Thai Oil Public Co. Ltd. · SET:TOP
Thai Oil Public — Investor Presentation (August 2015)
79 slides from Thai Oil Public's investor presentation, August 2015
Slide 1: Presentation to Investors August 2015
Thai Oil Public Company Limited Presentation to Investors August2015
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.
Slide 3: Corporate Vision, Mission and Values
-3- Corporate Vision, Mission and Values A LEADING FULLY INTEGRATED REFINING & PETROCHEMICAL VISION COMPANY IN ASIA PACIFIC • To be in top quartile on performance and return on investment • To create a high-performance organization that promotes MISSION teamwork, innovation and trust for sustainabil
Slide 4: Corporate Governance Policy
-4- Corporate Governance Policy Roles and Responsibilities for Corporate Governance Policy Stakeholders The board of directors, management • Truthfully report company’s situation and and all staff shall commit to moral future trends to all stakeholders equally principles, equitable treatment to all
Slide 5: Thaioil Group Sustainable Development
-5- Thaioil Group Sustainable Development Member of DJSI Emerging Markets for 2 consecutive years • Highest Ranked Level in RobecoSAM Gold Class of Global Oil & Gas Companies • No.1 in ENERGY industry around the WORLD (Industry Group Leader) • No.1 in Oil & Gas Producers Worldwide (Industry Leader)
Slide 6: Presentation Agenda
-6- Presentation Agenda TOP GROUP BUSINESS OVERVIEW KEY FINANCIAL HIGHLIGHTS STRATEGIC INVESTMENT PLANS MARKET OUTLOOK APPENDIX
Slide 7: TOP Group Business Overview
-7- TOP Group Business Overview
Slide 8: Strategic Relationship and Operational Integration with PTT
-8- Strategic Relationship and Operational Integration with PTT Thai Oil’s strong shareholder base 5.5% • Benefits from PTT’s dual 20.3% role as our major shareholder and key 49.1% business partner • All transactions take place at arm’s length 25.1% and in adherence with strong corporate PTT 49.1% g
Slide 9: TOP Group Synergy & Strategic Role in PTT Group Value Chain
-9- TOP Group Synergy & Strategic Role in PTT Group Value Chain Upstream Intermediate Downstream Solvent Pentane Diversifying to a broad Hexane range of downstream Toluene SOLVENTS The majority of Mixed-Xylene products to enjoy higher refined petroleum profit margins and Paraxylene products are sold
Slide 10: Key Milestones: 54 Years, A Long Track Record of Success
-10- Key Milestones: 54 Years, A Long Track Record of Success 1961 – 1997 2004 – 2011 Today Capacity expansion and initial stage of Listing, expansion and A leading integrated refining and business diversification diversification petrochemical group in Asia Pacific 1961 1970 2004 • 275 kbd refinery
Slide 11: Thai Oil Group Business Structure
-11- Thai Oil Group Business Structure 100.0% 100.0% 74.0% PTT 26.0% 100.0% 100.0% Thai Paraxylene Thai Lube Base Thaioil Power Thaioil Marine Thaioil Ethanol Thaioil (TOP) (TPX) (TLB) (TP) (TM) (TET) Aromatics Capacity: Lube Base Oil • 5 Oil & Chemical Tankers Mitr Phol 35.0% Padaeng Sells Electric
Slide 12: Process Linkage: Beauty of Integration
-12- Process Linkage: Beauty of Integration PROCESS FLOWCHART Thai Paraxylene ADIP FUELGAS Thai Oil ISOM LPG 20,000 MX HDT-1 MX 40,000 HDT-2 HDT-3 CCR-1 ULG95 85,000 CCR-2 CDU-1 50,000 ULG91 45,000 KMT-1 CDU-2 JET KMT-2 50,000 CDU-3 165,000 KEROSENE HVU-1 Thai Lube Base HVU-2 HVU-3 FCCU HDS-2 10,400
Slide 13: One of Region's Leading Refineries
-13- One of Region’s Leading Refineries Total Thailand crude refining capacity 1,241 kbd Market shares for refined petroleum product3 Thai Oil 22% Share 32% 31% Nameplate Capacity market market Fang (3 kbpd) shares shares Thai Oil (275 kbpd) PTT’s Principal Refiner Q2/15 1H/15 BCP (120 kbpd) Esso (1
Slide 14: Strategic Location with Competitive Advantages in Access to Key Markets
-14- Strategic Location with Competitive Advantages in Access to Key Markets Close proximity to the key domestic markets Access to Indochina markets through deep water ports Our strategic location provide us with LAOS 1. Close proximity with the key domestic markets and VIETNAM Indochina Bangkok Sri
Slide 15: Optimized & Flexible Operations…Superior Performance
-15- Optimized & Flexible Operations…Superior Performance Crude Assays based on Sources of Product Spread over Domestic demand for TOP configuration Crude output Dubai (US$/bbl) petroleum products* 1 % S = 1.54 % S = 2.13 % S = 0.79 Others ** 3% 5% -23.0 LPG API = 31.2 API = 30.4 API = 39.7 8% Far E
Slide 16: Strong Domestic Sales despite Flatten Local Demand
-16- Strong Domestic Sales despite Flatten Local Demand Domestic Oil Demand / Domestic Refinery Intake Domestic Oil Demand *including TOP intake (Excluding TOP = 70%) Utilization = 107% KBD Q1/15 KBD * -0.6% 1,200 93% 89% 92% 92% 86% 85% 85% 92% 94% 95% 92% 87% 100% 1,000 Q2/15 1,000 80% 800 800 600
Slide 17: Competitive Performance Benchmarking
-17- Competitive Performance Benchmarking Solomon (Bi-Annually) Shell Global Solutions International (SGSi) 2012 2010 Operational Performance Review Hydrocarbon Management Review Operational Troubleshooting Staff Competency Development Knowledge Management & Research
Slide 18: TOP Group Key Highlights
-18- TOP Group Key Highlights Thailand’s largest and Diversified earnings 2 one of the region’s through integration 1 most advanced and with, and significant competitive refineries contribution from, our subsidiaries Strategic relationship Strategic location with Industry with high 3 4 5 and operati
Slide 19: Key Financial Highlights
-19- Key Financial Highlights
Slide 20: Q2/15 Key Industry Highlights
-20- Q2/15 Key Industry Highlights Refinery Implication $7/bbl rose in Dubai crude price from lower 2.5 $/bbl inventory gain Non-OPEC production & stronger than expected (from stock loss 1.5 $/bbl oil demand in Q1/15 ) Seasonally low middle distillates but partially Slightly soften GRM offset by
Slide 21: Q2/15 Key Operation and Financial Highlights
-21- Q2/15 Key Operation and Financial Highlights Operation / Financial Highlights TOP Group Net Profit Unit : million THB (MB) Utilization Maximized refinery Net Operating Profit (before tax) Stock G/(L) (before tax) Rate run and increased Reversal of NRV/(NRV) (before tax) Others i.e. FX G/(L),
Slide 22: Integrated Margin & Competitive Cash Cost
Financial -22- Integrated Margin & Competitive Cash Cost Gross Refining Margin Refinery’s Cash Cost (Unit: US$/bbl) (Unit: US$/bbl) Marketing GRM Accounting GRM (Marketing GRM + Stock G/L) Operating Cost Interest Expense (excl. one-time non- (net) 9.9 operating item) 8.8 7.4 8.1 8.6 7.3 5.34.5 5.7 4
Slide 23: Financial Performance
Financial -23- Financial Performance Sales Revenue EBITDA Unit: Million THB Unit: Million THB 447,432 EBITDA (excl stk G/L & NRV) EBITDA (incl stk G/L & NRV) 446,241 399,125 414,575 390,090 318,391 28,760 23,868 22,808 22,337 284,123 22,897 20,350 21,393 17,381 19,713 19,541 14,585 16,213 150,402 12
Slide 24: Strong Financial Performance
Financial -24- Strong Financial Performance Statements of Financial Position Consolidated Long-Term Debt as at 30 Jun 15 1) (Unit: million THB) Total Long-Term Debt Net Debt 193,607 198,327 70,518 million THB 31,954 million THB Cash & ST Trade Payable (US$ 2,079 million (US$ 942 million investment 4
Slide 25: Dividend Payment
Financial -25- Dividend Payment Dividend Policy : Not less than 25% of consolidated net profit after deducting reserves, subject to cash flow and investment plan THB/Share n.a. n.a. EPS Total dividend 9.19 9.40 Interim dividend Dividend payout 7.82 8.13 7.28 5.91 6.04 5.09 5.26 48% 4.41 45% 4.50 43%
Slide 26: Strategic Investment Plans
-26- Strategic Investment Plans
Slide 27: Broadening Growth, Capturing Step Out, Pursuing Sustainability
Project Update -27- Broadening Growth, Capturing Step Out ,Pursuing Sustainability Economic Operational Excellence Growth (Core & Step Out) Social Environ- Core Business ment Dow Jones Sustainability Indexes Quick win Adjacent Integrated Downstream Specialty Logistics Bio-fuels New Business AEC coun
Slide 28: Strategic Investment Plan
Updated CAPEX plan -28- Strategic Investment Plan CAPEX Plan (Unit US$ million) Remaining capital investment Our CAPEX Projects COD Total Project investments will Cost 2014 2015 2016 2017 2018 cover improvements Refinery upgrading 2014 137 32 in plants reliability, efficiency & Reliability, efficien
Slide 29: Margin Contribution from completed projects in Q1/15
Project Update -29- Margin Contribution from completed projects in Q1/15 Project Project Details Actual Benefit Realization HVU Revamp: • Modify HVU-2 • Phase I: • Capable to produce more diesel/jet at Benefit Realization Benefit PSA-3 the expense of fuel oil (1-2%) ($/bbl) • Phase II: • Capable to
Slide 30: Key Project Progress Update: LAB
Project Update -30- Key Project Progress Update : LAB Project Detail Progress • TPX JV with Mitsui (75% : 25%) 98%* • Upgrade existing Benzene and Kerosene into higher Linear Alkyl valued product; LAB which is an intermediate feedstock Benzene in production of surfactant (detergent) (LAB) • Capacity
Slide 31: Key Project Progress Update: 2 SPPs
Project Update -31- Key Project Progress Update : 2 SPPs Project Detail Progress • Low risk power business enhance income stability 91%* • Support reliability of electricity & steam supply for TOP Group TOP SPP • Develop 2 new SPP power plants; (2 blocks of SPP) • Total power capacity 239 MW (~20% u
Slide 32: Q4-15 & 1H-16 Market Outlook
-32- Q4-15 & 1H-16 MARKET OUTLOOK • Crude Oil • Petroleum Products • Aromatics • Base Oil & Bitumen
Slide 33: Crude Oil
& ~ Group CRUDE OIL -33-
Slide 34: 2015 Global GDP Growth by IMF
Macroeconomics & Crude Prices -34- 2015 Global GDP Growth by IMF IMF estimated the 2015’s Global GDP growth at 3.3% Growth (%YoY) 2014 2015 2016 China US EU World Jul-15(1) Apr-14(2) Jul-15(1) Apr-15(2) Jul-15(1) 12% USA 2.4% 3.1% 2.5% 3.1% 3.0% 9% EU 0.8% 1.5% 1.5% 1.6% 1.7% 6% China 7.4% 6.8 % 6.8
Slide 35: Non-OPEC Demand Growth Projection
Macroeconomics & Crude Prices -35- Non-OPEC Demand Growth Projection IEA forecasted 2016’s global oil demand to increase by 1.4 MBD mainly from Asia Demand Growth IEA (MBD) (MBD) The global oil demand will grow by 1.4 MBD in 2016, as 9 . . economic growth solidifies and consumers respond to lower 5
Slide 36: Non-OPEC Supply Growth Projection
Macroeconomics & Crude Prices -36- Non-OPEC Supply Growth Projection IEA estimated 2016’s Non-OPEC oil supply growth to contract by 300 KBD Remarks: Non-OPEC Supply excl. Biofuels/Processing G/(L) Non OPEC Growth IEA Supply (MBD) (MBD) As lower prices and reduced spending take their toll, non-OPEC 5
Slide 37: Crude Prices Under Pressure Until Q4-15 and Gradually Recover in 1H-16
Refinery -37- Crude Prices Under Pressure Until Q4-15 and Gradually Recover in 1H-16 Dubai Price Movement $/BBL Shale Oil Boom Greek Debt Default 120 Dramatic Declines in Iranian Oil Exports to China’s Stock 100 Oil Rigs & CAPEX Cuts Hit the Market Market Bubble (by mid-2016) 80 Conflict in Yemen Po
Slide 38: Crude Prices Under Pressure Until Q4-15
Refinery -38- Crude Prices Under Pressure Until Q4-15 1 Slowing Chinese Economic Growth 2 Concerns over Rising Iran’s Oil Exports A Stock Market Crash and Yuan Devaluation A Iran’s Supply to Rise by 500-700 KBD by 1H-16 Stock Index Spot FX* Gradual release of floating oil and condensate (Point) (Yua
Slide 39: Decelerated Non-OPEC Oil Supply Growth
Refinery -39- Crude Prices to Recover in 1H-16: 3 Decelerated Non-OPEC Oil Supply Growth A Declined U.S. Oil Rig Count B Slowing U.S. Shale Production Growth U.S. Oil Rig Counts vs. WTI MBD US Shale Production Oil Rigs USD/BBL 6 1,800 Oct-14, 120 1609 5 1,600 100 4 1,400 80 1,200 Jun-15, 3 631 60 2
Slide 40: Solid Oil Demand Bolstered by Lower Oil Prices
Refinery -40- Crude Prices to Recover in 1H-16: 4 Solid Oil Demand Bolstered by Lower Oil Prices A World Oil Demand and Supply B Demand Growth over 1 MBD in 2016 World’ s Demand Growth by Region (YoY) MBD Non-OPEC supply MBD 98 growth slows down 1.75 1.6 2014 2015 2016 96 1.4 1.25 94 0.8 Recovering
Slide 41: Petroleum Products
& ~ Group PETROLEUM PRODUCTS -41-
Slide 42: Recovered Refinery Margin in Q4-15 Supported by Strong Gasoline Demand and Winter Season
Refinery -42- Recovered Refinery Margin in Q4-15 Supported by Strong Gasoline Demand and Winter Season Singapore Cracking GRM ($/BBL) Chinese Winter New Year Strong Gasoline Margin demand End of winter season Q1/15: $8.6/BBL Q2/15: $7.9/BBL Q1/14: $6.3/BBL Q4/14: $6.2/BBL Restocking Ramadan Q2/14: $
Slide 43: Healthy Gasoline Market on Strong Demand and U.S. Supply Outages
Refinery -43- Healthy Gasoline Market on Strong Demand and 1 U.S. Supply Outages A AP Gasoline Demand B AP Gasoline Demand Growth MBD % YoY China India Philippines Malaysia Total AP 7.0 Low oil Australia’s Ramadan Driving Season 15% prices 6.5 10% 6.0 5.5 5% 5.0 0% Jan Feb Mar Apr May Jun Jul Aug Se
Slide 44: Recovering Middle Dist. and Fuel Oil cracks in Q4/15
Refinery -44- Recovering Middle Dist. and Fuel Oil cracks in Q4/15 2 On Improved Demand and Tighter Supplies A Improving Demand during Winter B Tighter Supplies as MTA* & Run Cuts AP Gasoil Demand (MBD) Global Refinery Maintenance (MBD) 9.5 8 Heating 7 9.0 Demand 6 8.5 5 4 8.0 Jan Feb Mar Apr May Ju
Slide 45: Deferred Paradip Refinery Startup to 2016
Refinery -45- Deferred Paradip Refinery Startup to 2016 Addition CDU Addition VS Additional Demand – AP & ME (start-up Country Nameplate Company (KBD) AP Additional Demand ME Additional Demand period) ME Addition China Q1-15 UAE 417 Ruwais Australia Japan Q2-15 China 100 Local Rizhao Lanqiao India V
Slide 46: Strong Thailand's Oil Demand in 2015
Thailand Oil Demand -46- Strong Thailand’s Oil Demand in 2015 Year on Year 1H-2014 1H-2015 Y 2014 Y 2015(B) Mogas (A) +0.3% +14.1% +3.8% +10.8% Jet/Kero +1.3% +8.1% -1.0% +6.2% Diesel (A) +0.3% +2.5% +0.9% +1.9% Fuel Oil -0.9% -7.1%(C) -3.9% -3.6% Total +0.4% +5.3% +1.0% +4.6% GDP 0.3% N.A. +0.9% +3
Slide 47: Aromatics
& ~ Group AROMATICS -47-
Slide 48: Stable Aromatics Market in Q4-15 on Rising BZ Demand
Aromatics -48- Stable Aromatics Market in Q4-15 on Rising BZ Demand Aromatics Market PX-ULG95 ($/TON) BZ-ULG95 ($/TON) 371 326 280 273 269 286 252 255 246 254 221 229 207 126 101 116 2Q14 Y2014 1Q14 3Q14 4Q14 1Q15 2Q15 3QTD 4Q15 Y2015 1H16 Y2014 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3QTD 4Q15 Y2015 1H16 Act
Slide 49: Sustains PX Market in Q4-15 on Rising PX Demand
Aromatics -49- Sustains PX Market in Q4-15 on Rising PX Demand 1 Leading to Improving Operating Rate Improving AP Demand in Q4-15 A AP PX Plant Turnaround Supports PX Price B Encourages PX Market 0.8 MTA Jurong and Mil ton/month Utilization (%) Mil ton/year 1.6 MTA Dragon expects 3.2 90 1.6 Forecast
Slide 50: Upward Trend of U.S. BZ and SM Demand Stimulates Market in Q4-15
Aromatics -50- Upward Trend of U.S. BZ and SM Demand 2 Stimulates Market in Q4-15 A Open Arbitrage Window from Asia to U.S. B Firm AP SM P2F Sustains BZ Demand $/TON BZ US Gulf - BZ FOB Korea $/TON SM P2F 300 300 278 243 250 250 217 200 200 163 156 150 150 134 150 131 82 100 87 100 69 58 50 19 50 2
Slide 51: PX and BZ Demand/Supply Outlook
Aromatics -51- PX and BZ Demand/Supply Outlook AP/ME PX Capacity* and Demand Forecast Forecast MTA 2010-2014 2015 2016-2020 Dem: 7.2% Dem: 6.0% Dem: 5.8% 60 Cap: 8.0% Cap: 8.7% Cap: 6.5% 50 55 52 47 48 40 44 44 40 39 41 30 37 35 37 33 31 33 29 30 28 30 30 20 25 27 10 0 2010 2012 2014 2016 2018 2020
Slide 52: Base Oil & Bitumen
& ~ Group BASE OIL & BITUMEN -52-
Slide 53: Softer Base Oil Spread in Q4-15 on Stronger Fuel Oil Crack
Base Oil & Bitumen -53- Softer Base Oil Spread in Q4-15 on Stronger Fuel Oil Crack Base Oil Market Base Oil Benchmark Spread ($/TON) Gr.II-Gr.I Price Difference $/TON 512 80 495 486 501 499 492 369 399 60 40 20 0 Y2014 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3QTD 4Q15 Y2015 1H16 -20 2012 2013 2014 2015* * YTD
Slide 54: Softer Bitumen Spread in Q4-15 on Stronger Fuel Oil Crack
Base Oil & Bitumen -54- Softer Bitumen Spread in Q4-15 on Stronger Fuel Oil Crack Bitumen Market Bitumen Benchmark Spread ($/TON) Domestic Bitumen Demand KTA Average Demand Growth in 2011-2015: 6% p.a. 85 70 1000 23 20 800 -32 600 -69 -77 -66 400 200 2Q14 Y2014 1Q14 3Q14 4Q14 1Q15 2Q15 3QTD 4Q15 Y20
Slide 55: Global Expectation of Capacity and Demand
Base Oil & Bitumen -55- Global expectation of Capacity and Demand Million TON Global Gr.I Demand and Nameplate Capacity 35 29 28 27 30 27 26 26 26 25 25 24 25 20 19 19 20 18 16 15 14 Demand 15 13 13 12 Supply 10 5 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Million TON Global Base Oil Demand
Slide 56: Conclusion
& ~ Group CONCLUSION -56-
Slide 57: Q4-15 and 1H-16 Market Outlook Conclusion
Conclusion -57- Q4-15 and 1H-16 Market Outlook Conclusion Q4-15 1H-16 Improved product Recovered margins as Refinery spreads from winter demand outpaces demand refinery additions Firm Aromatics spread Stable Aromatics Spread on recovering on maintaining low PX Aromatics demand during winter operatin
Slide 58: Appendix
-58- APPENDIX • Q2/15 Performance analysis • World GRM / Inventories • Thailand petroleum demand by products
Slide 59: Q2/15 Performance Analysis
-59- Q2/15 PERFORMANCE ANALYSIS
Slide 60: Thai Oil Refinery: Superior Performance
-60- Thai Oil Refinery : Superior Performance… Ongoing Higher Refinery Utilization Rate & Domestic Sales than Industry Average TOP’s Refinery Utilization vs Industry * TOP’s Domestic Sale vs Industry * TOP Refinery Overall Industry Domestic Sales Export Sales (Thailand) 106% 107% 107% 19% 21% 15% 17
Slide 61: Q2/15: Healthy GRM & Stock Gain…Robust Earnings
Refining -61- Q2/15: Healthy GRM & Stock Gain…Robust Earnings Dubai Crude Price & Key Petroleum Product Spreads Refinery Utilization 2014 2015 2014 Q1/15 Q2/15 1H/15 $/bbl Q1 Q2 Q3 Q4 Q1 Q2 1H Q3TD* FY14 106% 107% 107% DUBAI (DB) 104.4 106.1 101.5 74.4 51.9 61.3 56.6 55.3 96.6 Dubai ULG95 - DB 14.6
Slide 62: Q2/15: Improved Aromatics Margins & Higher Production
Aromatics -62- Q2/15: Improved Aromatics Margins & Higher Production Aromatics Spreads and Margins Aromatics Production 2014 2015 2014 Q1/15 Q2/15 1H/15 $/ton Q1 Q2 Q3 Q4 Q1 Q2 1H Q3TD ** FY14 66% 84% 75% PX*-ULG95 273 220 371 252 255 246 251 228 279 Paraxylene (PX) BZ-ULG95 285 254 327 207 98 115 1
Slide 63: Q2/15: Improved Lube Margins from Strong Demand
Lube Base Oil -63- Q2/15: Improved Lube Margins from Strong Demand Base Oil & Bitumen Spreads & Margins Base oil Production 2014 2015 2014 Q1/15 Q2/15 1H/15 $/ton Q1 Q2 Q3 Q4 Q1 Q2 1H Q3TD* FY14 79% 88% 84% 500SN-HSFO 486 501 500 493 369 399 384 512 495 Lube Base Oil BITUMEN-HSFO (69) (77) (66) 85 2
Slide 64: Beauty of Integration…Sustainable GIM
Performance Breakdown -64- Beauty of Integration…Sustainable GIM (Unit: US$/bbl) 8.2 4.8 8.7 9.9 6.3 6.7 2.9 1.4 Product to Feed Q1/14 Q2 Q3 Q4 Q1/15 Q2/15 1H/15 1H/14 8.2 8.8 7.4 8.1 5.1 4.4 4.6 4.8 Crude Marketing GRM (excluded stock gain / loss) Q1/14 Q2 Q3 Q4 Q1/15 Q2/15 1H/15 1H/14 20.5 17.8 16
Slide 65: Q2/15: Performance Breakdown
Performance Breakdown -65- Q2/15: Performance Breakdown Utilization/Production (%) & Net Profit (million THB) Key Points • TOP: max run to capture strong ***74% holding GRM • TPX/TLB: increased run due to higher price and demand • TP: stable contribution as lower Refinery Aromatic Lube Solvents Mari
Slide 66: Consolidated Financial Performance
Financial -66- Consolidated Financial Performance (million THB) Q2/15 Q1/15 QoQ+/(-) Q2/14R YoY+/(-) 1H/15 1H/14R YoY+/(-) Sales Revenue 79,036 71,366 7,670 101,063 (22,027) 150,402 213,291 (62,889) Hedging Gain (187) 76 (263) 593 (780) (111) 1,196 (1,307) EBITDA 10,004 6,209 3,795 4,467 5,537 16,21
Slide 67: 1H/15 Consolidated Cash Flow
Financial -67- 1H/15 Consolidated Cash Flow (Unit: Million THB) (Unit: Million THB) Operating Cash Flow Investments 1H/15 1H/14R 1H/15 1H/14R Operating Cash Flow 12,301 16,041 Investments (9,769) (8,243) Net income & non-cash adj. 14,502 10,058 + ST investments (3,351) 2,512 CAPEX (PP&E) & other (6,
Slide 68: World GRM / Inventory; Thailand petroleum demand by products
-68- • World GRM / Inventory • Thailand petroleum demand by products
Slide 69: Asian Margin Vs. US-EU margin
World GRM -69- Asian Margin Vs. US-EU margin 97.6% 60.7% 54.6% Total Capacity: 17.0 MBD Total Capacity: 4.9 MBD Total Capacity: 17.5 MBD Source: EIA, Norwegian Energy, Thai Oil
Slide 70: Crude Inventory
Inventories -70- Crude Inventory Source: Norwegian Energy
Slide 71: Global Distillate Inventory
Inventories -71- Global Distillate Inventory Source: Norwegian Energy
Slide 72: Fuel Oil Inventory
Inventories -72- Fuel Oil Inventory Source: Norwegian Energy
Slide 73: China's Product Export
China Export -73- China’s Product Export Source: Norwegian Energy
Slide 74: Domestic LPG Demand
-74- Domestic LPG Demand Thailand LPG Demand LPG Demand Highlight • In first half of 2015, LPG demand fell steeply by 7.4%YoY on account of lower usages in cooking, transportation and petrochemical sectors. Most of the decline came from cooking sector that faced higher retail prices and slowly-than-
Slide 75: Domestic Gasoline Demand
-75- Domestic Gasoline Demand Thailand Gasoline Demand GASOLINE Demand Highlight • In first half of 2015, Mogas demand jumped sharply by 14.1% from the same period last year to an average 25.78 mml/day. This was mainly due to a significant drop in retail prices and low-based last year which had the
Slide 76: Domestic Jet Demand
-76- Domestic Jet Demand Thailand JET-A1 Demand JET Demand Highlight • In first half of 2015, Jet consumption increased significantly by 8.1% over the corresponding period last year mainly owning to reviving tourism sector. The expansion in tourism sector was a result of the return of Chinese and Ma
Slide 77: Domestic Gasoil and NGV Demand
-77- Domestic Gasoil and NGV Demand Thailand Gasoil Demand Diesel Demand Highlight • In first half of 2015, Diesel demand rose gradually by 2.5% YoY as relatively low retail prices boosted the consumption amidst strong agricultural demand from the peaking of harvesting season. Nevertheless, demand g
Slide 78: Domestic Fuel Oil Demand
-78- Domestic Fuel Oil Demand Thailand Fuel Oil Demand FUEL OIL Demand Highlight • In first half of 2015, Fuel Oil consumption dropped significantly by 7.1% from a year earlier as a result of lower maintenance day of natural gas fields from Myanmar, JDA and local fields, comparing to the last year.
Slide 79: Thank You
-79- 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 (August 2015) on 6ix