PTT AnalystMeeting4Q2011 en 03

Analyst Meeting
Q4 and FY 2011
Contents
2011 Highlights Performance &Roadmap I nvestment 2012 Outlook PTT GroupStress Test 2011 Highlights Performance & Roadmap I nvestment 2012 Outlook PTT Group Stress Test
2011 Highlights
Performance & Roadmap
Investment
2012 Outlook 2012 Outlook
PTT Group Stress Test
1
2011 Highlights
2011 Highlights Performance &Roadmap I nvestment 2012 Outlook PTT GroupStress Test
Economy
2011 Highlights Performance & Roadmap I nvestment 2012 Outlook PTT Group Stress Test
European Financial turmoil leading to credit rating downgrade in Italy, Spain, and other 7
European countries
Exceptionally lowFed rate at 0 0.25%; however, improvement of employment rate andCPI Exceptionally low Fed rate at 0 0.25%; however, improvement of employment rate and CPI
shown
Lower Chinese demand from tight monetary policy, however, increasingly gloomy global outlook
and slower growth forced China to start easing monetary policy in December
NESDB estimated that devastating flood led to contracting Thai economy by 9.0% in Q4/ 2011
and FY 2011 growth only at 0.1%
Operations
Flood caused NG sales volume to decrease by 7.7% QoQ, while only 1% effect in oil business
Yetagun closed to install compressor platform lead to lower NGV supply
Gradually increasing NGV retail price structure implemented since J anuary 16, 2012
ESP d ti f t h td i Q3/ 2011
2
ESP resumed operation from warranty shutdown in Q3/ 2011
Improvement of coal sales volume from 2.5 to 3.1 MTon in Q4/ 2011
2011 Year of Record Profit
Unit : THB Billion
Record Year
Increasing sales volume
926
1,214
1,508
2,001
1,586
1,898
2,428
Revenue
~USD80 bn
from ESP, GSP6, Ethane
cracker (PTTPE)
Stock gain as crude oil price
surged
386 400
490
645
926
USD 80 bn
~USD 60 bn
surged
Effective BCM
Eff ti B i C ti it
~USD 10 bn
Effective Business Continuity
Management lead to minimal
impact from flood in Q4/ 2011
Stress Test
Net I ncome
62 7
85.5
95.5
97.8
59 5
84.0
105.3
55%
Stress Test
Group-wide Stress Test to
prepare for future uncertainties
21.6
24.5
37.6
62.7
51.7
59.5
19%
38%
45%
41%
63%
43%
45%
50%
37%
58%
57%
55%
62%
55%
59%
59%
36%
PTT
Affiliates
3
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
19%
81%
38%
45%
41%
63%
42%
43%
41%
64% 50%
36%
Strong Contributions from All Businesses
Unit : THB Billion
+25%
Prices Drivers
17.8
Petrochem
84 0
105.3
Net I ncome
+75%
Prices Drivers
Crudeoil106$/BBL(+40%)
AccountingGRM6.08$/BBL(+26%)
Spread HDPE 443 $/Ton (13%)
9.4
13.4
10.2
PTTEP
84.0
Refinery
+43%
SpreadHDPE443$/Ton(13%)
SpreadPX647$/Ton(+93%)
Volume Drivers
28.7
30.6
PTTEP
+7%
Ethanecracker1MTA(Q4/10)
HDPE300KTA&LDPE300KTA(Q1/11)
BisPhenolA150KTA(Q2/11)
36.1
47.8
PTT
+32%
PP/PDH300/310KTA(Q3/10,Q1/11)
TDAE50KTA(Q1/11)
OilSandsKKD15,000BOED(Q1/11)
Vietnam 16 1 32 000 BOED (Q3/11)
-0.4
-4.3
Others
2010 2011
Vietnam16132,000BOED(Q3/11)
ESP0.76MTA(Q3/10)
GSP61.8MTA(Q1/11)
LNGTerminalcapacity5MTA(Q3/11)
4
2010 2011
Dividend 10.25 13.00
(THB/ Share)
2010-2011 Accolades
PTT is widely recognized among business communities both international and local
h h
Asia Talent Management
10
th
Asia Business
Leaders Award 2011
7
th
Top Asia Energy
Companies of 2010
35
th
Top Global Energy
Companies of 2010
128
th
Fortune Global 500
of 2011
- 155
th
in 2010
- 118
th
in 2009
171
th
The Biggest Listed
Companies in the World
2011
-196
th
in 2010
-244
th
in 2009
Dow Jones
Sustainability
Index # 17
Best CEO 2010
Best CFO 2010
Asian Corporate Director
Recognition Awards 2010 & 2011
Thai BMA Best Bond Awards
2010
The winners of The Assets
Platinum Awards in 2011 Best CFO 2010
Best Managed Company 2010
Best Corporate Governance
2010
Best Investor Relations 2010
Best Corporate Social
Recognition Awards 2010 & 2011
Asias Best CEO
Asias Best CFO
Best IR Website/Promotion
Best Environmental
Responsibility
2010
Deal of the Year
Most Creative Issue
Best Investor Relations Issuer
Platinum Awards in 2011
Responsibility 2010
Best Commitment to Strong
Dividend Policy 2010
Responsibility
Best Investor Relations
Best Investor Relations
Professional
Board of the year Award
2010/11
SET Awards
Top Corporate Governance
Trusted Brand 2011 Best CEO for Energy Sector 2011
Outstanding State Enterprise
Report Award 2010 & 2011
Responsibility Awards 2011
Thailands Top Brand in
Platinum Award for Service
Station
gy
g p
Award 2010
Best State Enterprise of the
Year, Best of the Best
Outstanding Leadership
Outstanding Innovation
5
Contents
2011 Highlights
Investment
6
Exploration & Production Performance : PTTEP (65.29%)
Product Prices
Net Income (100%)
E & P Gas Oil & Trading Refining PetChem Coal
101.7
102.7
73.8
102.2
Liquid (USD/ BBL)
1,468
Unit: MMUSD
1,380
6%
5.91 6.64 5.52 6.00
55.4
61.3
44.8
55.5
G (USD/ MMBTU)
Weighted Avg.
(USD/ BOE)
489
250
96%
Sales Volume Key Activities
5.91 6.64 5.52 6.00
Q3/11 Q4/11 2010 2011
Gas (USD/ MMBTU)
Q3/11 Q4/11 2010 2011
250
265
26 2
Unit: KBOED
0.2%
265
5%
QoQ
Sales volume dropped from flood (i.e. Arthit
North, Bongkot, MTJ DA B-17, Yadana, Yetagun),
86
78
265
265 251
Liquid
G
265
, g , , , g ),
whilst sales price sharply increased from
periodic gas price adjustment
Net Income increased from FX gain on USD
debts against stronger CAD currency
165
187
Q3/11 Q4/11 2010 2011
Gas
7
g g y
YoY
Avg. selling price increased by 24%
Success ratio in 2011 was 11:25
Exploration & Production Roadmap : PTTEP
Target Sales Volume Proved Reserves
Unit: KBOED
Total 969 MMBOE
Overseas
284
330
345
326
324
Australia
Middle East & Africa
North America
7%
16%
44%
56%
265
South East Asia
Australia
Policy
Domestic
Thailand
Reserves Replacement Ratio 1.10 > 1
Reserve Life I ndex (year) 9
2011 2012 2013 2014 2015 2016
2015 2011 CF 2012 2013 2014
2016
8
BKT South,
Montara
Zawtika Algeria
Gas Business Performance : Natural Gas
NG Sales Volume
Gas BU EBITDA
2011
2010
3,802
4,055
4,152
4,148 4,145
4,330
4,249
3,919
Unit: MMSCFD
AVG.
4,040
4,161
Unit: MMTHB
62,195
32%
2009
2010
3,280
3,606
3,677 3,686
, ,
3,562
47,212
9,880
16,832
41%
NG Customer Profile Key Activities
Q1 Q2 Q3 Q4 Q3/11 Q4/11 2010 2011
550
237
246
Industry (13%)
NGV (6%)
3%
Unit: MMSCFD
4,040
4,249
4,161
3,919
8%
QoQ
NG sales volume declined in all customers as a
result of flood except sales volume to GSPs
763
866
430
486
860
867
559
550
3
IPP (21%)
SPP (12%)
GSP (21%)
Industry (13%)
increased due to the resumption of ESP & GSP 6
Higher average gas cost from price adjustment
YoY
1,070
1,146
763
866
Q3/11 Q4/11 2010 2011
EGAT (27%)
( )
9
YoY
NG sales volume slightly increased due to gas
leakage and flood
Gas Business Performance: GSPs & NGV
GSP - Reference Product Prices
NGV EBIT Loss
PP
HDPE
Unit : USD/ Ton
1,399
1,329
1,364
1,606
1,423
1,340
1,585
Unit : MMTHB
3 164
Q3/11 Q4/11 2010 2011
Naphtha
333 333
333 333
869
805
660
853
1,222
Domestic LPG
-7,323
-3,259
-3,164
10 556
3%
GSP Sales Volume
Key Activities
Q3/11 Q4/11 2010 2011
-10,556
44%
y
Propane (9%)
Unit : KTon
542
5,820
36%
QoQ
GSPs sales volume increased mainly due to the
resumption of GSP 6 and ESP
Propane (9%)
NGL (11%)
Ethane (31%)
647
1,798
542
1,500
1 381
4,289
YoY
GSP volume increased by 36% from COD of ESP
in J uly 2010, and GSP 6 in J an 2011
9%
LPG (49%)
712
2,833
167
467
154
Q3/11 Q4/11 2010 2011
,
1,381
10
y ,
NGV price increased by 0.50 Baht/ Kg a month
starting from J an 16, 2012
Gas Business Roadmap
6,000
Unit : MMSCFD
4,000
GSP
I ndustry
NGV
21%
13%
7%
6%
18%
16%
7%
0
2,000
Power
- EGAT
- I PP
- SPP
60%
21%
59%
New
Supply
PTTEP
(Bongkot
PTTLNG
PTTEP
(M9)
Chevron
0
2011 2012 2013 2014 2015 2016
Pipeline
Capacity
Supply
South)
4
th
Onshore
Offshore
Compressor
Chevron
(Plathong)
Capacity
(MMSCFD)
4,380
GSP
5,580 6,980 6,980
Compressor
6,980
GSP#6
6,980
GSP
Capacity
(MTA)
6.7 6.7 6.7 6.7 6.7
GSP#6
6.7
11
Oil Business Performance : PTT
Contribution Margin* Oil BU - EBITDA
11,973
Unit : MMTHB
0 73
0.77
0 75
Unit : THB/ Liter
9%
12,126
13,224
Oil
0.72
0.73
0.75
11%
3,236
2,874
291
1,251
2,583
Q3/11 Q4/11 2010 2011
Non-Oil
Q3/11 Q4/11 2010 2011
* Exclude nonoil business
Unit : MM Liter
5%
QoQ
Sales volume returned to normal in Q4 after more
5 590
5 536
20,762
21,807
FO import in Q3 to compensate gas leakage
YoY
Sales volume increased due to the increase in
2%
5,590
5,536
Q3/11 Q4/11 2010 2011
12
domestic demand and fuel oil demand during gas
leakage
PTT stations 1,326 (+6 stations from Q3)
Caf Amazon 634 branches (+29 branches)
International Trading Business Performance : PTT
Contribution Margin Trading BU - EBITDA*
2,188
2,209
Unit : MMTHB
0.04 0.04 0.04
Unit :THB/ Liter
1%
612
283
0.03
54%
283
Q3/11 Q4/11 2010 2011
Q3/11 Q4/11 2010 2011
* PTT Only
Unit : MM Liter
y
QoQ
Lower sales volume fromthe turnaround of
2%
16 098 13 736
60,256 59,145
15%
Lower sales volume from the turnaround of
IRPC
Contribution margin slightly decreased due to
the decrease in condensate margin
16,098 13,736
Q3/11 Q4/11 2010 2011
13
YoY
Lower sales volume, specially crude volume,
due to schedule shutdown of affiliate refineries
Refining Business Performance
GRM/ GIM Net Income (100%)
23,414
32,455
Unit : MMTHB
39%
BCP
IRPC
Unit : USD/ BBL
6.87
5.90
7.37
9.40
6.08 A/ C GRM
A/ C GIM
3,935 1,396
65%
IRPC
SPRC
TOP
4.66
3.40
3.81
4.53
3.25
3.85
4.82 Mkt GRM
Q3/11 Q4/11 2010 2011
Source : PTT, Refining Associates
Note: Weighted Avg. GRM of PTTs associates complex refineries (TOP, SPRC, BCP, and I RPC)
Weighted Avg. GI M of PTTs associates integrated refineries (TOP and I RPC)
Account GRM/ GI M = Market GRM/ GI M + Hedging Gain/ Loss + Stock Gain/ Loss
Q3/11 Q4/11 2010 2011
93%
85%
90% 89%
100%
900
1000
Total I ntake Key Activities
Unit : KBD
Aggregated
Util
QoQ
Market GRM decreased following European debt
0%
50%
400
500
600
700
800
652
686 684
704
BCP
SPRC
Util.
crisis
For Aromatics, PX spread margin dropped due to the
resumption of PX plants
YoY
IRPC
50%
0%
0
100
200
300
Q3/11 Q4/11 2010 2011
SPRC
TOP
14
YoY
Market GRM improved from higher demand due to
global economy recovered
Higher stock gain due to crude oil price surged
Refining Business Roadmap
2012 2013 2014 2015 2016
PTT 49 10% PX&BZUpgrading HCURevamp Benzene Power Plant Power Plant
PTT 49.10%
Refining Cap. 275 Kbpd
PX 489 KTA
MX 90 KTA
PX & BZ Upgrading
PX 100 KTA
BZ 100 KTA
Ethanol UBE
400 KLiter/ day
HCU Revamp
Phase I & I I
PSA & HVU
revamp
Benzene
Derivatives
LAB100 KTA
Power Plant
110 MW
Power Plant
110 MW
BZ 177 KTA
Tol 144 KTA
PTT 38.51%
A ti 367 KTA
Propylene Booster
Propylene
100 KTA
ABS/ SAN
Expansion
ABS/ SAN
PP Compound
andSpecialties
100 KTA
Propylene
320 KTA
Aromatic 367 KTA
Olefin 728 KTA
Polyolefin 615 KTA
100 KTA
ABS/ SAN
61 KTA
100 KTA
PTT 27 22% Solar Power Plant Tail Gas Treating Solar Power Plant Continuous PTT 27.22%
Bangchak
Solar Power Plant
Ph I
38 MW
Solar Power Plant
Ph I I
Tail Gas Treating
Unit
Solar Power Plant
Ph I I I
48 MW
Continuous
Catalytic
Reforming Unit
(CCR) 12 KBD
Cogeneration
P Pl t
Ph I I
32 MW
Ethanol UBE
400 KLiter/ day
Power Plant
15 MW
Palm Plantation
3,300 Rais
Expansion project
15
Petrochemical Business Performance
Spread Margins Net Income (100%)
638
647
Unit : MMTHB Unit : USD/ Ton
37,086
PTT Phenol
71%
HMC Polymers
Others
21 731
HDPE-Naphtha PX-Naphtha
7%
13%
13%
93%
462
429
511
443
554
335
PTT Phenol
PTTGC
47%
21,731
8,325
4,449
7%
13%
Q3/11 Q4/11 2010 2011 Q3/11 Q4/11 2010 2011
Q3/11 Q4/11 2010 2011
Note : PTTGC- Pro-forma income statement.
89%
88%
90% 86%
Unit : KTon
23%
QoQ
Sales volume and average selling price dropped from
lower demand following Chinas tight monetary policy
Aggregated
Util.
HMCPolymers
1,264
1,550
YoY
Sales volume increased from the commercial
operations of
PTTGCs Ethane Cracker 1 MTA in Dec 2010
12%
Q3/11* Q4/11* 2010 2011
PTTGC
HMC Polymers
PTT Phenol
222 196
16
PTTGCs HDPE 300 KTA & LDPE 300 KTA in Q1/ 11
PTT Phenols Bis-Phenol A 150 KTA in Q2/ 11
HMC Polymerss PP/ PDH 300/ 310 KTA in Q3/ 10
and Q1/ 11, respectively * PTTGC sales volume not available due to the merger of PTTCH & PTTAR during the period
Petrochemical Business Roadmap
2012 2013 2014 2015 2016
PTT 48.92%
Refining 280 KTA
Olefins 2,888 KTA
A ti 2 259 KTA
NatureWorks 50%
PLA 70 KTA
Aromatics 2,259 KTA
Polymers 1,590 KTA
Specialty 826 KTA
Perstorp51%
TDI 125 KTA
HDI 45 KTA
PTT 40.00% PTT 40.00%
Phenol 200 KTA
Acetone 125 KTA
BPA 150 KTA
Phenol 250 KTA
Acetone 154 KTA
PTT 41.44%
PP 750 KTA
Propylene 310 KTA
PTT 48 50% PTT 48.50%
AN 200 KTA
MMA 70 KTA
PTT 50 00% PTT 50.00%
PBS 20 KTA
17
Other Businesses : Coal - SAR (45.6%)
Average SAR Selling Price Net Income (100%)
Unit : MMUSD
116%
100
Unit : USD/ Ton
190
94
100
73
93
37
73
88
97%
Q3/11 Q4/11 2010 2011
Q3/11 Q4/11 2010 2011
y
Unit : KTon
10 726
QoQ
Started production at Northern Lease, Sebuku
Higher average selling price from higher quality coal
fromNorthernLease
0.1%
2 494
3,077
10,726
J embayan
Sebuku
10,712
23%
from Northern Lease
YoY
Sales volume maintained at same level as previous
year, despite a collapse of the Kutai Kartenegara
Q3/11 Q4/11 2010 2011
2,494
,
18
g
bridge that obstructed the coal transportation
Increased in average selling price following global
coal price surged
Coal Mining Roadmap
Target Production Volume Resources & Reserves
Unit : MMTon
14 0
2%
Sebuku
Reserves 146 MMTon
12.0
14.0
Sebuku
2%
98%
8.5
9.0
10.7
10.7
98%
J embayan
J embayan
J embayan
Resources 1,505 MMTon
2008 2009 2010 2011 2012 E 2013 E
60%
40%
19
60%
Sebuku
19
PTT Consolidated Performance : 2011
78
106
4%
Others
PTTEP
Dubai (USD/ BBL)
Unit : MMTHB
28%
1,898,682
2,428,165
16%
6%
4%
PTT - Gas
Revenue
2010 2011
74%
PTT - Oil & Trading
Others
Revenue
170,330
210,748
24%
56%
30%
8%
6% PTT - Oil & Trading
PTT G
PTTEP
EBI TDA
170,330
2010 2011
25%
30%
PTT - Gas
Others
EBITDA
83,992
105,296
25%
45%
17%
13%
4%
PTT
PetChem
Refining
Net
Income
Net Income
2010 2011
29.58 36.91
29%
PetChem
PTTEP
20
co e
Net Income
EPS (THB/ Share)
PTT Group Performance : 2011
% share
Unit : MMTHB 2010 2011 YoY 2010 2011 YoY
PTT Company Only 54,457 73,434 35% 54,457 73,434 35%
Performance 100% Equity Method % PTT
Less: Dividend Received 18,316 24,275 33% 18,316 24,275 33%
Gain (Loss) on sales of investments in Associates
and other adjusting 1,913 n.m. 1,913 n.m.
PTT Net operating Income 36,141 47,246 31% 36,141 47,246 31%
E&P PTTEP 43 774 44 748 2% 65 29% 28 722 30 558 6% E&P - PTTEP 43,774 44,748 2% 65.29% 28,722 30,558 6%
Petro. Business 21,731 37,086 71% 10,158 17,753 75%
- PTTGC* 16,320 30,033 84% 48.92% 7,922 14,465 83%
- HMC/ PPCL/ PTTPL/ PTTPM/ PTTAC
5 411 7 053 30% 40-48% 2 236 3 288 47%
/ PTTME/ PTTTANK
5,411 7,053 30% 40-48% 2,236 3,288 47%
Refining 23,405 32,455 39% 9,377 13,445 43%
- TOP 8,956 14,853 66% 49.10% 4,201 7,514 79%
- IRPC 6,100 4,107 -33% 38.51% 2,250 1,443 -36%
- SPRC 5,553 7,885 42% 36.00% 2,116 2,960 40%
- BCP 2,796 5,610 101% 27.22% 810 1,528 89%
Others Business 1,335 -2,114 n.m. -406 -4,276 n.m.
Inter
- PTTI group
-2 923 -6 922 -137% 100% -2 922 -6 922 -137% Inter
(PTTAPM,EMG,PTTML,FLNG),PTTGE
-2,923 -6,922 -137% 100% -2,922 -6,922 -137%
Gas &
Utilities
-TTM/ PTTNGD/ IPT/ TP/ DCAP/ CHPP 3,008 2,927 -3% 20-100% 1,783 933 -48%
Oil & Oth.
- PTTRB/ PTTT/ SBECL/ THAPPLINE/
/ PTTCL/ TLBC/ ICT/ EnCo
1,250 1,881 50% 33-100% 733 1,713 134%
Shared of Net Income from Affiliates 90,245 112,175 24% 47,851 57,480 20%
21
Add
0 570 n.m. 0 570 n.m.
PTT Conso. Net Income 126,386 159,991 27% 83,992 105,296 25%
*PTTGC performance from Pro-Forma Statement
Statement of Financial Position : Solid and Secured
Unit: MMTHB
Increased assets :
GSP#6
StrongFinancial Position
11.2
12.1
GSP#6
PTTLNG
WI P of 4
th
pipeline
Platform compression
40% KKD Oil Sands
I CR
Strong Financial Position
116,132
366 060
Other 1,229,109
1,402,412
14%
Treasury policy
0.4
0.4
1.4
1.3
2010 2011
228,132
265,025
135,801
392 403
300,666
366,060 Liabilities
Other
Current
Assets
L/ T
Liabilities
Cash &
S/ T Invest
Net Debt/ EBI TDA < 2.0
Net Debt/ Equity < 1.0
2010 2011
368,515
419,914
371,029
392,403
Others
Non-
current
Assets
(incl. due
within 1 yr)
PTT Ratings at Sovereign Level
496,661
601,341
557,414
643,949
PP&E
Total
Equity
PTT Ratings at Sovereign Level
FC : Moodys (Baa1), S&P (BBB+),
J CR (A-), FITCH (BBB)
LC : Moodys (Baa1), S&P (BBB+),
J CR (A), FITCH (A-)
31 Dec10 31 Dec 11
22
Dividend Policy & Historical Payments
PTT is firmly committed to pay dividend at no less than 25% of net income
EPS DPS
% Dividend Payout
25%
25%
32.4% 32.6%
29.8% 30.1% 30.3%
30.8%
33.0%
43.6%
40.4%
35.0% 35.2%
30.57
34.14
34.82
29.26
36.91
25%
25%
PTTs minimum payout ratio
22.40
18.33
21.06
UNIT : Baht / share
7.71
8.75
13.43
4 00
6.75
9.25
10.50
11.50
8.00
8.50
10.25
13.00
2.50
2.85
4.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
23
Contents
2011 Highlights
Investment
24
PTT: CAPEX (PTT and Wholly Owned Subsidiaries)
PTT plans to invest ~Bt 358 bn ($12bn) during 2012-2016
Unit: MMTHB
CAPEX B kd 5 Y
R&D
J V & Investment in Subsidiaries
Oil & Trading
CAPEX Breakdown : 5 Years
By Business Unit
Gas33%
Coal2%
Power2% LNG5%
g
Gas
85,484
91,467
JV &
Others41%
32383
,
81,513
61,148
JV &
Investment in
Subsidiaries
50%
Oil&
Trading
14% R&D3%
55,492
41,279
32,383
26,880
38,384
27,163
31,831
35,812
16,653
7,611
23,134
2012 2013 2014 2015 2016
25
PTTEP: 2012-2016 CAPEX
Total Expenditures (2012-2016) = US$ 20 Billion**
CAPEX = US$ 12 Billion
5,168
CAPEX = US$ 12 Billion
OPEX = US$ 8 Billion
3 295
3,479
4,129
3,553
3,495*
1,571
3,295
1,174
1,397
1,473
1,522
1,747
3,597
2,732
1,822
1,957
1,806
2,321
2014 2011 2012 2013 2015 2016
* Exclude KKD Oil Sands Acquisition cost of US$ 2.28 Billion
** Exclude expenditure for M&A opportunities
26
PTT Group CAPEX 2012 2016 ~ THB 900 BN*
P&R**
R&D
Biochemical
Specialty
Upstream E&P
41%
Other
opportunities
P&R**
16%
2%
Thailand 54%
SE Asia 22%
North America 15%
Australasia 5%
Coal
Palm Oil
41%
Gas
Oil&Trading
opportunities
19%
Australasia 5%
ME & Africa 4%
FLNG
Power
Gas
16%
6%
LPG facilities
Onshore Pipeline
LNG Terminal
NGVStations
* Excluded M&A of Affiliates,
** PTTGC excludes new initiatives
NGV Stations
Offshore Spur Lines
27
Contents
2011 Highlights
Investment
28
Economic Outlook : 2012
Positive Negative
Fed planned to keep interest
rate exceptional low until late
2014
Irans threat to the Strait of
Hormuz will cause supply
disruption and crude oil price
surged
Global US economic data indicates
upward momentum
surged
Greece debt may prolong and
tend to be more severe possibly
leading to contagion among EU
community
fl d i l d i
Thailand
Post-flood construction lead to
increasing in domestic
consumption and investment
Concern on repeating great
flood
Argument on Constitution
Thailand
More stability of the
government
Argument on Constitution
amendment
29
Market Outlook
Global oil demand in 2012 is
Global oil demand in 2012 is
forecasted to grow 1.0 MMBPD,
reaching 90.0 MMBPD, according
to IEAs report in J anuary 2012.
Dubai crude oil price in 2012 is
expected to be around
US$ 100 -110 per barrel.
Supply disruption from Irans
reaction to the sanction
US economic data indicates
upward momentum
An increase in oil supply from
the exporting countries
The fragile European
economic situation
Source: I EA
30
Source: I EA
Market Outlook
Si GRMi 2012 i ti t dt
Singapore GRM in 2012 is estimated to
be at around US$ 6-7 per barrel
A result of narrowed refining capacity surplus
Lower global petroleum products demand
caused by economic slowdown.
Olefins price is on a declining trend Olefins price is on a declining trend
Restocking after Chinese new year and annual
schedule shutdown
O l dl t h i l d t
USD/ Ton USD/ Ton
Oversupply and lower petrochemical products
demand caused by economic slowdown
Aromatics price tends to be improved p p
PX demand remains strong from the delay of
new PX supply
The start up of new PTA plants p p
Lower demand caused by economic slowdown
31
Source : DB, KBD, Reuters, FACTS, IEA (Jan11), Thaioil, OIM and PIM
Contents
2011 Highlights
Investment
32
PTT Group Financial Stress Test
Rationale
We are operating under VUCA* circumstances
p g
European debt crisis
Double dip economy in the U.S
Natural disasters
1 T t th ili d th l f th
Natural disasters
2 Provide transparency andconfidence to investors on
1. Test the resilience and manage the solvency of the
company
Objectives
2. Provide transparency and confidence to investors on
PTTs health
Scope
* Volatility, Uncertainty, Complexity and Ambiguity
33
7-Step Approach
1 3 5
2 4
External
scenarios
Industry
ecosystem
Company
risk model
1 3 5
Transmission
to industry
linkages
Transmission
to company
model
2 4
Build stress
testing engine
& capability
linkages model
7 6
Build
mitigation
plan
Run model
and measure
impact
7 6
Iterate for
mitigation plans
Operate
Monitor & Modify
Th i th h l di i di t The scenario through leading indicators
Stress scenarios to reflect the new uncertainties and changes
to levels of macro-economic indicators in existing scenarios
Transmission mechanisms to reflect new linkages to industry
andcompan
Maintain
and company
34
Stress Scenarios
Europe
Orderly defaults of
Euro zone
Extreme
stress
Stress
Impending crisis Signs of
weakness
Business
as usual
Recapitalization of bank balance sheets
inprogress
Europe
Orderly defaults of
PIIGS
Eurozoneintact due to
Focus on fiscal
transfers as
adjustment
mechanism
breakdown
in progress
Manufacturing and service sectors in
contraction zone
All countries cost of borrowing
increased
Deteriorating financial health of Italy
Partial arrangement onEurozonefiscal
mechanism
Trade and FX
imbalances:
Deterioration of
fiscal situation
Today
US
Debt deleveraging
increases pace,
reducing capital
availability
Partial arrangement on Euro zone fiscal
union
Decline in housing prices
Inflation falls to lowest
levels since march 2011
Retail sales increasing
China
and increasing
imbalances
Further
downgrade of US
Today
y
Unemployment
remains at 8-9%
Consumer spending
weakens
Real estate transaction
Retail sales increasing
pace
Unemployment improves
to 9%
China
Credit crunch from
NPAs in real estate
Refinancing of past
stimulus program
Export decline due to
developedworld
Social unrest in
China due to
rural and urban
economic
divide
Today
volume declined in Oct
Trade surplus
increased, but
slowdown in exports in
October
M1 andM2 growth developed world
slowdown
The flood repeats in
this year and FDI
Thailand
M1 and M2 growth
remained on downward
trend
Impact of flood affects
GDP growth Thailand
On top of flood,
Social and
political
slows down as several
industries move to
other ASEAN countries
Today
g
in Q1-2 , 2012, no
industries relocate
political
tensions and
rise to civil
unrest
35
Mitigation Plan to Ensure Resilience
Range of impact
of stress
Stress case
Base case (from business plan 2012)
Actions to take before the stress scenario materializes
Business
as usual
Monitor scenario through lead indicators; incorporate into
investment approval decisions
A
A
Performance
decline
No regret
operational
Operational mitigation:
Launch opex and capex excellence to achieve top quartile
Build cash buffer e g max debt capacity
b1
b2
B
decline
p
mitigation
Build cash buffer e.g. max debt capacity
Create a pre-emptive and contingency operational plan
Crisis plan for capacity optimization
b2
b3
Financial
Health issue
Optimal hedging strategy
Strategic mitigation: C
B C
Crisis
g g
Prepare for divestments of non strategic assets
Review and prioritize capex
c1
c2
Crisis
Review the trade off of early major additional debt or
equity issuance
c3
36
".
"

Thank you Thank you
PTT Public Company Limited Investor Relations Department
Tel. +66 2 537-3518, Fax. +66 2 537-3948, E-mail: ir@pttplc.com
http://www.pttplc.com, http://www.twitter.com/PTTIR p // p p , p // /
The information contained in our presentation is intended solely for your personal reference only. In addition, such
Disclaimer
information contains projections and forward-looking statements that reflect our current views with respect to
future events and financial performance. These views are based on assumptions subject to various risks and
uncertainties. No assurance is given that future events will occur, that projections will be achieved, or that our
assumptions are correct. Actual results may differ materially from those projected.
Oil Balance Thailand: J an - Dec 2011
Adequate refining capacity maintains the stability of supply
I t (80%)
D ti
Supply Production Sales
I mported Refined Petroleum Products 54 KBD
Import (80%)
Crude/
Condensate
Refined
Domestic
848 KBD
Condensate
794 KBD
Products
919 KBD*
Total Refining Capacity in Thailand:
1,099 KBD
Indigenous (20%)
787 KBD
(**)
Crude/
Condensate
175 KBD
PTTs Associated Refineries : 905 KBD Refined
Export
207 KBD
(TOP, PTTGC, SPRC, IRPC, BCP)
Other Refineries : 194 KBD
(ESSO, RPC)
Products
189 KBD
Source: PTIT
Crude Export 32 KBD
221 KBD
Sou ce
Remark : (*)Refined product from refineries= 822 KBD, including domestic supply of LPG from GSPs and Petrochemical Plants = 97 KBD
(**) Not included Inventory
KBD = Thousand Barrels per day
39
Natural Gas Balance: J an Dec 2011
Main driver of the Thai economy
Supply Production Sales
Indigenous (78%)
3,253 MMSCFD
Petrochemical
Ethane/
Propane/
LPG/ NGL
Total 4,167 MMSCFD
Feedstock (14%)
Industry
H h ld
2,469 MMSCFD
867 MMSCFD (21%)
Chevron
28%
Others
40%
Household
Transportation
(7%)
LPG/ NGL
Methane
6 GSPs
Total Capacity
2,665 MMSCFD
PTTEP
32%
Power (59%)
Industry (14%)
Pipeline 784 MMSCFD
Methane
1,602 MMSCFD
Import (22%)
922 MMSCFD
LNG
10%
Myanmar
90%
y ( )
NGV (6%)
922 MMSCFD
90%
Remark: MMSCFD = Million Cubic Feet @ Heating Value 1,000 Btu/ ft
3
40
Oil &Gas Balance Operational Results Financial Performance Economic &Market Outlook
Our Major Businesses & Activities
Oil & Gas Balance Operational Results Financial Performance Economic & Market Outlook
E&P
PTTEP 65.29% Exploration and Production
s
t
r
e
a
m
Business Areas Activities Company PTTs holding (%)
Gas
U
p
s
e
d
i
a
t
ePTT PLC
Gas Pipeline 100% Sole owner/operator of the Transmission pipeline
Gas
Oil M k ti
PTT PLC
I
n
t
e
r
m
e
S&M 100% Supply & Marketing of Natural Gas
GSP 100% Extracting Hydrocarbon contents in NG for
Petrochemicals feedstock
Oil Marketing
Intl Trading
e
a
m
Oil Marketing 100% Retail service Stations and commercial Marketing
Intl Trading 100% Import/Export/Out-Out trading of petroleum and
petrochemical products
D
o
w
n
s
t
r
e
Petrochemical
& Refining
PTTGC 48.92% Petrochemical Flagship
TOP 49.10% Integrated Refinery & Petrochemical
IRPC 38.51% Integrated Refinery & Petrochemical
& Refining
SPRC 36.00% Stand alone Complex Refinery
BCP 27.22% Complex Refinery & Retail Stations
s
N
e
w

B
u
s
i
n
e
s
s
International
PTT Inter 100% Overseas investment arm of PTT :
Coal, New energy and related businesses
41
Subsidiaries Consolidate
S b idi i C lid t
Petrochemical Subsidiaries Consolidate
Petrochemicals &
Refining Business Group
E&P and Gas Business Group Oil Business Group
Data as of 31 December 2011
PTT (Cambodia) Co., Ltd. PTTCL 100.00%
Subic Bay Energy Co., Ltd. SBECL 100.00%
PTT Retail Business Co., Ltd. PTTRB 100.00%
PTT Green Energy Pte. Ltd PTTGE 100.00%
Thai Lube Blending Co., Ltd. TLBC* 48.95%
Associates Equity
PTT Exploration & Production Plc. PTTEP 65.29%
PTT Natural Gas Distribution Co., Ltd. PTTNGD 58.00%
PTT LNG Co., Ltd. PTTLNG 100.00%
Combined Heat and Power producing Co.,LtdCHPP 100.00%
J oint Ventures Proportionate
T Th i M l i (Th il d) C Ltd TTM(T) 50 00%
Petrochemical Subsidiaries Consolidate
PTT Polymer Marketing Co., Ltd. PTTPM 50.00%
PTT Polymer Logistics Co., Ltd. PTTPL 100.00%
PTT Tank Terminal Co., Ltd. PTTTANK 100.00%
Associates Equity
PTT Global Chemical Plc. PTTGC 48.92%
PTT Phenol Co Ltd PPCL 40 00% Associates Equity
Keloil-PTT LPG Sdn. Bhd. KPL 40.00%
Vietnam LPG Co., Ltd. VLPG 45.00%
Thai Petroleum Pipeline Co., Ltd. THAPPLINE 33.19%
PetroAsia (Thailand) Co., Ltd. PA(Thailand) 35.00%
Others Cost
PetroAsia (Huizhou) Co Ltd PA(Huizhou) 25 00%
Trans Thai-Malaysia (Thailand) Co., Ltd. TTM (T) 50.00%
Trans Thai-Malaysia (Malaysia) Sdn. Bhd. TTM (M) 50.00%
District Cooling System and Power Plant DCAP 35.00%
Associates Equity
Thai Oil Power Co., Ltd. TP 26.00%
Independent Power (Thailand) Co., Ltd. IPT 20.00%
PTT Utilit Co Ltd PTTUT 40 00%
PTT Phenol Co., Ltd. PPCL 40.00%
PTT Maintenance and Engineering Co., Ltd.PTTME 40.00%
J oint Ventures Proportionate
HMC Polymers Co., Ltd. HMC 41.44%
PTT Asahi Chemical Co., Ltd. PTTAC 48.50%
PTT MCC BiochemCo., Ltd. PMBC 50.00%
PetroAsia (Huizhou) Co., Ltd. PA(Huizhou) 25.00%
PetroAsia (Maoming) Co., Ltd. PA(Maoming) 20.00%
PetroAsia (Sanshui) Co., Ltd. PA(Sanshui) 25.00%
I ntoplane Services Co., Ltd. I PS 16.67%
Fuel Pipeline Transportation Co., Ltd.FPT 2.76%
Others Fair Value
Bangkok Aviation Fuel Services Plc BAFS 7 06%
PTT Utility Co., Ltd. PTTUT 40.00%
B.GrimmBIP Power Co., Ltd. B.GrimmBIP 23.00%
Nava Nakorn Electricity Generation Co.,Ltd NNEG 30.00%
Bangpa-in Cogeneration, Ltd BIC 25.00%
Others Cost
Ratchaburi Power Co., Ltd. RPCL 15.00%
Refining Associates Equity
Thai Oil Plc. TOP 49.10%
I RPC Plc. I RPC 38.51%
Star Petroleum Refining Co., Ltd. SPRC 36.00%
Bangchak Petroleum Plc. BCP 27.22%
PTT Energy Solutions Co., Ltd. PTTES 40.00%
Bangkok Aviation Fuel Services Plc. BAFS 7.06%
International Trading Business Group
Others
Others Fair Value Subsidiaries Consolidate
PTT I nternational Trading Pte. PTTT 100.00%
Associates Equity
42
Others Fair Value
DhipayaInsurance Plc. TIP 13.33%
PTT International Co., Ltd. PTTI

100.00%
Energy Complex Co., Ltd. EnCo 50.00%
Business Service Alliance Co., Ltd. BSA * 25.00%
Remark : * Subsidiaries that PTT holds less than 50% but being consolidated because PTT has the power to control the financial and operating policies.
Associates Equity
PTT ICT Solutions Co., Ltd. PTTI CT 20.00%
PTTs Strategic Importance to the Thai Economy
PTT has the largest market cap on the SET
PTTEP
6.6%
PTTGC
3.6%
PTT
SET Market Cap = Baht 9.3 trillion
PTT
10.9%
3.6%
TOP
1.7%
I RPC
1.0%
Others
75.8%
PTT
Group
24.2%
100
BCP &
Others
0.4%
139
Ministry of Finance holds majority stake in PTT
Data as of 20 February 2012
Fortune Global 500
Ranking
118
155
128
100
Need new
initiatives
59.9 59.9
Ministry of Finance holds majority stake in PTT
Rev.of 100
th
company
in Fortune Global 500
(Billion USD)
g
64.9
65.0
68.1
155
Vayupak
Fund
46.2
Fund
15%
Public
34%
Ministry
of
Finance
2008 2009 2010 2020
Revenue (Billion USD)
43
Data as of 9 September 2011
Remark: * DJSI = Dow Jones Sustainability Index
51%
PTT Aspiration
To performlisted To perform listed
company role in high
returns
HPO
(Technologically Advanced Green NOC)
Sustainable Growth
Strategy
Economic
To perform SOE role in
public service
To perform energy company role
in caring society & environment
CG
CSR
Strategy
Social Environmental
44
PTT Group Strategic Direction
I nvestment priorities by geography and value chain
Internationalization
Non- Asia Europe Non- Asia Africa Non- Asia Americas Non- Asia
Middle
East
Australia, N.
Asia and S. Asia
ASEAN
G
a
s
Upstream Upstream
Upstream Midstream
Create P&R flagshipand
Expand production to 900 kbd
Build LNG business & expand mid-/
downstream gas value chain
Support
group inv.
Upstream P&R
O
i
l

&

G
Retail
T di
Create P&R flagship and
internationalize chemical business
Expand oil station related
business and spin off lubricants
Consolidatepetroleumcommodities andcreate valuethroughinternational transactions
Top oil and
gas player
Upstream Coal
A
d
j
a
c
e
n
t

i
n
d
u
s
t
r
y
Trading
r
s
i
f
i
c
a
t
i
o
n
Grow coal mining to large scale
Upstream Power
Build Thailand Gas, follow int. gas value
chaine pansion oppo t nistic coal
Consolidate petroleum commodities and create value through international transactions
Ai

E
n
e
r
g
y
/
i
a
l
s
D
i
v
e
Alt. energy
Build Thai clean power,
monitor opport. in ASEAN
chain expansion, opportunistic coal
Plantations
Develop palm oil, sugar
and cassava
Energy
conglomerate
s
G
r
e
e
n

m
a
t
e
r
i
Infrastructure
Build Green business
(ASEAN biohub)
Bio-business
pp
Strengthen
integrated hub
Business
Non-oil Retail
Explore opportunities in
non-fuel retail
O
t
h
e
r
steg ated ub
(e.g. Gr. Marine)
Business
conglomerate
Priority 1 Priority 3 Priority 2
based on market attractiveness and potential for PTT Group to be distinctive
45
Statements of Cash Flows for Year 2011 & 2010 (PTT Only)
2010 2011 2010 2011
Investing
2010
-29,133
2011
-15,270
CAPEX(PP&E, Intangible asset) -18,925 -24,842
Operating
2010
65,701
2011
72,632
Net Income
54,457 73,434
Changes in assets & liabilities
18,636 4,263
Investment (Sub. &Affiliates) -8,335 -32,910
Dividend/Interest Received 22,123 30,588
Others -23,998 11,894
Income Tax
-14,153 -9,655
Non-Cash Adjustment
6,625 4,087
Interest-net
136 503
FreeCash flow
Financing -18,024 -67,380
Repayment Loans -26,250 -32,786
Free Cash flow
36,568 57,362
Interest paid -11,932 -12,628
Dividend paid -33,447 -31,722
Received from share issue 3,185 1,698
Adjust effect of FX
-1 47
Received from loans/Bonds 50,420 8,058
Ending Cash & Cash
Equivalents
Beginning Cash and Cash
Equivalents
Cash In/ (Out)
1 47
46
Equivalents
61,311 51,341
Equivalents
42,768 61,311
Cash In/ (Out)
18,543 -9,971
46
Statements of Consolidated Cash Flows for Year 2011 & 2010
Investing
2010
-123,126
2011
-160,454
CAPEX (PP&E, Intangible
asset)
-105,916 -112,525
2 672 77 033
Operating
2010
155,902
2011
177,550
Net Income
83,992 105,296
20,629 -289
Investment (Sub. &Affiliates)
-2,672 -77,033
Dividend/Interest Received
10,623 15,644
Others
-25,161 13,460
Income Tax
-43,707 -42,074
Non-Cash Adjustment
94,890 113,386
Interest - net
99 1,231
FreeCash flow
Financing 4,901 -45,423
Repayment Loans 51 452 36 284
Free Cash flow
32,776 17,096
Repayment Loans -51,452 -36,284
Interest paid -14,718 -18,536
Dividend paid -31,755 -41,103
Received from share issue 3,626 1,983 , ,
Received from loans/Bonds 99,200 48,517
Adjust effect of FX
Ending Cash & Cash
E i l t
Beginning Cash and Cash
E i l t C h I / (O t)
-5,909 8,658
47
Equivalents
135,801 116,132
Equivalents
104,033 135,801
Cash In/ (Out)
31,768 -19,669
47
Debt Profile : Control Cost & Manage Risk
Managed debt according to financial risk and policy
Debt Portfolio
Consolidated PTT Only
Unit : MMTHB
Consolidated PTT Only
U t
: Cost of debts ~ 4.34 %
: % fixed-rate ~ 82 %
: Avg. debt life ~ 6.1 years
: Cost of debts ~ 5.04 %
: % fixed-rate ~ 90 %
: Avg. debt life ~ 7.5 years
343,138
370,262
391,696
g y
84,147
114,442
229,606
USD THB
,
266,185
257,443
(31%)
(25%)
(41%)
243,153
63,979
68,308
72,337
(25%)
(26%)
(30%)
(41%)
193,454
197,877
170,816
258,991
255,860
162,090 (75%) (74%)
(69%) (75%)
(70%)
(59%)
31 Dec 09 31 Dec 10 31 Dec 11 31 Dec 09 31 Dec 10 31 Dec 11
Note : Data as of 31 Dec 2011 (THB/ USD = 31.8319 THB/ J PY = 0.4124 ) Excluding liabilities from finance leases; Cost of debts includes withholding tax.
48
PTT Consolidated Performance : Q4/ 11
Dubai (USD/ BBL)
Unit : MMTHB
107
107
4%
Others
PTTEP
648,365
595,366
Unit : MMTHB
8%
73%
16%
7%
PTT - Gas
Revenue
Q3/11 Q4/11
Revenue
73%
PTT - Oil &Trading
8%
PTT - Oil & Trading
Others
52,866
50,975
4%
64%
19%
9%
8%
PTT - Gas PTTEP
EBI TDA
EBITDA
Q3/11 Q4/11
Others
Net Income
21,599
16,645
23%
63%
15%
6%
29%
PetChem
PTTEP
Refining
Net
Income
Net Income
EPS (THB/ Share)
Q3/11 Q4/11
7.57 5.83
46%
PTT
49
PTT Group Performance : Q4/ 11
% share
Unit : MMTHB Q3/ 11 Q4/ 11 QoQ 3Q/ 11 Q4/ 11 QoQ
PTT Company Only 24 894 9 024 -64% 24 894 9 024 -64%
Performance 100% Equity Method % PTT
PTT Company Only 24,894 9,024 -64% 24,894 9,024 -64%
Less:
Dividend Received 13,182 493 -96% 13,182 493 -96%
and other adjusting 5 919 n.m. 5 919 n.m.
PTTNet operatingIncome 11 707 7 612 -35% 11 707 7 612 -35% PTT Net operating Income 11,707 7,612 -35% 11,707 7,612 -35%
E&P - PTTEP 7,450 15,150 103% 65.29% 5,176 10,433 102%
Petro Business 8,325 4,449 -47% 3,957 2,417 -39%
- PTTGC* 6,095 3,998 -34% 48.92% 3,006 2,083 -31%
- HMC/ PPCL/ PTTPL/ PTTPM/ PTTAC
/ PTTME/ PTTTANK
2,230 451 -80% 40-48% 951 334 -65%
Refining Business 3,936 1,395 -65% 1,456 1,052 -28%
- TOP 2,518 1,862 -26% 49.10% 1,220 1,064 -13%
IRPC 177 2 195 38 51% 275 587 113% - IRPC -177 -2,195 n.m. 38.51% -275 -587 113%
- SPRC 991 1,167 18% 36.00% 339 446 32%
- BCP 604 561 -7% 27.22% 172 129 -25%
Others Buiness -106 -4,484 4130% -697 -4,869 n.m.
( G G)
Inter
- PTTI group(PTTAPM,EMG,PTTML,FLNG)
,PTTGE
-445 -5,861 n.m. 100% -445 -5,861 n.m.
Gas &
Utilities
-TTM/ PTTNGD/ IPT/ TP/ DCAP/ CHPP 853 169 -80% 20-100% 269 -125 -146%
Oil & Oth.
- PTTRB/ PTTT/ SBECL/ THAPPLINE/
/ PTTCL/ TLBC/ ICT/ EnCo
-514 1,208 n.m. 33-100% -521 1,117 n.m.
Shared of Net Income from Affiliates 19,605 16,510 -16% 9,892 9,033 -9%
PTT Conso. Net Income 31,312 24,122 -23% 21,599 16,645 -23%
50
*PTTGC performance from Pro-Forma Statement
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 2011-2030)
: Total ~ 1%
: Power ~ 1%
: GSP ~ 1%
6,000
mmscfd
: GSP ~ 1%
: Industry ~ 3%
: NGV ~ 2%
NGV
7%
5,422
4,000
5,000
Industry
13%
17%
NGV
6%
3,000
GSP
21%
1,970
13%
18%
1 000
2,000
8%
15%
0
1,000
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030
Power
77%
60%
58%
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030
Source : PTT
51
Thailands Projected Energy Demand
160,000
180,000
KTOE
6%
163,812
145,604 2%
Nuclear
120,000
140,000
Hydro/ Import
17%
6%
15%
Renewable
126,588
106,263
87,651
3%
15%
6%
14% 4%
13%
1%
60,000
80,000
100,000
14%
13%
Natural Gas
Coal/ Lignite
33%
2%
,
38%
14%
13%
3%
35%
15%
38%
14%
20,000
40,000
,
38%
33%
Oil
27%
32%
38%
29%
31%
0
Source : EPPO/ PDP 2010/ PTT team analysis 2011
52
Natural Gas Price Structure
Gas prices are mostly agreed under long-term contracts
and volatility pass-through to ensure stable returns.
Customers
Sales Price Structure
Gas Pool Price Supply Margins Pipeline Tariffs
+ +
Power Producers 60%
EGAT 27% 1 75% : EGAT 27%
: IPP 21%
: SPP 12%
Average Purchased
Gas Price
1.75%
1.75%
9.33%
21.8 Bt/ MMBtu
GSP 21% Charged at the same price structure of power producers
Petrochemicals Feedstocks
Ethane Propane LPG Profit-sharingmechanismbasedon market prices of petrochemicals Ethane, Propane, LPG Profit-sharing mechanism based on market prices of petrochemicals
NGL Reference to Naphtha market price
Local Cooking Gas
ki
Capped at 333 USD/ ton
Reference to Saudi Aramcos contract price
Industry 13% Charged at prices comparable to fuel oil
NGV 6% Capped at 9.5 Baht/ Kg*
Export Cooking Gas
53
pp g
* Government will increase NGV retail price Baht 0.50 / kg per month from J anuary 16, 2012 until J anuary 15, 2013
Contract periods are ~ 25-30 years or until depletion of gas fields or the expiration of concessions
Future Growth of PTT
PTT International
Coal
Pipeline
10 7
12.0
14.0
Unit : MM Ton
SAR
EMG (Egypt)
8.5
9
10.7
10.7
Investing 25% in EMG
Offshore natural gas pipeline system
from Egypt to Israel
2008 2009 2010 2011 2012 2013
J embayan Sebuku
Expansion at Sebuku Northern Leases and Jembayan
Potential development in Brunei & Madagascar
2011 Sales volume = 0.69 BCM/y (67 mmscfd)
due to interrupted supply
Power Palm Plantation
PTT Green Energy
Potential development in Brunei & Madagascar
projects
2011 Xayaburi Hydro 1,285 MW
2012
Onwards
Expanding in neighboring
countries
PTT Green Energy
225,877 Ha land acquired
19,706 Ha planted
o Additional 22 650 Ha has been
Onwards
countries
o Additional 22,650 Ha has been
prepared in 2012.
2 CPO Mills : 45 T/Hr & 30 T/Hr
operated commercially in Mid 2011 p y
54

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