Esso Thailand : Analyst Presentation - 2Q 2023 Results

2Q2023 ANALYST PRESENTATION

22.08.2023

Disclaimer

The information contained in this presentation is provided by Esso (Thailand) Public Company Limited (the "Company") and is subject to change without notice, its accuracy is not guaranteed and it may not contain all material information concerning the Company. None of the Company, or any of their respective members, directors, officers, employees or affiliates nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith.

This presentation contains statements that constitute forward-looking statements. These statements include descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the consolidated results of operations and financial condition, and future events and plans of the Company. These statements can be recognized by the use of words such as "expects," "plans," "will," "estimates," "projects," or words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in the forward-looking statements as a result of various factors and assumptions. Forward-looking statements are based on

management's knowledge and reasonable expectations on the date hereof, and the Company assumes no duty to update these

statements as of any future date.

This presentation does not constitute or form part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. No reliance may be placed for any purposes whatsoever on the information set forth in this presentation or on its completeness.

2

Industry and Business Environment

• Average Dubai prices in 2Q2023 was $77.8/Bbl
• 2Q2023 Industry gross refining margin was $4.0/Bbl
• 2Q2023 Thailand GDP growth 1.8% year on year
• 5M2023 Thailand fuel demand increased 3% year on year

Source : GDP : BOT, Reuters: Oil prices and Industry GRM, DOEB: Industry demand growth

3

Headline Results

Second quarter:

• Refinery completed planned shutdown event successfully with no recordable injuries
• Continued to maximize refining economics without supply disruption during refinery shutdown
• Retail sales growth from the effort to meet country's growing demand

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• Grew footprint via network expansion with total of 832 stations at the end of 2Q23
• Positive cash flow from operations at 14.0 Billion Baht

4

Margins and Crude Intake

								Industry Gross Refining Margin ($/Bbl)															Crack Spread ($/Bbl)
21.4																								UGP	50.3
										14.7												ADO																	35.7
																														35.0
																																	28.1												26.4
								8.2																																												21.6
																			6.1											18.6	16.6										17.6
																																	15.1
													4.0
					2Q22			1Q23		2Q23		1H22	1H23									2Q22				1Q23						2Q23	1H22			1H23
										Gross Refining Margin ($/Bbl)																Crude Intake (Kbd)
			Accounting GRM																										138
			Operating GRM																									132													130			124
26.9											24.9
																													110
19.4
																12.3
								8.7												5.8
								4.3
										2.2								1.1
													(2.6)
					2Q22			1Q23		2Q23		1H22	1H23								2Q22				1Q23						2Q23	1H22			1H23
Source : Reuters, Platt's												5