Esso Thailand Public : Analyst Presentation - 1Q 2022 Results

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.

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2

Industry and Business Environment

• Average Dubai prices in 1Q22 was $95.6/Bbl
• 1Q22 Industry gross refining margin was $8.0/Bbl
• 1Q22 Thailand GDP growth 2.2% vs 1Q2021
• 1Q22 Thailand fuel demand increased 9.3% year on year

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

3

Headline Results

• Net profit of Baht 5,900 million
• Refinery achievements:

1. Gross Refining Margin of $22.7/Bbl

• 1. Refinery crude intake at 128 KBD with safe operations
  1. Maximized gasoline production to capture margin and sales opportunities
• Sales & Marketing achievements:
• 1. Sales volume growth

1. Grew Retail footprint to 739 stations o 37 Coffee Journey stores
   o Record high Industrial & Commercial sales 54.9KBD in Feb; opportunistic sales in power plants

xxx

4

Margins and Crude Intake

					Industry Gross Refining Margin ($/Bbl)														Crack Spread ($/Bbl)
												8.0								UGP																21.0
								6.1											ADO												15.5				17.8
						3.8															9.9		11.8				12.3
1.8	2.1								7.1	5.7	6.7	7.7
			1Q21		2Q21		3Q21		4Q21	1Q22								1Q21			2Q21				3Q21	4Q21	1Q22
					Gross Refining Margin ($/Bbl)														Crude Intake (KBD)
												22.7	130																128
														124		113				124
11.8
				7.0			7.4
						4.0
			1Q21		2Q21		3Q21		4Q21	1Q22								1Q21				2Q21				3Q21	4Q21	1Q22
Source : Reuters, Platt's								5