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Investor Presentation Distribution Credit Suisse Final
Investor Presentation Distribution Credit Suisse Final
This presentation may contain the terms “proved reserves” and “probable reserves”. Unless stated otherwise, the Company adopts similar description as defined by the Society of Petroleum
Engineers.
Proved Reserves - Proved reserves are defined as those quantities of petroleum which, by analysis of geological and engineering data, can be estimated with reasonable certainty to be
commercially recoverable, from a given date forward, from known reservoirs and under current economic conditions, operating methods, and government regulations.
Probable Reserves - Probable reserves are defined as those unproved reserves which analysis of geological and engineering data suggests are more likely than not to be recoverable.
2
Company Introduction
PTTEP Overview | E&P Flagship of PTT Group
Operating Framework Shareholding Structure Business Strategy
4
Projects | Diversified portfolio
Central Asia Thailand
Kazakhstan Home Base
• Dunga onshore oil field Oil sands • 63% of total sales volume (3M2022)
(acquired from Partex in 2019) • Key producing assets include Bongkot,
Oil Arthit, Contract 4 and S1
• G1/61 (Erawarn) transition completed
• G2/61 (Bongkot) transition in process
(1st 200mmscfd commenced in Apr 2022)
North & South America Oil
7
Note: ARAA : Asset Retirement Access Agreement
G1/61, G2/61 PSC signed G1/61 OTA, SAA, G1/61, G2/61 Petroleum sales agreements signed with PTT
ARAA signed G1/61, G2/61 PSC G2/61 Transition PSC G1/61 reaches
G1/61 Prelim Facility effective 24APR202 remaining areas
Access Agreement signed G2/61 ATA Signed 800mmscfd
SB412
Obtained new block SB412 from MY Bid
Round 2021. PSC signed in March 2022.
Mozambique
SK410B
MZA 1
Prepare to drill 1 more exploration well in 2022
For LLB - FID expected in 2023 1st Cargo expected in 2025 awaiting local
security situation
10
Business Update | Beyond E&P
Green Methanol CCS Solar Farm
• 1st Pilot Solar energy project of PTTEP
24 Jan 2022 : Signed a MOU with multiple 12 January 2022 : Established Thailand CCS Project
• ~10 MWp, FID mid 2022 and COD early 2023
international firms to explore Green Methanol value Task Force to develop CCS initiatives
• 100% owned by FST, 100% offtake by S1
chain, with plan of 50KTPA methanol production
• Completed FEED and started application of permits
plant in Singapore 25 April 2022 : Signed a MOU with INPEX and JGC and licenses
to explore on CCS project in Thailand Total Area ~ 40 acres (113 Rai)
What is Green Methanol? in Kampangpetch, NE Thailand
Northern
powerplant
CO2
H2
Central Industrial
Complex
ARV
CO2 Eastern Industrial
Complex • 21 April 2022 : Establishment of B-Med X, a JV
Biogenic CO2
between Cariva, a subsidiary of ARV, and BJC
Methanol Synthesis to
E-Methanol Healthcare, subsidiary of BJC
Southern
powerplants • To develop an aesthetic marketplace application and
expand to healthcare business such as remote
CH3OH healthcare system
Marine Transportation Selected CO2 sources
11
Financial Results & Guidance
Results | Q1/22 Profit and Loss
QoQ YoY
Unit: million USD
Net Profit
P/L from normal operation
P/L from non-operating items
376
321 318 318
94
-192
-252 -252
Non- Q1/22 Oil price hedging losses Non- Q1/22 Oil price hedging losses
operating operating
items Q4/21 Impairment losses - Mozambique, and Yetagun items Q4/21 Gain from bargain purchase offset with
Losses from Brazil assets write-off and oil price hedging
-346m$ (->100%)
-60m$ (-31%)
13
Results | Sales Volume and Product Price
Solid volume growth from Oman Block 61 and Malaysia Sabah-H. Improved ASP thanks to global crude price.
29% 27%
200,000
Thailand &
264,382 255,625 264,424 274,243 MTJDA 73%
71%
100,000
0 Q4 2021 Q1 2022
-
2021 Q4 21 Q1 22 Q1 21
DD&A 15.27 13.85 13.43 15.86
Finance Cost 1.33 1.31 1.35 1.39
Royalties 3.49 3.69 4.27 3.41
G&A 2.22 3.05 2.23 2.12
Exploration Expenses 0.54 * 0.51 0.15 0.12 *
Operating Expenses 5.67 7.10 5.11 5.06
Lifting Cost 4.13 4.33 3.87 4.15
Note: * Exclude Exploration assets write-off in Brazil for Q1 21
All Unit Cost shown above exclude costs related to new business
The formulas for calculating ratios are provided in the supplementary section for your reference
15
Results | Cash Flows and Financial Position
Cash Flows Financial Position
Unit: million USD Unit: million USD
1,394 607
43 Others
Cash flow from 394 CAPEX 23,445 24,143 Total Assets
operations 170 Tax payment
(Before tax 1,394
payment) 6,923 7,645 Other Liabilities
DEC 2021 Sources Uses MAR 2022 DEC 2021 MAR 2022
Q2
~467 Q2
~6.2
Q2 Q2
~28-29 ~70-75%
~467 Full
Year
~6.4 Full
Year
Full
Year
Full
Year
* Based on average Dubai oil price in 2022 at 96 $/BBL, with sole investment in G1/61 (Erawan)
AAA
Average Loan Life 12.7 Yrs 12.4 Yrs BBB+
Stable
Stable
Interest Rate 83:17 83:17
(Fixed : Float)
Note: Debt excludes Hybrid bonds 17
Thank you and Q&A
18
Supplementary information
Q1/22 Financial Highlights 20
Profit and Loss Statement 21
Debt Maturity Profile 22
Five-year Investment Plan 23
Reserves 24
SD / ESG 25-27
Thailand Oil & Gas Market 28-30
Projects Information 31-44
Organization Structure 45
Ratio and Formula 46
Finance | Q1/22 Highlights
Q1’22 Highlights (QoQ) Profit (Loss) from normal operation Non-operating
Unit : million USD
Q1’22 vs Q4’21 items in Q1’22
Average Selling price +10%
- Liquid +20%
- Gas +4%
400
349 350
300
200 182
100
As of March 2022
22
Not included Sole Investment in G1/61 (Erawan)
As of December 2021
24
SD & ESG | Disclosure and Ratings
100 80 60 40 20
Social Human
Development Resource ESG Rating
Human
Economic Rights
ESG AAA AA A BBB BB B CCC
Climate & Disclosure Health &
Environment Safety ESG Rating
Innovation & Supply Chain
Technology
Governance, Risk
ESG Ratings 1 2 3 4 5
Management &
Compliance ESG Credit
Impact
A A- B B- C C- D D- No Response
ESG Standards
As of December 2021 Source: S&P Global, MSCI, Moody’s, CDP, SUSTAINALYTICS’ websites
SD & ESG | Net Zero & GHG Management
GHG Composition Net Zero Roadmap
E P
CO2 HFCS
CH4 N2O
PFCS NF3 Exploration for Lower Carbon Production and Planet in Balance
SF6 E&P Portfolio
Net Zero 2050
~4%
≥95%
Carbon dioxide
Greenhouse
Gas
Methane
2021
Roadmap & Key Milestones
2030 2040
2050
NET ZER
~1% Greenhouse Gas Emissions
Others E&P, Operational Control
SCOPE 1 & 2
Avoid
Greenhouse Gas generated from PTTEP Internal Lower Carbon E&P Portfolio Management
Carbon Price
28
Natural Gas Consumption Electricity Generation Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2021 2022
MMSCFD GWH
Consensus on the exchange rate mostly depends on
FY 2020 FY 2021 3M 2022
28
Thailand’s Energy Value Chain
Thailand | Energy Value Chain
PTTEP contributes over 1/3 of Thailand’s petroleum production
3M 2021 Thailand’s Oil and Gas Demand 3M 2022 Thailand Petroleum Production Midstream
Source: Energy Policy and Planning Office (EPPO) and Department of Mineral Fuels (DMF)
29
Thailand | Oil and Gas Balance
Oil Balance*** Natural Gas Balance****
Maintains stability supply through adequate refining capacity Main driver of the Thailand economy
PTTEP
42% Myanmar
LNG 44%
Others 56%
58%
Industry (18%)
Industry
Household LPG NGV (3%)
Transportation NGL
(8%)
Source: PTT
Note: * Refined product from refineries = 958 KBD, including domestic supply of LPG from GSPs and Petrochemical Plants = 83 KBD
** Not included Inventory
*** Information as of 2M 2022
**** Information as of Year 2021
MMSCFD @ Heating Value 1,000 Btu/ft3
30
Projects | Thailand, Myanmar and Malaysia
Myanmar
Production Malaysia
Three producing offshore gas fields supplying gas to both
Thailand and Myanmar: Zawtika, Yadana and Yetagun Production
One field under development plan – M3 (100% WI) Block K Project
Zawtika (80% WI) – PTTEP is operator Kikeh(56% WI) , Siakap North-Petai (SNP) (22.4% WI) and
Yadana (25.5% WI) – PTTEP to be operator and stake Gumusut-Kakap (GK) (7.2% WI)
will increase to 37.1% in July 2022 • Average production volume in 3M2022 was 32* KBPD
Yetagun (19.3% WI) – Approaching the end of field. of crude oil and 27* MMSCFD of natural gas
Submitted notice to withdraw.
SK309 and SK311 Project (59.5% WI)
For East Patricia field (42% WI)
Thailand • Average production volume in 3M2022 was 193* MMSCFD
Production / Ramp-up Projects of natural gas and 20* KBPD of condensates and crude
Bongkot (66.6667% WI) Block H Project
Average natural gas and condensate sales volume of 819 Rotan field (56% WI) Remaining Area (42% WI)
MMSCFD and 22 KBPD in 3M2022 • First gas early February 2021 with average production volume in
S1 (100% WI) 3M2022 at 275 MMSCFD of natural gas
The largest onshore crude oil production field in Thailand • Full capacity at 270 MMSCFD
with 3M2022 average crude oil sales volume of 25 KBPD Sabah H
For Block K, gross production is net off utilization
Arthit (80% WI) Exploration
Average sales volume in 3M2022 was 277 MMSCFD of Sarawak SK410B Project (42.5% WI)
natural gas and 15 KBPD of condensates • Multi TCF gas discovery in Lang Lebah Field
Contract 4 (60% WI) • Expected to reach Final Investment Decision (FID) in 2023
Average sales rate of 403 MMSCFD for natural gas and
16 KBPD for condensate in 3M2022 Sarawak SK417 and Sarawak SK405B projects
G1/61 (60% WI) SK309 & SK311 • New Petroleum discoveries with additional well drilling
Operatorship transfer completed. Current production rate of to assess upside potential
250-300MMSCFD. Sole investment 100% Production phase
G2/61 (100% WI) Exploration phase Sabah SB412
GBS transition completed at production rate of • New block awarded from 2021 Malaysia Bid Round
200 MMSCFD • The project is under preparation for Exploration activities
Note: WI – working interest
31
Projects | Vietnam and Indonesia
Vietnam
VIETNAM
Indonesia
Natuna Sea A (11.5% WI)
• Average sales volume of natural gas was 199
MMSCFD in 3M2022
Production projects
Pre sanction projects
32
Projects | Middle East
UAE Oman
Mukhaizna (Block 53)
Abu Dhabi Offshore 1,2 and 3
• High potential prospective resources with significant sizeable discoveries PDO (Block 6) • Largest single onshore
producing field in Oman
• Located North-west of Abu Dhabi Emirates, United Arab Emirates • Average oil production volume of
• Granted the award for exploration in January 2019 - 2020 • Largest asset covering around 94 KBPD for 3M2022
1/3 of the country
• Operated by Eni Abu Dhabi B.V. (70% interest) Abu Dhabi offshore 3 • Operated by Occidental
Sharjah • Long-life asset, produced only Petroleum (47% interest)
Sharjah Onshore Area C Onshore Area C 15% of reserves in-place
• High gas & condensate potential with the possibility of integrating with • Average oil production volume
surrounding fields of 660 KBPD for 3M2022
• Located in the central part of Sharjah Emirate , United Arab Emirates • Operated by Petroleum Oman Block 61
• Operated by Eni Abu Dhabi B.V. (50% interest) Development of Oman
Block 61 (Joint Operating Company) • Largest tight gas development in
ADNOC Gas Processing (AGP) Middle East
• Gas and condensate production
• One of the largest gas processing complexes in the world Oman Onshore capacity of 1,500 MMSCFD and
(total capacity of 8 BCFD) block 12 Oman Onshore Block 12 69,000 BPD respectively
JV: 3 plants with capacity of 1.2 BCFD • Located onshore central part of • Operated by BP Exploration
ADNOC: 2 plants with capacity of 6.9 BCFD the Sultanate of Oman (Epsilon) Limited (40% interest)
• Essential to Abu Dhabi and UAE’s economy *Block awarded in 2019 • Signed agreement with Oman’s
• Sizeable volumes of Propane, Butane and Naphtha offtake **Block awarded in 2020 Ministry of Oil and Gas (MOG) for Oman LNG
• Operated by ADNOC (68% interest) exploration and production rights
in February 2020 • The only LNG facility in Oman
• Operated by Total E&P Oman • Processing capacity 10.4 MTPA
Block 12 B.V. (80% interest) • Contracted LNG sales to
international buyers: Japan
and South Korea
Production phase • Government of Oman 51%
Exploration phase
(Operator)
Midstream
3 B8/32 and 9A JV Production PTTEP 25.01% 50 11 • Ensure gas deliverability level at DCQ
Chevron 51.66% • Drill development wells
MOECO 16.71% • Preparation for wellhead platform reuse in 2022-23
KrisEnergy 4.63%
Palang Sophon 2%
4 Bongkot Operator Production PTTEP 66.67% 819 22 • Infills drilling for BKT Sole investment
TotalEnergies 33.33% • Maintain production level as planned
• Carry out wells plug and abandonment, Pipeline cleaning and Hg
decontamination
• Wellhead platform & sealine and FSO1 PLEM Decommissioning (Non-
transferred asset)
5 CT3 (formerly Unocal III) JV Production PTTEP 5% 206 13 • Decommissioning activities
Chevron 71.25%
MOECO
6 CT4 (formerly Pailin) JV Production PTTEP 60% 403 16 • Ensure gas deliverability level at DCQ
Chevron 35% • Drill development wells
MOECO 5% • Topside reuse
7 E5 JV Production PTTEP 20% 8 - • Ensure gas deliverability level at DCQ
EXXON MOBIL 80%
Note: * PTTEP denotes respective PTTEP subsidiaries participating in the project
** Sales volume represent average volume for 100% of the project during Q1/2022
*** Status: OP = PTTEP operatorship / JOC = PTTEP joint operatorship/ JV = PTTEP Joint Venture Partner
**** DCQ = Daily Contractual Quantity
35
Projects Details | Thailand
Project Name Status Phase Participating Interest* (%) Sales Vol Gas Sales Vol Liquid Latest Status
(MMSCFD) (KBPD)
8 G4/43 JV Production PTTEP 21.375% 1 2 • Deliver production volumes as nominated from the buyer and oil
Chevron 51% production as planned
MOECO 21.25%
Palang Sophon 6.375%
9 G4/48 JV Production PTTEP 5% 1 0.1 • Decommissioning activities
Chevron 71.25%
MOECO 23.75%
10 L53/43 & L54/43 OP Production PTTEP 100% - 0.5 • On-going 5th drilled well
• Plan to complete 6 wells around mid of Apr’22 and commence 1st oil by
Jul’22
• Plan for production facilities debottlenecking and relocation projects to
handle additional gross production from new wells.
11 PTTEP1 OP Production PTTEP 100% - 0.2 • Maintain production plateau
• Relocate facilities from PTTEP1 to L54/43 to be minimized CAPEX cost
12 S1 OP Production PTTEP 100% 8 Crude: 25 KBPD • Production optimization and long-term development plan are on-going for
LPG: 183 MTon/Day business plan and work activities identification according to 10 years
strategy
13 Sinphuhorm OP Production PTTEP 55% 95 0.3 • Ensure gas deliverability
Apico 35% • Preparing the drilling campaign for 2 wells during Q2 - Q4 2022
EXXON MOBIL 10%
14 L22/43 OP Production PTTEP 100% - - • On-going execution plan of total 5 drilling wells scheduled in Q4 2022.
• Plan to prepare for the resume production or exit strategy in future after
drilling results confirmed.
17 G1/61 (Erawan) OP Exploration PTTEP 60% - - • Successful transition to become operator on 24 April 2022. Initial
Mubadala 40% production rate at 376 MMSCFD
18 G2/61 (Bongkot) OP Exploration PTTEP 100% - - • Normal operations
40
Projects Details | Middle East
Project Name Status Phase Participating Interest* (%) Sales Vol Gas Sales Vol Liquid Latest Status
(MMSCFD) (KBPD)
JV Exploration PTTEP 20% - - • 3D seismic reprocessing (original 3D) in progress
7 Block 12
Total E&P Oman Block 80% • 3D seismic acquisition (new 3D) is in process for tendering
[Oman]
12 B.V.
JV Production PTTEP 20% 1,471 61 • Full production capacity of natural gas and condensate in according to the
8 Block 61
BP 40% Sales and Purchase Agreement
[Oman]
Makarim Gas 30%
Development LLC
PC Oman Ventures 10%
Limited (PETRONAS)
41
Projects Details | Rest of the World
Project Name Status Phase Participating Interest* (%) Sales Vol Gas Sales Vol Liquid Latest Status
(MMSCFD) (KBPD)
1 PTTEP Australasia OP Exploration PTTEP 90%-100% - - • Cash Maple (AC/RL7) and Oliver (AC/RL12) : Defining proper direction in
[Australia] order to increase development opportunities
• Tenacious and Oliver : Well abandonment in progress
• Other exploration projects: G&G studies
2 Mozambique Area 1 JV Development PTTEP 8.5% - - • First Cargo is expected by 2025, subject to local security situation
[Mozambique] TotalEnergies, Mitsui, 26.5%,20% • 1st Debt drawdown in project Finance
ENH, OVL 15%, 10% • Force Majeure was declared by the operator for safety reason due to the
OVRL & Oil India , 10%, 10% security incident in Palma.
Bharat • Plan to resume construction activities after security and safety restored
3 Bir Seba 433a & 416b JOC Production PTTEP 35% - 17 ** • Drilling of 2 development wells are on-going in Q1 2022
[Algeria] PetroVietnam 40% • Target to tie-in and produce 2 new wells in 2022
Sonatrach 25% • Existing wells intervention
• Production respect OPEC+ policy
4 Hassi Bir Rekaiz OP Development PTTEP 49% - - • Continue drilling development wells
[Algeria] Sonatrach 51% • Expected 1st oil production for the initial phase of around 10,000-13,000
BPD in Q2 2022
• Groupement (JOC) establishment in Q2 2022
5 Mariana Oil Sands OP Exploration PTTEP 100% - - • The Project is underway for reclamation activities according to
[Canada] government’s conditions
6 Barreirinhas AP1 JV Exploration PTTEP 25% - - • Pending exploration wells drilling permit from the government
[Brazil] Shell Brasil 65%
Mitsui E&P Brasil 10%
43
Note: PTTEP denotes respective PTTEP subsidiaries participating in the project
Projects Details | Mid-stream Sales volume represent average volume for 100% of the project during Q1/2022
Project Name Status Phase Participating Interest* (%) Sales Vol Gas Sales Vol Liquid Latest Status
(MMSCFD) (KBPD)
1 Oman LNG Shareholder Production PTTEP 2% - - • Normal Operations
[OMAN] Government of 51%
Oman
Shell 30%
TotalEnergies 5.54%
Korea LNG 5%
Mitsubishi 2.77%
Mitsui 2.77%
Itochu 0.92%
2 ADNOC Gas Processing JV Production PTTEP 2% - - • Normal Operations
[UAE] ADNOC 68%
Shell 15%
TotalEnergies 15%
44
Organization Chart
Ensuring performance excellence, transparency, and good corporate governance
Board of Directors
Internal Audit
Division
Chief Executive Officer
Enterprise Transformation
New Business Division Department
Human
Strategy and Geosciences, Engineering, Resources,
Domestic International Operations Finance and
Business Subsurface and and Corporate
Production Production Support Accounting
Development Exploration Development Affairs and
Asset Group Asset Group Group Assurance Group
Group Group Group
Group
45
Ratio and Formula
Lifting Cost (Operating Exp. – Transportation Cost – Stock Variation – Other expenses not related to Net debt Total debt – Liquidity
($/BOE) lifting) / Production Volume Debt to Equity Total debt / Shareholders' equity
Cash Cost (Operating Exp. + Exploration Exp. + G&A + Royalties + Finance Cost) / Sales Volume Net Debt to Equity Net debt / Shareholders' equity
($/BOE)
Total Debt to Total debt / (Total debt + Shareholders' equity)
Unit Cost (Operating Exp. + Exploration Exp. + G&A + Royalties + Finance Cost + DD&A) / Sales Capital
($/BOE) Volume
Total Debt to Total debt / Trailing-12-month EBITDA
Reserves 5-Yr Additional Proved Reserves / 5-Yr Production Volume EBITDA
Replacement Ratio
Net Debt to Net debt / Trailing-12-month EBITDA
Reserves Life Index Proved Reserves / Production Volume EBITDA
(Year)
EBITDA Interest Trailing-12-month EBITDA / Trailing-12-month Interest Expenses & Amortization of
Success Ratio Number of wells with petroleum discovery / Total number of exploration and appraisal wells Coverage Ratio Bond Issuing Cost
Sales Revenue Sales + Revenue from pipeline transportation
EBITDA (Sales + Revenue from pipeline transportation) - (Operating expenses + Exploration expenses
+ Administrative expenses + Petroleum royalties and remuneration + Management's
remuneration)
EBITDA Margin EBITDA / Sales Revenue
Return on Equity Trailing-12-month net income / Average shareholders' equity between the beginning and the
end of the 12-month period
Return on Capital (Trailing-12-month net income + Trailing-12-month Interest Expenses & Amortization of
Employed Bond Issuing Cost) / (Average shareholders' equity and average total debt between the
beginning and the end of the 12-month period)
Simple Effective Income tax expenses / Income before income taxes
Tax Rate
Total debt Short-term loans from financial institution + Current portion of long-term debts + Bonds +
Long-term loans from financial institution
46