Esso Thailand Public : Analyst Presentation - 2Q 2021 Results

2Q2021 Analyst Presentation

August 17, 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.

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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.

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2

Industry and Business Environment

• 2021 GDP growth forecast was revised to 0.7%, down from 1.8% last month
• Average Dubai prices in June was $71.6/Bbl
• 2Q21 Industry gross refining margin was $2.1/Bbl
• 1H2021 Thailand fuel demand decreased 1.7% Y-Y

Source : Reuters: Oil prices, Industry GRM, GDP forecast : Bank of Thailand:, DOEB : Industry demand growth

3

Headline Results

• Refinery crude intake at 124 KBD
• Gross Refining Margin of $7.0/Bbl driven mainly by favorable inventory effects
• Esso refinery continued production flexibility in response to demand during COVID-19 pandemic
• Continue to look for new opportunities to boost sales volume
• Second quarter net profit of Baht 859 million

4

Margins and Crude Intake

			Industry Gross Refining Margin ($/Bbl)											Crack Spread ($/Bbl)
						2.1											UGP					9.9
			1.8					1.9						ADO						9.4
																										8.5
															7.1	7.1				6.7					6.2
																					5.7
																									4.6
								0.2
															2.6
-0.9
																	2Q20		1Q21	2Q21		1H20	1H21
		2Q20			1Q21		2Q21		1H20	1H21
					Gross Refining Margin ($/Bbl)											Crude Intake (KBD)

11.8

9.4

7.0

-5.5

-12.7

2Q20

1Q21

2Q21

1H20

1H21

130	124	127
111		117

2Q20

1Q21

2Q21

1H20

1H21

Source : Industry GRM and Crack Spread from Reuters	5