
  45. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 45
    Natural Gas : Strong and Increasing Demand over Long Term Natural gas is a fuel of choice for power producers and transportation industry Gas demand forecast (CAGR during 2013-2030) : Total 2% : Power 3% : GSP -1% : Industry 2%…
  46. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 46
    Thailands Projected Energy Demand Commercial Primary Energy Consumption KBD 4000 3,728 3,306 1% Nuclear 4% 3500 3% 13% 2,862 3000 13% 3% 2,321 Hydro/Import13% 19% 2500 17% 1,917 2% Renewable 12% 14% 2000 2%…
  47. 5th annual UBS Thai Oil and Chemical Field Trip – PTTEP – slide 47
    Gas Business Generates Stable Returns Overview 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 12.5% - 18%…

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