Thai Oil PCL : Submission of Thai Oil Public Company Limited and its subsidiaries' financial statements and MD&A for the third quarter year 2019

		(Translation)
Ref. TBK 13/0610	November 8, 2019
Subject:	Submission of Thai Oil Public Company Limited and its subsidiaries' financial statements and MD&A for the
	third quarter year 2019
To:	President of The Stock Exchange of Thailand
Attachment:	1.	A copy of reviewed financial statements and consolidated financial statements of Thai Oil Public Company
		Limited and its subsidiaries for the third quarter year 2019 period ended September 30, 2019 with a copy of
		English translation
	2.	Management's Discussion and Analysis (MD&A) and the summary of consolidated financial performance
		for Thai Oil Public Company Limited and its subsidiaries for the third quarter year 2019 period ended
		September 30, 2019.
	3.	Company's performance report (Form F45)

Dear Sirs,

Thai Oil Public Company Limited, ("the Company") would like to submit the financial statements and consolidated financial statements for the third quarter year 2019 period ended September 30, 2019 reviewed by our certified public accountant and the Company's Audit Committee. In addition, the Company's Audit Committee has given approval to disclose to public our financial statements and MD&A, as per attachments.

Thaioil and Subsidiaries performance for the third quarter year 2019 period ended September 30, 2019 could be summarized as follows:

In Q3/19, Thaioil and Subsidiaries reported the Accounting Gross Integrated Margin (Accounting GIM) at 3.3 US$/bbl and had the integrated intake of 2 7 0 thousand barrels per day, decreased from Q2 /19 because of Thaioil and Subsidiaries had major turnaround of Crude Distillation Unit 3 (CDU-3) and other related production units, as well as aromatics production units since Mid-June 2019 to July 2019 as planned. Consequently, Thaioil and Subsidiaries registered sales revenue and EBITDA of THB 82,329 million and THB 945 million respectively. Aggregating with operating costs, financing costs, gain on foreign exchange, and reversal of income tax, Thaioil and Subsidiaries had net loss of THB 683 million, or 0.33 Baht per share.

…/2

- 2 -

For 9M/1 9 , Thaioil and Subsidiaries reported the Accounting Gross Integrated Margin (Accounting GIM) at 5.2 US$/bbl. With the integrated intake of 294 thousand barrels per day, Thaioil and Subsidiaries registered sales revenue and EBITDA of THB 265,916 million and THB 9,906 million respectively. Aggregating with operating costs, financing costs, income tax expense and gain on foreign exchange, Thaioil and Subsidiaries had net profit of Baht 4,293 million, or 2.10 Baht per share.

As of September 30, 2019, Thaioil and Subsidiaries had total assets of THB 255,863 million, decreased from the year ended 2 0 1 8 by THB 12, 750 million mainly because of decrease in cash, cash equivalents and short-term investments due to redemption of due Baht-denominated debenture, dividend paid, and investments in several projects as planned . For total liabilities of Thaioil and Subsidiaries, it decreased by THB 8,766 million from the year ended 2018 to THB 133,375 million due to USD-denominated debentures value went down owing to the appreciation in Thai Baht from the year ended 2018. In addition, Thaioil and Subsidiaries had total equity of THB 122,488 million, decreased THB 3,984 million from the year ended 2018 due to total comprehensive income for 9M/19 net dividend paid from Thaioil and Subsidiaries and deficit from the change in the net assets in an associate.

Please be informed accordingly,

Yours truly,

Thai Oil Public Company Limited

-///-

(Mr. Wirat Uanarumit)

Chief Executive Officer/President

Investor Relations Section

Tel. [phone] Extension 7371-7374

Fax. [phone]