Esso Thailand : Analyst Presentation - 1Q 2021 Results

1Q2021 Analyst Presentation

May 25, 2021

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

• 1Q2021 GDP growth was -2.6%
• Average Dubai prices in Mar was $64.4/Bbl
• 1Q21 Industry gross refining margin was $1.8Bbl
• Mar 21 YTD Thailand fuel demand decreased 7.7% year on year

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

3

Headline Results

• Refinery crude intake at 130 KBD, with high reliability and safe operations
• Gross Refining Margin of $11.8/Bbl driven mainly by favorable inventory effects
• Esso marketing continued business resiliency and improving customers experiences
• Kept on a focus on cost saving
• First quarter net profit of Baht 2,788 million

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4

Margins and Crude Intake

			Industry Gross Refining Margin ($/Bbl)															Crack Spread ($/Bbl)
												1.8								UGP
	1.2			0.1	1.2												ADO	11.7	7.1									7.1
																								6.7									5.7
																										4.5	4.9	4.1	4.1
				-0.9																				2.6
			1Q20		2Q20		3Q20		4Q20		1Q21
																	1Q20		2Q20			3Q20		4Q20	1Q21
					Gross Refining Margin ($/Bbl)																Crude Intake (KBD)
												11.8
						6.0	5.7															122	111					115				130
																					108

-5.5

-19.3
					1Q20	2Q20	3Q20	4Q20	1Q21
1Q20	2Q20	3Q20	4Q20	1Q21
Source : Industry GRM and Crack Spread from Reuters			5