Thai Oil Public Co. Ltd. · SET:TOP

Thai Oil Public — Investor Presentation (July 2021)

76 slides from Thai Oil Public's investor presentation, July 2021

  1. Slide 1: Presentation to Investors July 2021

    Thai Oil Public Company Limited Presentation to Investors July 2021

  2. Slide 2: Disclaimer

    -2- Disclaimer The information contained in this presentation is intended solely for your personal reference. Please do not circulate this material. If you are not an intended recipient, you must not read, disclose, copy, retain, distribute or take any action in reliance upon it. Some statements mad

  3. Slide 3: Presentation Agenda

    -3- Presentation Agenda TOP GROUP BUSINESS OVERVIEW KEY FINANCIAL HIGHLIGHTS STRATEGIC INVESTMENT PLANS OUTLOOK APPENDIX

  4. Slide 4: Strategic Relationship and Operational Integration with PTT

    4- --4- Strategic Relationship and Operational Integration with PTT Thai Oil’s strong shareholder base • Benefits from PTT’s dual role 6.01% as our major shareholder and key business partner • All transactions take place 29.04% at arm’s length and in * 48.03% adherence with strong corporate governan

  5. Slide 5: TOP Group Synergy & Strategic Role in PTT Group Value Chain

    5- --5- TOP Group Synergy & Strategic Role in PTT Group Value Chain Upstream Intermediate Downstream Solvent Pentane Hexane Toluene Diversifying to a broad SOLVENTS Mixed-Xylene range of downstream products to enjoy higher Paraxylene The majority of Mixed-Xylene refined petroleum profit margins and

  6. Slide 6: Key Milestones: 60 Years, A Long Track Record of Success

    6- --6- Key Milestones: 60 Years, A Long Track Record of Success 1961 – 1997 2004 – 2011 Today Capacity expansion and initial stage of business Listing, expansion and A leading integrated refining and diversification diversification petrochemical group in Asia Pacific 1961 1970 2004 • 275 kbd refine

  7. Slide 7: Thai Oil Group Business Structure

    7- Thai Oil Group Business Structure --7- 100.0% 100.0% 100.0% 100.0% 100.0% Thai Paraxylene Thai Lube Base Thaioil Ethanol Thaioil Treasury Center Thaioil (TOP) TOP SPP (TPX) (TLB) (TET) (TTC) Capacity : Aromatics Capacity: Lube Base Oil Sells Electricity/Steam to 50.0% Enhance financial efficiency

  8. Slide 8: Process Linkage: Beauty of Integration

    8- --8- Process Linkage: Beauty of Integration PROCESS FLOWCHART Thai Paraxylene ADIP FUEL GAS Thai Oil ISOM LPG 20,000 MX HDT-1 MX 40,000 HDT-2 HDT-3 CCR-1 CCR-2 ULG95 85,000 CDU-1 50,000 CC ULG91 45,000 R KMT-1 CDU-2 KMT-2 JET 50,000 CDU-3 180,00 KEROSENE 0 HVU-1 HVU-2 FCCU 10,40 HDS-2 HVU-3 HVU-3

  9. Slide 9: One of Region's Leading Refineries

    9- --9- One of Region’s Leading Refineries Total Thailand crude refining capacity 1,244.5 kbd (1) Market shares for refined petroleum product (3) Fang (2.5 kbpd) Thai Oil 22% Share Nameplate Capacity 31% 29% market market Thai Oil (275 kbpd) shares shares PTT’s Principal Refiner BCP (120 kbpd) Esso

  10. Slide 10: Strategic Location with Competitive Advantages in Access to Key Markets

    10- --10- Strategic Location with Competitive Advantages in Access to Key Markets Access to Indochina markets through deep Close proximity to the key domestic markets water ports and trucks Our strategic location provide us with 1. Close proximity with the key LAOS domestic markets and Indochina Ban

  11. Slide 11: Competitive Performance Benchmarking (Yr 2016 vs 2018)

    -11- Competitive Performance Benchmarking (Yr 2016 vs 2018) Solomon for GOC 3(1) Category 2018 : TOP 2016 : TOP Total Operating Expenses, US cents/UEDC Solomon Associates is the independent 3rd Mechanical Maintenance Availability, % Index, US $/EDC party who applies Comparative Performance Analysis

  12. Slide 12: Optimized & Flexible Operations…Superior Performance

    Crude & Production -12- Optimized & Flexible Operations…Superior Performance Thai Oil is able to diversify its type of crude intake and product outputs to maximize demand and margin Crude Assays based on Sources of Product Reference Domestic demand for TOP configuration* Crude output Price petroleum

  13. Slide 13: Refinery: Slightly Lower Utilization as Softening Domestic Oil Demand

    -13- Refinery: Slightly Lower Utilization as Softening Domestic Oil Demand TOP/ Domestic Refinery Utilization Rate Domestic Oil Demand Unit: % Utilization Rate Mogas Jet/Kero Gasoil Total Mar’21 150% (yoy) +13.2% -53.6% +7.4% 2.0% 100% 113% 107% 111% 98% 101% 101% KBD 93% 3M'20 3M'21 100% -10.6% 800

  14. Slide 14: Key Financial Highlights

    -14- KEY FINANCIAL HIGHLIGHTS

  15. Slide 15: Q1/21 – 1 Year On, COVID-19 Still Here, But Recovery On The Way

    -15- Q1/21 – 1 Year On, COVID-19 Still Here, But Recovery On The Way COVID-19 Pandemic Global Oil Demand Recovery Strong Downstream Markets Coronavirus around the world Crude Prices Up With Optimistic Outlook Improving Aromatic & LAB Market Total confirmed cases Total Deaths $/bbl Crude Oil Price $/

  16. Slide 16: Continuous Extraordinary Effort

    -16- -16- Continuous Extraordinary Effort • Enforcing highest level (Red) of COVID-19 preventing & monitoring • Communication through I-COVID center People First • Comprehensive preventive & protective measures COVID-19 Response • Ensure BCM & smooth operations • Vaccine readiness for long term prev

  17. Slide 17: Q1/21 Key Market Highlights

    -17- -17- Q1/21 Key Market Highlights Crude Oil (Dubai rose to $64.4/bbl from $ 49.8/bbl , MB-DB rose to $0.8/bbl from -$0.3/bbl ) Dubai ($/bbl) (ending price) Dubai • Optimism over global economic rebound due to increasing vaccination rate and stimulus plan to Murban 65.2 boost economic recovery in

  18. Slide 18: Q1/21 Key Business Highlight & Financial Performance

    -18- Q1/21 Key Business Highlight & Financial Performance Key Business Highlight TOP Group Net Profit Operational Q1/20 Q4/20 Q1/21 Unit :Million THB (MB) • Maintain high and reliable production U-Rate % Q1/20 Q4/20 Q1/21 (13,754) MB 7,257 MB 3,360 MB Refinery 111% 101% 100% Gain on selling Aromatic

  19. Slide 19: Long Term Strategy Implementation

    19- --19- Long Term Strategy Implementation CFP Olefins Funding Plans • Resume speedy CFP project execution • Maximizing value chain & paving the way to new New debt : USD 1 bn portfolio Raising new debt by financial instruments Project Progress Budget Utilization 2% 5% 15% 15% i.e. hybrid bond 55%

  20. Slide 20: Integrated Margin & Competitive Cash Cost

    -20- -20- Integrated Margin & Competitive Cash Cost Gross Refining Margin Refinery’s Cash Cost (Unit: US$/bbl) (Unit: US$/bbl) Market GRM Accounting GRM (Market GRM + Stock G/L) Interest Expense (net) Operating Cost (excl. one-time non-operating item) 6.8 6.7 7.6 4.7 4.3 6.9 5.2 3.1 3.6 3.4 0.4 0.1

  21. Slide 21: Financial Performance

    -21- Financial Performance Sales Revenue EBITDA Unit: Million THB Unit: Million THB EBITDA (excl stk G/L) EBITDA (incl stk G/L) 36,925 389,344 32,675 362,179 33,448 337,388 25,496 22,867 274,739 20,239 242,840 13,833 13,214 8,272 5,344 3,493 3,616 73,449 1,702 76,652 59,592 (2,055) (1,476) (12,248)

  22. Slide 22: Q1/21 TOP Group Strong Financial Position & Financial Ratios

    -22- -22- Q1/21 TOP Group Strong Financial Position & Financial Ratios Statements of Financial Position Consolidated Long-Term Debt as at 31 Mar 21 (Unit: million THB) 306,188 303,857 Total IBD Net Debt 41,168 46,231 43,055 Trade Payable 143,279 million THB 97,048 million THB Cash & ST 71,682 / Othe

  23. Slide 23: TOP Group Strategic Investment Plan CAPEX

    CAPEX -23- -23- TOP Group Strategic Investment Plan CAPEX Plan (Unit US$ million) Updated as of April 2021 Total Budgeting Actual Investment Plan Project Q1/21 2021 - 2024 CFP project * 303 1,902 Total Ongoing CAPEX 12 201 Reliability, Efficiency and Flexibility Improvement 2 48 Infrastructure Impro

  24. Slide 24: Dividend Payment

    -24- Dividend Payment Dividend Policy : Not less than 25% of consolidated net profit after deducting reserves, subject to cash flow and investment plan Unit : THB/share EPSR 2H dividend 1H dividend Year Dividend 12.18 10.40 9.19 9.40 8.66 7.82 7.28 5.91 6.04 5.97 4.57 4.97 4.39 2.75 3.00 3.75 3.08 2

  25. Slide 25: Strategic Investment Plans

    -25- STRATEGIC INVESTMENT PLANS

  26. Slide 26: Thaioil's Strategic Direction: Accelerate the Transformation

    -26- Thaioil’s Strategic Direction : Accelerate the Transformation  Agility & Nimble  Flexible & opportunistic  Resilience Vision 2030 Empowering Human Life through Sustainable Energy and Chemicals Strategic Objective To be a competitive Energy & Chemicals company that delivers sustainable return

  27. Slide 27: TOP's Power Business Structure

    27- --27- TOP’s Power Business Structure Power Business Structure Power Business Structure Power Business Structure (Before 2021) (2021-2023) (After Q1-2023) 48% 22.81% 48% 31.72% 31.72% 48% Electricity 118 MW Electricity 118 MW Steam of 216 tons/hr Steam of 216 tons/hr 100% 8.91% 100% 20.78% 100% 2

  28. Slide 28: TOP SPP's Expansion

    28- --28- TOP SPP’s Expansion Key Objective and Benefit o Ensure power & steam reliability and increase efficiency for TOP Group o Support future growth of TOP Group o Replace a 25-year-old SPP of TP after the expiry of PPA with EGAT in March 2023 o Expect to achieve good return on investment from c

  29. Slide 29: Marine Business Restructuring

    29- --29- Marine Business Restructuring After Objective Existing Shareholders Structure Restructuring Transaction Details • Focus on TOP’s strategic direction (Refinery, Petrochemical, Power, New Business) 100% Benefit  Cash & Dividend from selling 100% • Unique opportunity to capture win- win bene

  30. Slide 30: CFP Rationale & Timeline

    -30- CFP Rationale & Timeline Project Rationale • Risk of losing competitiveness to others regional refineries as more new refineries with higher capacity and more advanced technologies are on stream. • Adjust product portfolio by producing high demand and clean product to serve customer needs and c

  31. Slide 31: Scope of CFP & Technical Aspect

    -31- Scope of CFP & Technical Aspect LPG Tops ISOM SRU Sulfur 5 HDT-3 Naphtha PX/BZ CCR-1/2 Platformate TPX HDT-4 Hy. Naph CDU-3 4 180 kbd Crude LPG LPG Kerosene Tops KMT-1/2 Lt.Naph 400 kbd Isomerate Gasoline New HDS-2/3 CDU-4 Diesel Jet/Kero 220 kbd HDS-4 Diesel 4 HMU-1/2&PSA-1/3 2 Fuel Oil HCU-1/

  32. Slide 32: CFP Competitiveness

    -32- CFP Competitiveness Without CFP With CFP CDU Capacity CDU Capacity 275,000 bbl per day 400,000 bbl per day Upgrading Ratio 28 % Upgrading Ratio 50% (upgrading capacity(1) over CDU capacity) (upgrading capacity(2) over CDU capacity) Power Plant 250 MW Remark : (1) including HCU 1/2, FCCU, TCU (2

  33. Slide 33: CFP Value Proposition

    -33- CFP Value Proposition Flexibility of crude intake Product Upgrading Light Distillate 25% (LPG, Light naphtha, Heavy naphtha, Light Crude Gasoline) 40% - 50% (API > 31) 23% 5% - 15% Medium Crude Middle Distillate (25 < API < 31) 62% (Jet , Gasoil) 100% 53% 40% - 50% Heavy Crude (API < 25) 17% Ot

  34. Slide 34: CFP Key Progress

    34- --34- CFP Key Progress Key Achievements Foundation Stone Complete Majority of Piling Commence Equipment & Reactor Delivery / Logistic C-COT & Piperack, New Laying Ceremony & Priority Foundation Work Module Prepare for installation Readiness Priority Tanks Project Progress Budget Utilization CFP

  35. Slide 35: 2H/21 Outlook

    35- --35- 2H/21 OUTLOOK • Crude Oil • Refinery • Aromatic • Base Oil & Bitumen

  36. Slide 36: Crude Oil Market Outlook: Dubai Prices Movement

    Crude Oil 36- --36- CRUDE OIL MARKET OUTLOOK Dubai Prices Movement $/BBL *as of 2 Jul’21 : 73.9 $/BBL New Tariff 90 U.S.-China OPEC+ easing cuts New COVID 70 2nd Wave variant COVID 50 OPEC+ EU/US Supply Loss from Iran Vaccines Massive attack at deeper cut Lockdown easing and Venezuela on Injection S

  37. Slide 37: Recovering Economic Activities from Better COVID-19 Situation

    Crude Oil 37- --37- 1 Recovering Economic Activities from Better COVID-19 Situation A Lower COVID-19 Cases Following Vaccines Progress B Improving Economics to Support Oil demand Mil. cases Daily New COVID-19 Cases Manufacturing Purchasing Managers' Index (PMI) 0.8 Global Peak 70 India 0.6 60 US 0.4

  38. Slide 38: Improving Demand Especially in EU/US and Higher China's Crude Imports

    Crude Oil 38- --38- 2 Improving Demand Especially in EU/US and Higher China’s Crude Imports A Expectation of Demand Recovery in Q3 and Q4 B Higher China’s Crude Imports on New Import Taxes Policy MBD US Oil Demand China’s Crude Imports 22 MBD Pre-COVID Level 2019: 20.5 MBD 13 20 Summer season 12 18

  39. Slide 39: Higher Supply from OPEC+ and Potential Return of Iran/U.S. Supply

    Crude Oil 39- --39- 3 Higher Supply from OPEC+ and Potential Return of Iran/U.S. Supply A Expectation of Gradually Higher Supply from OPEC+ B High Spare Capacity amid Low Production Cost 2021 OPEC+ Supply Cut Agreement (MBD) OPEC Spare Capacity (MBD) Production Cost ($/BBL) OPEC+ Cut OPEC+ Meeting o

  40. Slide 40: Expectation of Balance Crude Market to Stabilize Oil Price

    Crude Oil 40- --40- 4 Expectation of Balance Crude Market to Stabilize Oil Price A Lower Global Crude Storage from Peak B Expectation Balance Crude oil Market MBBL Global Crude Floating Storage MBD Global Demand/Supply Balance MBD 250 105 12.5 10.0 100 200 Peak 7.5 95 5.0 Jun’21 Decrease 55% 150 Fro

  41. Slide 41: Petroleum Market Short Term Outlook

    Petroleum 41- --41- Petroleum Market Short Term Outlook Recovering Petroleum Demand to Pre-COVID-19 Level by End 2021, Except Jet A Global Gasoline Demand B Global Jet/Kerosene Demand MBD y-o-y MBD 28 2018 : 7.9MBD (+3.5%) 10 26 2019 : 8.1MBD (+2.1%) 24 y-o-y 8 22 2018 : 26.0 MBD (+0.5%) 6 20 2019 :

  42. Slide 42: Recovering Product Demand to Support Refinery Run and Drawdown Inventory Levels

    Petroleum 42- --42- Recovering Product Demand to Support Refinery Run and Drawdown Inventory Levels A Rising Refinery Run on Expected Recovering Demand C Product Inventory in Major Hubs to Stay in 5 Years Avg. Level MBD Global Refinery Run Onshore MBBL MBBL Gasoil and Jet Inventory Inventory Gasolin

  43. Slide 43: New Refinery Addition to Come Online after COVID-19 Relief

    Petroleum 43- --43- New Refinery Addition to Come Online after COVID-19 Relief Asia Pacific and Middle East Effective CDU Addition Middle East China Japan India Key Projects : New Addition Vietnam Thailand Philippines New Zealand Country Company CDU (KBD) Start-up Australia Other AP Net Addition Chi

  44. Slide 44: Improving Demand on Increasing Economic Activities after the Progress in Vaccination

    Petroleum 44- --44- Improving Demand on Increasing Economic Activities after the Progress in Vaccination Singapore Cracking GRM ($/BBL) 15 10 5 0 -5 -10 Jan/08 Jan/09 Jan/10 Jan/11 Jan/12 Jan/13 Jan/14 Jan/15 Jan/16 Jan/17 Jan/18 Jan/19 Jan/20 Jan/21 Singapore Cracking Singapore Hydroskiming ($/BBL)

  45. Slide 45: Improving Gasoline Demand Driven by Easing Lockdown and U.S. Driving Season

    Petroleum 45- --45- Improving Gasoline Demand Driven by Easing Lockdown and U.S. Driving Season A Improving Driving Activities in US&EU amid Slowing in Asia B Higher U.S. Gasoline Demand during Summer Season Driving Mobility Index MBD US Gasoline Demand 200 10.0 13 Jan ‘20 =100 9.0 150 8.0 Driving s

  46. Slide 46: Higher Jet Demand following Tourism Recovery due to Vaccination

    Petroleum 46- --46- Higher Jet Demand following Tourisms Recovery due to the Progress of Vaccination A Rising Aviation Activity on Easing Restriction Except Asia B Jet Demand to Improve in 2H’21 on Traveling/Winter Season % 130 Aviation Real-Time Activity Index (Flight vs 2019) by Region MBD Global

  47. Slide 47: Rising Gasoil Demand on Improving Economic Activity after Easing Lockdown

    Petroleum 47- --47- Rising Gasoil Demand on Improving Economic Activity after Easing Lockdown A Higher Gasoil Demand on Rising Economic Activities B India Gasoil Demand to Recover in 2H’21 on Better COVID-19 MBD Global Gasoil Demand Growth by Region (vs 2019) MBD Indian Gasoil Demand Indian Gasoil E

  48. Slide 48: Increasing Fuel Oil Demand for Power Sector and Bunker Fuel amid Rising Supply

    Petroleum 48- --48- Increasing Fuel Oil Demand for Power Sector and Bunker Fuel amid Rising Supply A Firm ME Demand on Peak Summer in Q3 and Rising Trade B Higher Supply on Refinery Resumption after Maintenance MBD ME Fuel Oil Demand MTON SG Bunker Sales 2021 Global Refinery MBD Asian Refinery Run 2

  49. Slide 49: Recovering of Domestic Demand After the Third Wave of COVID-19

    Thailand Petroleum -49- Recovering of Domestic Demand After the Third Wave of COVID-19 A Rising Mogas Demand from Higher Transports Activities B Improving Gasoil Demand from Better Production Sectors Supportive Factors in H2/21 MML/Day Mogas Demand MML/Day Gasoil Demand 40 75 Apr’21: +8.8%YoY Vaccin

  50. Slide 50: More Aromatics Supply from Mega Capacity in 2H/21

    Aromatics -50- -50- More Aromatics Supply from Mega Capacity in 2H/21 but Still Lower than Pre-COVID-19 level A Short MoreTerm SupportAddition Capacity by SM Run Rate amid and LowerDemand Recovered BZ Stock B Improved market inAddition More Capacity 2021 due to Less amid Capacity Recovered Addition

  51. Slide 51: Higher Base Oil Supply in 2H/21 but Still Lower than Pre-COVID-19 level

    Base Oil & Bitumen -51- -51- Higher Base Oil Supply in 2H/21 but Still Lower than Pre-COVID-19 level A Higher Base Oil Supply in 2H/21 B Lower Plant Maintenance in Asia Supply Disruption MTON AP Base Oil Effective Capacity Addition KTON/Month Asia Pacific Base Oil Plant Maintenance Ratio (%) 2.0 1.6

  52. Slide 52: 2H-21 Market Outlook Conclusion

    Conclusion -52- -52 - 2H-21 Market Outlook Conclusion (vs. 1H-21) Expectation of Balance Crude Market on Higher Demand after COVID-19 Crude Oil Recovery amid Potential Higher Supply from Producers Improving Petroleum Product Demand on Increasing Economic Activities after Refinery the Progress in Vac

  53. Slide 53: Appendix

    -53- APPENDIX • Performance analysis • Sustainability / ESG • Refinery capacity addition • Aromatics • World GRM / Inventories • Thailand petroleum demand by products

  54. Slide 54: Refinery: Softening Mkt GRM Pressured by Higher Crude Premium

    -54- Refinery: Softening Mkt GRM Pressured by Higher Crude Premium Dubai Crude Price & Key Petroleum Product Spreads Refinery Utilization 2020 2021 2020 Q1/20 Q4/20 Q1/21 $/bbl Q1 Q2 Q3 Q4 Q1 Q2 Q3TD* FY 111% 101% 100% DUBAI (DB) 50.9 30.6 42.9 44.6 60.0 66.9 73.9 42.2 % MB Intake/ MB-DB ($/bbl) ULG

  55. Slide 55: Aromatic: Higher Contribution Supported by PX and BZ Margins

    -55- Aromatic: Higher Contribution Supported by PX and BZ Margins Aromatic Spreads and Margins Aromatics Production 2020 2021 2020 Q1/20 Q4/20 Q1/21 $/ton Q1 Q2 Q3 Q4 Q1 Q2 Q3TD* FY 81% 70% 80% PX-ULG95 218 214 143 146 195 206 194 180 BZ-ULG95 126 90 25 115 182 313 329 89 Q1/21 Market 352 *Q3TD as o

  56. Slide 56: Base Oil: Robust Contribution Supported by Strong Lube Spread

    -56- Base Oil: Robust Contribution Supported by Strong Lube Spread Base Oil & Bitumen Spreads & Margins Base oil Production 2020 2021 2020 Q1/20 Q4/20 Q1/21 $/ton Q1 Q2 Q3 Q4 Q1 Q2 Q3TD* FY 81% 93% 93% 500SN-HSFO 369 372 340 474 783 1,037 995 389 Q1/21 Market BITUMEN-HSFO 26 42 63 21 23 7 (20) 38 *Q

  57. Slide 57: Q1/21 Financial Performance

    -57- Q1/21- Financial Performance TOP Group Net Profit Gross Refining Margin - GRM Unit : million THB (MB) Q1/20 Q4/20 Q1/21 $/bbl Q1/20 Q4/20 Q1/21 (13,754) MB 7,257 MB 3,360 MB Market GRM 0.1 1.2 0.7 Gain on selling GPSC share Stock 5,801 (12.3) 2.3 6.2 Others incl net realized g/l Gain/(Loss) 98

  58. Slide 58: Power Sector Performance…Growing Contribution to the Group

    -58- Power Sector Performance…Growing Contribution to the Group Power Business Sector Equity holding in SPP (4) (5) 74% 100% Power & Steam Sales Electricity(1) 2,544 (4) Thaioil Power(TP) completely transferred whole business to 2,491 2,455 (GWh) be under TOP in Feb’21 612 601 455 FY/18 FY/19 FY/20

  59. Slide 59: Performance Breakdown

    -59- Performance Breakdown Petrochemical & (2) Others & (3) Consolidated Net Stock Gain/ Consolidated Net Petroleum Power Profit Profit Lube Base (1) New Business (excl. Stock G/(L) (Loss) (incl. Stock G/(L) Q1/20 (4,184) 743 586 177 (2,982) (10,772) (13,754) Q4/20 7,137 936 532 209 5,466 1,791 7,25

  60. Slide 60: Q1/21 TOP Group Consolidated P&L

    -60- Q1/21 TOP Group Consolidated P&L (MB) Q1/21 Q4/20 QoQ+/(-) Q1/20 YoY+/(-) Represent Sales Revenue 73,449 59,592 13,857 (A) 76,569 (3,120) (D) Net Realized G/(L) on Financial Instrument (119) (254) 135 (19) (100) (B) (E) EBITDA 8,272 3,492 4,780 (12,248) 20,520 EBITDA excl. Stk G/(L) & NRV 3,507

  61. Slide 61: Q1/21 Consolidated Cash Flow

    -61- Q1/21 Consolidated Cash Flow (Unit: MB) Q1’21 Q1’20 Represent Q1’21 Q1’20 Represent Operating Cash Flow (CFO) (3,364) (4,011) Investments (CFI) (4,727) (33,218) Net income 3,494 (13,609) Dividend income 7 14 Depreciation & NRV 1,815 7,263 Other adj. 2,410 (923) ST investments 5,252 (18,599) Cha

  62. Slide 62: ESG/Sustainability Highlights 2020

    ESG/Sustainability -62- ESG/Sustainability Highlights 2020 Environmental Social Governance Toward Green Economy Toward Better Quality of Life Toward Transparency Greenhouse Gases (GHGs) Communities Structure & Oversight • Reduced 4% direct GHG emission from BAU by • Thaioil CSR program supported med

  63. Slide 63: ESG/Sustainability Highlights 2020 – Q1/2021

    ESG/Sustainability -63- ESG/Sustainability Highlights 2020 – Q1/2021 Industry Leader Sustainability Award Leading Practices Platinum Award Listed in Thailand in oil & gas refining and (Gold Class) for Business Model-Value Sustainability marketing industry for 6 in oil & gas refining and Creation dis

  64. Slide 64: Demand Growth to Outpace Refining Capacity Addition in Medium Term

    Petroleum -64- Demand Growth to Outpace Refining Capacity Addition in Medium Term Asia Pacific and Middle East Effective CDU Addition VS Additional Demand AP & ME Demand Growth Middle East China Japan Key Projects : New Addition India Vietnam Thailand Philippines Country Company CDU (KBD) Start-up M

  65. Slide 65: Asian Margin Vs. US-EU margin

    World GRM -65- Asian Margin Vs. US-EU margin $/BBL $/BBL SINGAPORE GRM EU – US Margins 70 15 60 10 50 5 40 0 30 20 -5 10 -10 0 -15 -10 Aug-19 Nov-19 Feb-20 May-20 Aug-20 Nov-20 Feb-21 May-21 Aug-19 Nov-19 Feb-20 May-20 Aug-20 Nov-20 Feb-21 May-21 SING CRACK SING HYDRO BRENT CRACK BRENT HYDRO WTI CRA

  66. Slide 66: Global Crude Oil Inventories

    Inventories -66- Global Crude Oil Inventories MBBL U.S. Crude Stocks (excl. SPR) MBBL Crude Oil, Cushing, Oklahoma 600 Source : EIA 80 Source : EIA 550 70 500 60 50 450 40 400 30 350 20 300 10 250 0 1 5 9 13 17 21 25 29 33 37 41 45 49 1 5 9 13 17 21 25 29 33 37 41 45 49 5yr-range 2019 2020 2021 avg

  67. Slide 67: Global Gasoline Inventories

    Inventories -67- Global Gasoline Inventories U.S. Gasoline Stocks Singapore Gasoline Stocks MBBL Source : EIA MBBL 280 20 Source : IE Singapore 260 240 10 220 200 180 0 1 5 9 13 17 21 25 29 33 37 41 45 49 1 5 9 13 17 21 25 29 33 37 41 45 49 5yr-range 2019 2020 2021 avg 16-20 5yr-range 2019 2020 2021

  68. Slide 68: Global Middle Distillate Inventories

    Inventories -68- Global Middle Distillate Inventories U.S. Diesel Stocks Singapore Middle Distillate Stocks MBBL MBBL 200 Source : EIA 20 Source : IE Singapore 180 160 140 10 120 100 80 0 1 5 9 13 17 21 25 29 33 37 41 45 49 1 5 9 13 17 21 25 29 33 37 41 45 49 5yr-range 2019 2020 2021 avg 16-20 5yr-r

  69. Slide 69: Global Fuel Oil Inventories

    Inventories -69- Global Fuel Oil Inventories U.S. Residual Fuel Oil Stocks Singapore Residual Fuel Oil Stocks MBBL MBBL Source : IE Singapore Source : EIA 50 40 30 40 20 30 10 20 0 1 5 9 13 17 21 25 29 33 37 41 45 49 1 5 9 13 17 21 25 29 33 37 41 45 49 5yr-range 2019 2020 2021 avg 16-20 5yr-range 20

  70. Slide 70: China's Refined Product Exports

    Inventories -70- China’s Refined Product Exports China’s Gasoline Exports China’s Gasoil Exports KBD KBD Source : China Custom Source : China Custom 600 800 500 700 600 400 500 300 400 200 300 200 100 100 0 0 1 2 3 4 5 6 7 8 9 10 11 12 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2018 2019 2020 2

  71. Slide 71: Domestic LPG Demand

    Thailand petroleum demand by products -71- Domestic LPG Demand Thailand LPG Demand LPG Demand Highlight KT/Day 2021 2019 2018 2020 • In 2M’21, LPG demand increased by 1.3% YoY following the increase in industry and petrochemical sectors. LPG demand in 20 the industry and petrochemical sector rose by

  72. Slide 72: Domestic Gasoline/Gasohol Demand

    Thailand petroleum demand by products -72- Domestic Gasoline/Gasohol Demand Thailand Gasoline/Gasohol Demand GASOLINE/GASOHOL Demand Highlight MML/Day • In Q1’21, Gasoline demand was reduced by 0.1% YoY to an 2021 2020 2019 2018 average of 31.1 MML/day while only Gasohol* demand 36 decreased by 0.2%

  73. Slide 73: Domestic Jet Demand

    Thailand petroleum demand by products -73- Domestic Jet Demand Thailand JET Demand JET Demand Highlight MML/Day 2021 2020 2019 2018 • In Q1’21, Jet consumption decreased by 73.1% YoY, as the 24 domestic flight number dropped by 50.7% YoY from the flight suspension due to the second wave of the COVID

  74. Slide 74: Domestic Gasoil and NGV Demand

    Thailand petroleum demand by products -74- Domestic Gasoil and NGV Demand Thailand Gasoil Demand Gasoil Demand Highlight MML/Day 2021 2020 2019 2018 • In Q1’21, Gasoil demand increased by 1.5% YoY. Gasoil demand in 72 70.5 Jan’21 was pressured by the economic slowdown from the second 69.3 wave of CO

  75. Slide 75: Domestic Fuel Oil Demand

    Thailand petroleum demand by products -75- Domestic Fuel Oil Demand Thailand Fuel Oil Demand 2021 2020 2019 2018 Fuel Oil Demand Highlight MML/Day • In Q1’21, Fuel Oil consumption rose by 29.1% YoY, as the 8 demand in the transportation sector, which accounted for 58.5% 5.9 5.6 of total Fuel Oil dem

  76. Slide 76: Thank You

    --76- 76- Thank You Any queries, please contact: at email: [email protected] Tel: 662-797-2999 / 662-797-2961 Fax: 662-797-2976

Thai Oil Public Company — Investor Presentation (July 2021) on 6ix