PTT Public : Announcement of PTT PLC. and its subsidiaries'financial statements and operating results for the the 3-month and 6-month period ended 30 June 2022

(Translation)

No. 80000001/547

	11 August 2022
Subject	Announcement of PTT PLC. and its subsidiaries' financial statements and operating results for the
	the 3-month and 6-month period ended 30 June 2022
To	President
	The Stock Exchange of Thailand

PTT Public Company Limited ("PTT") would like to submit the company financial statements and consolidated financial statements for the the 3-month and 6-month period ended 30 June 2022 which have been reviewed by the auditor and approved by PTT's Audit Committee. The operating results for PTT and its subsidiaries are as follows:

Summary of the first half of 2022 performance

In the first half of 2022 (1H2022), PTT and its subsidiaries' net profit was reported at Baht 64,419 million, increased by Baht 7,253 million or 12.7% from the first half of 2021 (1H2021) at Baht 57,166 million mainly due to higher sales volume according to the recovery of economic activities from the easing of COVID-19restrictions in many countries as well as higher average selling prices following the rise in global petroleum and petrochemical prices. However, there was more loss on foreign exchange rate in 1H2022 due to the depreciation of Thai Baht and PTT Group's US currency loans increased compared to 1H2021. In addition, there were loss on derivatives and lower gain from recognition of non-recurringitems. Nevertherless, to support Thai people on energy prices, PTT has capped NGV retail prices until 15 September 2022. For the taxi in Bangkok Metropolitan Area the retail price has been capped at 13.62 Baht/kg. and the NGV retail price for general cars has been capped at 15.59 Baht/kg. Also, PTT has extended the period of LPG's discount for low-incomehousehold who sell food or operate food stalls thru the State Welfare Card by Baht 100 per person per month until 30 September 2022. In addition, PTT help alleviating electricity burden for Thai people by discharging of the interest from the delay payment of natural gas cost in the period of May 2022 to Electricity Generating Authority of Thailand (EGAT) in order to support EGAT's liquidity. Furthermore, PTT specifically supports the oil fuel fund for the amount of Baht 1,000 million per month for 3 months in the total amount of Baht 3,000 million to urgently help thai people during the energy crisis in the second half of 2022.

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Operating results: The first half of 2022 compared to the first half of 2021

In 1H2022, sales revenue of PTT and its subsidiaries was reported at Baht 1,685,419 million increased by Baht 674,326 million or 66.7% from 1H2021 at Baht 1,011,093 million from all businesses. Sales revenue of International Trading business, Petrochemical and Refining businesses and Oil and retail business improved due to higher average selling prices and sales volume from the global economic activities recovery as aforementioned. Sales revenue of Gas business increased due to higher Pool Gas price and referenced product prices despite the decrease in sales volume mainly from lower gas supply during the transition period of operator of concession. Moreover, Exploration and Production business's revenue rose from the increase in average selling prices and average sales volume primarily from the acquisition of Oman Block 61 Project in March 2021 and the first production of G1/61 Project since April 2022.

In 1H2022, PTT and its subsidiaries reported Earnings before Interest, Tax, Depreciation and Amortization or EBITDA in an amount of Baht 325,469 million increased by Baht 109,306 million or 50.6% compared to 1H2021 of Baht 216,163 million mainly from the increase in Petrochemical and Refining businesses' performance specifically from Refining business which had Market GRM increased supported by Russia-Ukraintension as well as the increase in sales volume and stock gain. In addition, PTT Group's stock gain increased approximately Baht 19,000 million following the crude oil price increased in higher extent compared to the same period last year. Whereas, Petrochemical business's performance decreased from both of Olefins and Aromatics that had selling prices increase in lower extent than the feed stock price and lower sales volume from planned maintenance shutdown in 1H2022. However, Petroleum Exploration and Production business as well as Coal business's performances enhanced from the increase in both of average selling prices and sales volume. In addition, the performances of Oil and retail business and International Trading business increased following the recovered demand from easing of lockdown. However, the performance of New Business and Infrastructure dropped mainly from Power business which had significantly higher feed cost of natural gas and coal. Also, Gas business's performance decreased as the gross profit of Supply and Marketing business (S&M) pressured from higher gas cost following the surge of global LNG price. However, Gas Separation Plant business (GSP)'s gross profit rose from the higher average selling prices of all products in accordance with the higher petrochemical referenced prices.

In 1H2022, net income of PTT and its subsidiaries was Baht 64,419 million which increased by Baht 7,253 million or 12.7% from 1H2021 at Baht 57,166 million following the improved EBITDA. Meanwhile, there were higher loss on foreign exchange rate and loss on derivatives, and higher corporate income taxes. In addition, there was lower gain from recognition of non-recurringitems (PTT's portion) after tax. In 1H2022, there was PTT's discounted benefit from production shortfall approximately by Baht 1,600 million. While, in 1H2021, there was gain from a bargain purchase in Oman Block 61 Project of approximately Baht 7,000 million offset with the partial write-offof the assets in the exploration project in Brazil of approximately Baht 2,900 million of PTT Exploration and Production Public Company Limited (PTTEP) and PTT Global Chemical Public Company Limited (GC)'s impairment loss from JV approximately Baht 1,500 million.

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Operating results: The second quarter of 2022 compared to the second quarter of 2021

In the second quarter of 2022 (2Q2022), sales revenue of PTT and its subsidiaries was reported at Baht 926,954 million increased by Baht 393,698 million or 73.8% from the second quarter of 2021 (2Q2021) at Baht 533,256 million from all businesses. Sales revenue of International Trading business, Petrochemical and Refining businesses, Oil and retail business, and Exploration and Production business increased due to higher average selling prices following the rise in global product selling prices as well as higher overall sales volume according to the recovery of economic activities. In addition, sales revenue of Gas business increased following higher Pool Gas price and referenced product prices although sales volume dropped compared to the same period last year from lower gas supply as aforementioned.

In 2Q2022, PTT and its subsidiaries reported EBITDA in an amount of Baht 182,768 million increased by Baht 69,602 million or 61.5% from 2Q2021 of Baht 113,166 million mainly from Petrochemical and Refining businesses which performance increased from the improved Refining business that had market GRM rose from the sharp increase of most product spreads as well as higher sales volume and stock gain. Moreover, PTT Group's stock gain increased approximately Baht 7,000 million as crude oil price increased in higher extent compared to the same period of last year. Meanwhile, Petrochemical business's performance decreased owing to the lower in most petrochemical product spreads of both Olefins and Aromatics and lower sales volume from planned maintenance shutdown in 2Q2022. In addition, Petroleum Exploration and Production business's performance improved from the increase in both of average selling prices and average sales volume. However, the performance of New Business and Infrastructure declined mainly from Power business since the feed cost of natural gas and coal significantly increased, resulting in lower profit margin of Small Power Producer (SPP).

In 2Q2022, net income of PTT and its subsidiaries was Baht 38,848 million which increased by Baht 14,270 million or 58.1% from 2Q2021 at Baht 24,578 million following higher EBITDA. In addition, there was gain from the recognition of non-recurringitems (PTT's portion) after tax in 2Q2022 mainly from PTT's discounted benefit from production shortfall approximately Baht 1,000 million. While, in 2Q2021, there was loss from the recognition of non-recurringitems (PTT's portion) after tax mainly from GC's loss on impairment of investment in JV approximately Baht 1,500 million. However, in 2Q2022, there were higher loss on derivatives, corporate income taxes, and foreign exchange rate.

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Operating result: The second quarter of 2022 compared to the first quarter of 2022

In 2Q2022, PTT and its subsidiaries' sales revenue was reported at Baht 926,954 million increased by Baht 168,489 million or 22.2% from the first quarter of 2022 (1Q2022) at Baht 758,465 million from all businesses. Sales revenue of International Trading business, Petrochemical and Refining businesses, Oil and retail business, and Exploration and Production business increased due to higher average selling prices according to the rising global product prices.

In 2Q2022, PTT and its subsidiaries reported EBITDA in an amount of Baht 182,768 million increased by Baht 40,067 million or 28.1% from 1Q2022 at Baht 142,701 million mainly from the increase in the performance of Petrochemical and Refining businesses. The performance of Refining business improved since Market GRM increased from the increase in most of all petroleum product spreads despite the reduced stock gain. PTT Group's stock gain decreased approximately Baht 8,000 million as crude oil price increased in lower extent compared to the previous quarter. Moreover, Petroleum Exploration and Production Business and Coal Business's performances rose from the increase in average selling prices and sales volume. In addition, Oil and retail business's performance increased from higher sales volume and gross margin per liter mainly from diesel and aviation. Furthermore, Gas business's performance improved mainly from lower gas cost following the drop in global LNG price.

In 2Q2022, PTT and its subsidiaries' net profit amounting to Baht 38,848 million increased by Baht 13,277 million or 51.9% from 1Q2022 at Baht 25,571 million mainly from the improve of EBITDA. Moreover, there was lower loss on derivatives in 2Q2022 while the corporate income taxes increased from higher performances of PTT and its subsidiaries as well as Thai Oil Public Company Limited (TOP)'s tax expense from gain on sale of the investment in Global Power Synergy Public Company Limited (GPSC) approximately Baht 2,100 million, and higher loss on foreign exchange rate. In addition, in 2Q2022, there was gain from the recognition of non-recurringitems (PTT's portion) after tax which is closed to the previous quarter.

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PTT and its subsidiaries' consolidated financial position as of 30 June 2022

As of 30 June 2022, PTT and its subsidiaries had the total assets amounting to Baht 3,534,887 million increased by Baht 456,868 million or 14.8% from 31 December 2021 which had total asset amounting to Baht 3,078,019 million mainly from the increase in inventories and trade accounts receivable following the higher product prices and volumes. Whereas, the total liabilities were reported at Baht 1,972,112 million increased by Baht 367,033 million or 22.9% mainly from the increase in long-termloan and bond issuances during the period together with trade accounts payable due to the increase in overall purchased volumes and prices as well as the increase in derivatives liabilities. In addition, the total shareholders' equity was Baht 1,562,775 million, increased by Baht 89,835 million or 6.1% mainly from the increase in PTT and its subsidiaries' net income of 1H2022.

Please be informed accordingly,

Yours sincerely,

(Auttapol Rerkpiboon)

President & Chief Executive Officer

Investor Relations Department

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